Shadow banking and the Chinese economy are two subjects that have independently
garnered much attention. A new but actively growing literature is now emerging at their …

Seit Erscheinen der vorigen Auflage ist die Flut an neuen Regulierungsvorschriften nicht
zum Stillstand gekommen. Die Regelungsinhalte sollen nach wie vor zahlreiche Defizite, die …

This chapter studies how incomplete information helps accommodate frictions in
coordination, leading to novel insights on the joint determination of expectations and …

This article studies the links between financial stability and the architecture of financial
systems. We review the existing literature and provide organizing frameworks for analyzing …

Exploiting the first default of a state-owned enterprise (SOE) in China, we analyze the role of
implicit government guarantees in credit ratings. We consider two causes of implicit …

What is the impact of granular credit risk on banks and on the economy? We provide the first
causal identification of single-name counterparty exposure risk in bank portfolios by …

The elevated interconnectedness of the global financial system has resulted in an increased
frequency of financial crises, characterized by the swift transmission of turmoil between …

This paper shows that liquidity regulation can trigger unintended credit booms in the
presence of interbank market power. We consider a price setter and a continuum of price …

This paper studies the optimal determination of deposit insurance when bank runs are
possible. We show that the welfare impact of changes in the level of deposit insurance …

Financial distress (FD) is a crucial issue that needs to be resolved in time; otherwise, it may
adversely influence society's areas. Therefore, identifying the factors responsible for FD and …