financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level …, we build an econometric model with incidental truncation that jointly considers bank survival, the type of bank closure … (consolidations, absorption, and failures), and changes to bank risk. Despite roughly 9,000 bank closures, risk did not leave the …

When a bank experiences a negative shock to its equity, one way to return to target leverage is to sell assets. If … asset sales occur at depressed prices, then one bank's sales may impact other banks with common exposures, resulting in … explains how the distribution of bank leverage and risk exposures contributes to a form of systemic risk. We compute bank …

impact of product market competition on productivity. Using a newly available panel data on around ten thousand firms in … Japanese manufacturing for the years 1994-2000, I show that competition, as measured by lower level of industrial price …

Explanations of unethical behavior often neglect the role of competition, as opposed to greed, in assuring its spread … activities by universities, this paper clarifies the role of competition in promoting censured conduct. When unethical behavior … cuts costs, competition drives down prices and entrepreneurs' incomes, and thereby reduces their willingness to pay for …

-of-second-to-last-resort". Using daily supervisory bank balance sheet information, we find that U.S. GSIBs modestly increase their dollar liquidity … broker-dealer subsidiaries within the same bank holding company are crucial to this type of "reserve-draining" intermediation …

We analyze the relationship between asset price bubbles and systemic risk, using bank-level data covering almost thirty … differs strongly across banks and bubble episodes. It depends on bank characteristics (especially bank size) and bubble … median for banks with unfavorable characteristics. These results emphasize the importance of bank-level factors for the build …