Search Results
Conference Paper
Pricing bank loans
Journal Article
The Credit Crisis and Cycle-Proof Regulation
Conference Paper
Can the tide turn?
Conference Paper
Rethinking capital regulation
Conference Paper
Liquidity risk, liquidity creation and financial fragility: a theory of banking
Both investors and borrowers are concerned about liquidity. Investors desire liquidity because they are uncertain about when they will want to eliminate their holding of a financial asset. Borrowers are concerned about liquidity because they are uncertain about their ability to continue to attract or retain funding. We argue that financial intermediation can resolve these liquidity problems that arise in direct lending. Banks enable depositors to withdraw at low cost, as well as buffer firms from the liquidity needs of their investors. We show the bank has to have a somewhat fragile capital ...
Conference Paper
Firewalls in universal banks
Journal Article
The credit crisis and cycle-proof regulation
This article was originally presented as the Homer Jones Memorial Lecture, organized by the Federal Reserve Bank of St. Louis, St. Louis, Missouri, April 15, 2009.