Safe assets play a critical role in an (y) economy. A safe asset is an asset that is (almost
always) valued at face value without expensive and prolonged analysis. By design, there is …

For individuals to enter mutually beneficial exchange relationships they have to recognise
them as such and they have to be able to commit to fulfil their contractual obligations. The …

The shadow banking system played a major role in the recent financial crisis but remains
largely unregulated. We propose principles for its regulation and describe a specific …

The history of US banking regulation can be written largely as a history of government and
private responses to banking panics. Implicitly or explicitly, each regulatory response to a …

The savings/investment process in capitalist economies is organized around bank-like
financial intermediaries (“banks”), making them a central institution of economic growth …

Prior to the financial crisis of 2007-2008, economists thought that no such crisis could or
would ever happen again in the United States, that financial events of such magnitude were …

Studies of pre-Depression banking argue that banking panics resulted from depositor
confusion about the incidence of shocks, and that interbank cooperation avoided …

This paper investigates the effect of revenue diversification on bank performance and risk.
Using a panel dataset of 226 listed banks across 11 emerging economies and a new …

Explicit deposit insurance has been spreading rapidly in recent years, even to countries with
low levels of financial and institutional development. This paper documents the extent of …

Bank safety nets, originally proposed as a means of stabilizing financial systems, have
become an important destabilizing influence. Government protection of bank debts …