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Working Paper
Modeling large commercial-bank failures: a simultaneous-equation analysis
The development of a model of large-bank failures that studies insolvency and failure simultaneously and that recognizes economic, political, and bureaucratic constraints faced by regulators.
Journal Article
Deposit-institution failures: a review of empirical literature
A review of the current literature on deposit-institution failures, emphasizing the various methods used to model the determinants of insolvent and failed institutions.
Conference Paper
Capital positions of Japanese banks
Conference Paper
Regulations, market structure, institutions, and the cost of financial intermediation
This paper examines the impact of bank regulations, market structure, and national institutions on bank net interest margins and overhead costs using data on over 1400 banks across 72 countries while controlling for bank specific characteristics. The data indicate that tighter regulations on bank entry and bank activities boost the cost of financial intermediation. Inflation also exerts a robust, positive impact on bank margins and overhead costs. While concentration is positively associated with net interest margins, this relationship breaks down when controlling for regulatory impediments ...
Working Paper
Principal-agent problems in commercial-bank failure decisions
The author develops a model that examines the regulator's role in the bank failure decision process, with attention given to the regulator's constraints and incentives.
Conference Paper
Bank competition and access to finance: international evidence
Using a unique database for 74 countries and for firms of small, medium, and large size we assess the effect of banking market structure on the access of firms to bank finance. We find that bank concentration increases obstacles to obtaining finance, but only in countries with low levels of economic and institutional development.
Conference Paper
Deposit insurance and moral hazard
Conference Paper
Introduction: Bank concentration and competition: an evolution in the making
The consolidation of banks around the world in recent years is intensifying public policy debates on the influences of concentration and competition on the performance of banks. In light of these developments, this paper first reviews the existing literature on the impact of bank concentration and competition. Second, the paper summarizes the main findings of the papers in this special issue of the JMCB within the context of this active literature. Finally, the paper suggests some directions for future research.
Working Paper
On the valuation of deposit institutions
The author develops an empirical model to value a financial institution's capital for regulatory purposes, which when estimated for a sample of failed and nonfailed institutions, reveals the need for a market-value accounting approach to capital.
Working Paper
Testing for speculative bubbles in stock prices
A modification of Kenneth West's method for investigating speculative bubbles in stock prices, in which a direct test of the "no bubble" hypothesis is applied to long-term annual U.S. stock-market data.