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The 1990s were characterized by substantial financial sectorconsolidation across a large number of industrializedcountries...
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, centralbanks have made extensive use of both new and existing toolsfor supplying central bank money to financial institutions …
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),1 which leads to “fire-sale”–related pecuniaryexternalities; and bank interconnectedness (Allen and Gale2000; Kahn and Santos …
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modelof the behavior of parties, which for simplicity we refer to asbanks. Each bank has particular motivations and …
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bankingindustry. This goal is served by taking a broad view of thepayments business and analyzing information provided bylarge bank …
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