This article focuses on the operation of supervisory colleges after implementation of the first pillar of the European Union's Banking Union -- the Single Supervisory Mechanism. The article concludes that the operation of supervisory colleges for cross-border banks, particularly those that...

This note describes a collection of teaching materials on financial crises and a semester-length course design based on these materials. The collection includes case studies and teaching notes for the instructor on 23 financial crises. Also, the collection includes six technical notes that...

This paper provides empirical evidence on the behaviour of non-remunerated central bank retail deposits—an analogous deposit facility to retail CBDC—during a bank run in a regime of uninsured bank deposits. I study the 1931 bank run in Spain, following the sudden proclamation of the Second...

The paper explores incentives created by the German Bank Restructuring Act for investors holding assets in systemically important banks (SIBs). Its purpose is to examine consequences that follow for risk choices of SIBs, as well as for Germany's financial system. Applying the analytical model of...

The paper puts the outcome during the most recent financial crisis in a historical perspective by taking a closer look at the frequency of extreme events in the economic history of Denmark, in some cases based on time series back to the late 1600s. We focus on the frequency distribution of a...

Spanish Abstract: Durante los últimos años, los bancos europeos se han enfrentado a una crisis financiera y a importantes cambios regulatorios que, en muchos casos, han puesto en peligro su viabilidad. En dicho contexto, resulta de interés evaluar el desempeño de estos bancos a través de su...

This paper studies a major financial panic, the run on the German banking system in 1931, to distinguish between banking theories that view depositors as demanders of liquidity and those that view them as providers of discipline. Our empirical approach exploits the fact that the German Crisis of...

In this paper, we analyze the role bank capital played in systemic banking crises and in lending expansion and contraction for nearly 150 years in Spain. We first build a measure of capital ratio (i.e., the capital to assets ratio) for Spain's banking sector, starting in 1880. Then, we analyze...

We use the German Crisis of 1931, a key event of the Great Depression, to study how depositors behave during a bank run in the absence of deposit insurance. We find that deposits decline by around 20 percent during the run and that there is an equal outflow of retail and nonfinancial wholesale...