the case of an integrated banking market with bank cross-holdings. Because banks will exert a greater overall effort to … coordination on bank efforts and discuss incentives for banks to organize their foreign holdings in the form or branches or … subsidiaries. We show that the absence of a common lender of last resort can reduce the probability of a financial crisis. -- Bank …

central bank less conservative than society, however if the outside option is in real terms. As the nominal components of the … optimal if the government can choose the level of unemployment benefits as well as the degree of central bank conservatism. …