There is a broad consensus that the current, large U.S. current-account deficits financed with foreign capital inflows at low interest rates cannot continue forever; there is much less consensus on when the system is likely to end and how badly it will end. The paper resurrects the basic...

In the early 1990s, a widely shared opinion among scholars and practitioners was that the importance of physical proximity between banks and borrowers would be doomed to decrease drastically over time and, put in extreme terms, the end of banking geography would become a real possibility....

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score...