1999, the markets were more sensitive to bank vulnerability and higher premiums were required …

of deposit insurance as a function of capital-asset ratio for a bank with demand liabilities and longer term, default …

may threaten financial stability by increasing bank failures and by increasing the incentives for banks to take on more … financial stability and strengthen the banking system is to adopt a system of structured bank capital requirements with early …

on solvent banks leading to bank panics. But financial crises of the last two decades have not fit the mold. A new …

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 …

An examination of U.S. banking history shows that economically efficient private bank money requires that information …-revealing securities markets for bank liabilities be closed. That is, banks are optimally opaque, which is why they are regulated and … examined. I show this by examining the transition from private bank notes, the predominant form of money before the U.S. Civil …