classification, about 3% of banks receiving better or worse CAMEL ratings, and bank lending being changed by 1% or less of assets. …

evidence using data on U.S. banks over the period 1990-95. …

We develop a model in which asset commonality and short-term debt of banks interact to generate excessive systemic risk …. Banks swap assets to diversify their individual risk. Two asset structures arise. In a clustered structure, groups of banks … quality of individual banks is opaque but can be inferred by creditors from aggregate signals about bank solvency. When bank …

Most analyses of banking crises assume that banks use real contracts but in practice contracts are nominal. We consider …