The global financial crisis has induced a series of failures of most conventional banks. This
study investigates the main sources of banking fragility. We use a sample of 49 banks …

This chapter surveys the literature on bubbles, financial crises, and systemic risk. The first
part of the chapter provides a brief historical account of bubbles and financial crisis. The …

We study the effects of technological change on financial intermediation, distinguishing
between innovations in information (data collection and processing) and communication …

We evaluate the influence of the pandemic on global bank lending and identify bank and
country characteristics that amplify or weaken the effect of the disease outbreak on bank …

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe
stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status …

Since Bitcoin arrived on the scene in 2009, 1 innovators have created over 8,500
cryptocurrencies, which had a combined market capitalization of over $3 trillion in 2021.2 …

In a capitalist system, consumers, investors, and corporations orient their activities toward a
future that contains opportunities and risks. How actors assess uncertainty is a problem that …

The pre-crisis rise and post-crisis resilience of European repo and securitization markets
represent political victories for the interests of large banks. To explain when and how finance …

Why are interest rates so low in the Unites States? We find that they are low primarily
because the premium for safety and liquidity has increased since the late 1990s, and to a …

Adair Turner became chairman of Britain's Financial Services Authority just as the global
financial crisis struck in 2008, and he played a leading role in redesigning global financial …