We formulate a simple theoretical model of a banking industry that we use to identify and construct theory-based measures of systemic bank shocks (SBS). These measures differ from 'banking crisis' (BC) indicators employed in many empirical studies, which are constructed using primarily...

Asia is at the forefront of the digital revolution, which promises a radical transformation of the global economy, and indeed of society itself, while at the same time threatening substantial disruptions and dislocation. For instance, workers worry that robots will make them obsolete, while...