Payment systems around the world are evolving with the emergence of digital money issued
by private firms and central banks. We provide a conceptual framework to compare and …

We survey research on banks׳ financial accounting. After providing a brief background of the
theoretical models and accounting and regulatory institutions underlying the bank …

We use supervisory loan-level data to document that small firms (SMEs) obtain shorter
maturity credit lines than large firms, post more collateral, have higher utilization rates, and …

When does a swap between private and public money leave the equilibrium allocation and
price system unchanged? To answer this question, the paper sets up a generic model of …

We show that maturity transformation does not expose banks to interest rate risk—it hedges
it. The reason is the deposit franchise, which allows banks to pay deposit rates that are low …

Exploiting confidential data from the euro area, we show that sound banks pass negative
rates on to their corporate depositors and that pass-through is not impaired when policy …

Financial inclusion has become an important public policy priority following the recent global
financial crisis. Yet, we know very little of how it impacts soundness of the providers of …

We review the extensive literature on systemic risk and connect it to the current regulatory
debate. While we take stock of the achievements of this rapidly growing field, we identify a …

After the run on Silicon Valley Bank (SVB), US regional banks entered a period of significant
distress. We quantify social media's role in this distress using comprehensive Twitter data …

Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …