Banks’ leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance-sheet opacity and ease of asset substitution argue for less. Meanwhile, regulatory safety nets promote ex post financial stability, but also create perverse incentives for...

Banks play a critical role in facilitating international trade, in particular by reducing the risk of trade transactions. This paper uses unique information on the trade finance business of U.S. banks to document new empirical patterns. The data reveal that banks' trade finance claims differ...

Remarks at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public-Private Investment Program Summit, New York City.

Remarks at Dominican College, Orangeburg, New York.

Remarks at the Economic Club of New York, New York City.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at the New York Association for Business Economics, New York City.

Remarks at United States Military Academy at West Point, West Point, New York.