Chronological List of all Published Research

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Rules of the Monetary Game (with Prachi Mishra) forthcoming in Currencies, Capital, and Central Bank Balances

Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu) forthcoming in Journal of Finance




Banking and the Evolving Objectives of Bank Regulation(with Douglas Diamond and Anil Kashyap),Journal of Political Economy pp 1812-1825, Dec 2017)

Crises and the Development of Economic Institutions (with Rodney Ramcharan), American Economic Review (Papers and Proceedings) May 2017)


Local Financial Capacity and Asset Values: Evidence from Bank Failures (with Rodney Ramcharan), Journal of Financial Economics , 2016

Constituencies and Legislation: The Fight over the McFadden Act of 1927 (with Rodney Ramcharan), Management Science , July 2016


The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s (with Rodney Ramcharan), American Economic Review , April 2015



Sovereign debt, government myopia, and the financial sector (with Viral Acharya) Review of Financial Studies, Volume: 26 Issue: 6 Pages: 1526-1560 DOI: 10.1093/rfs/hht011 JUN 2013


The Corporation in Finance: Presidential speech to the American Finance Association, Journal of Finance Volume: 67 Issue: 4 Pages: 1173-1217, AUG 2012

Illiquid Banks, Financial Stability, and Interest Rate Policy (with Douglas Diamond), Journal of Political Economy, Volume: 120 Issue: 3 Pages: 552-591, JUN 2012

Trade Credit Contracts (with Leora Klapper and Luc Laeven), Review of Financial Studies, March 2012, 25(3), pp. 838-867



Land and Credit:  A Study of the Political Economy of Banking in the United States in the Early 20th Century (with Rodney Ramcharan), Journal of Finance, December 2011, 66(6), pp. 1895-1931 (Web Appendix)

Land for Sale (with Rodney Ramcharan), Finance & Development, December 2011, 48(4), pp. 30-33

The Internal Governance of Firms (with Viral Acharya and Stewart Myers), Journal of Finance, June 2011, 66(3), pp. 689-720 (Web Appendix)

Fear of Fire Sales, Illiquidity Seeking, and the Credit Freeze (with Douglas Diamond), Quarterly Journal of Economics, May 2011, 126(2), pp. 557-591

Currencies Aren't the Problem, Foreign Affairs, March/April 2011, 90(2), pp. 104-16

Aid and Manufacturing Growth (with Arvind Subramanian), Journal of Development Economics, January 2011, 94(1), pp. 106-118


The Financial Crisis and the Death (or Hegemony) of Development Economics, The Journal of Economic Education, September 2010, 41(4), pp. 398-402


The Credit Crisis and Cycle-Proof Regulation, Federal Reserve Bank of Saint Louis Review, September/October 2009, 91(5), pp. 397-402

The Credit Crisis: Conjectures about Causes and Remedies, American Economic Review, May 2009, 99(2), pp. 606-610

A Hundred Small Steps: Report of the Committee on Financial Sector Reforms (with Indian Government High Level Committee on Financial Sector Revorms), January 2009

Rent Preservation and the Persistence of UnderdevelopmentAmerican Economic Journal: Macroeconomics, January 2009, 1(1), pp. 178-218


Aid and Growth: What Does the Cross-Country Evidence Really Show? (with Arvind Subramanian), Review Of Economics And Statistics, November 2008, 90(4), pp. 643-665

The Real Effects of Banking Crises (with Giovanni Dell’Ariccia, Enrica Detragiache), Journal of Financial Intermediation, October 2008, 17(4), pp. 89-112

The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance (with Franklin Allen, Sudipto Bhattacharya, and Antoinette Schoar), Journal of Applied Corporate Finance, Fall 2008, 20(4), pp. 2-14

A Pragmatic Approach to Capital Account Liberalization (with Eswar Prasad), Journal of Economic Perspectives, Summer 2008, 22(3), pp. 149-72

The Future of the IMF and the World Bank, American Economic Review, May 2008, 98(2), pp. 110-115

Global Imbalances or Why Are the Poor Financing the Rich?, De Economist, March 2008, 156(1), pp. 3-24


Foreign Capital and Economic Growth (with Eswar Prasad and Arvind Subramanian), Brookings Papers on Economic Activity, Spring 2007(1), pp. 153-209

The Paradox of Capital (with Eswar Prasad and Arvind Subramanian), American Economic Review, March 2007, 97(2), pp. 322-327

Making Capitalism Work for Everyone (with Luigi Zingales)


Entry Regulation as a Barrier to Entrepreneurship (with Leora Klapper and Luc Laeven), Journal of Financial Economics, December 2006, 82(3), pp. 591-629

India: The Past and Its Future, Asian Development Review, November 2006, 23(2), pp. 36-52

The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies (with Julie Wulf), The Review of Economics and Statistics, November 2006, 88(4), pp. 759-773

Has Financial Development Made the World Riskier?European Financial Management, September 2006, 12(4), pp. 499-533

Global Imbalances and Financial Reform with Examples from China, Cato Journal, Spring/Summer 2006, 26(2), pp. 267-73

India’s Pattern of Development: What Happened, What Follows? (with Kalpana Kochhar, Utsav Kumar, Arvind Subramanian, and Ioannis Tokatlidis), Journal of Monetary Economics, February 2006, vol. 53, pp. 981-1019.

Are perks purely managerial excess? (with Julie Wulf), Journal of Financial Economics, January 2006, 79(1), pp. 1-33

Money in a Theory of Banking (with Douglas Diamond), American Economic Review, March 2006, 96(1), pp. 30-53


Making India a Global Hub, The McKinsey Quarterly, September 2005, pp. 112-121

Liquidity Shortages and Banking Crises (with Douglas Diamond), Journal of Finance, April 2005, 60(2), pp. 615-647

Dollar Shortages and Crises (with Ioannis Tokatlidis), International Journal of Central Banking, March 2005, 1(2), pp. 177-220

Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (with Allen Berger, Nathan Miller, Mitchell Petersen, and Jeremy Stein), Journal of Financial Economics, February 2005, 76(2), pp. 237-269

New Directions in Indian Financial Sector Policy (with Ajay Shah), India's Financial Sector: Recent Reforms, Future Challenges, ed. Priya Baso, Macmillan Publishing Company, January 2005, pp. 54-87

Institutional Reform and Sovereign Debt Crises, Cato Journal, Winter 2005, 25(1), pp. 17-24


Life Cycle Dynamics in Industrial Sectors: The Role of Banking Market Structure: Commentary, Federal Reserve Bank of Saint Louis Review, July/August 2003, 85(4), pp. 397-402

The Great Reversals: The Politics of Financial Development in the 20th Century (with Luigi Zingales), Journal of Financial Economics, July 2003, 69(1), pp. 5-50


Does Distance Still Matter? The Revolution in Small Business Lending (with Mitchell Petersen), Journal of Finance, December 2002, 57(6), pp. 2533-2570

Banks and Markets: The Changing Character of European Finance (with Luigi Zingales), The Transformation of the European Financial System: Second ECB Central Banking Conference, ed. V. Gaspar, P. Hartmann and O. Sleijpen, Frankfurt am Main: European Central Bank, October 2002, pp. 123-168

An Investigation into the Economics of Extending Bank Powers, Journal of Emerging Market Finance, September 2002, 1(2), pp. 125-156

Bank Bailouts and Aggregate Liquidity, (with Douglas W. Diamond), American Economic Review, May 2002, 92(2), pp. 38-41

Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking (with Anil Kashyap and Jeremy Stein), Journal of Finance, February 2002, 57(1), pp. 33-73


The Firm as a Dedicated Hierarchy: A theory of the origins and growth of firms (with Luigi Zingales), Quarterly Journal of Economics, August 2001, 116(3), pp. 805-851

The Influence of the Financial Revolution on the Nature of Firms (with Luigi Zingales), American Economic Review, May 2001, 91(2), pp. 206-211

Banks and Liquidity (with Douglas Diamond), American Economic Review, May 2001, 91(2), pp. 422-425

Liquidity Risk, Liquidity Creation and Financial Fragility: A theory of banking  (with Douglas Diamond), Journal of Political Economy, February 2001, 109(2), pp. 287-327

Market Discipline in the Governance of US Bank Holding Companies: Monitoring Versus Influencing: Comment, Prudential Supervision: What Works and What Doesn't, ed. F. S. Mishkin, University of Chicago Press, January 2001, pp. 143-45

Financial Systems, Industrial Structure and Growth (with Luigi Zingales), Oxford Review of Economic Policy, Winter 2001, 17(4), pp. 467-482


The Governance of the New Corporation (with Luigi Zingales), Corporate Governance, ed. Xavier Vives, Cambridge University Press, October 2000, pp. 201-227

The Tyranny of the Inefficient: An Enquiry into the Adverse Consequences of Power Struggles (with Luigi Zingales), Journal of Public Economics, 2000, 76(3), pp. 521-558

The Costs of Diversity: The Diversification Discount and Inefficient Investment (with Henri Servaes and Luigi Zingales), Journal of Finance, February 2000, 55(1), pp. 35-80

The Eclipse of the U.S. Tire Industry (with Luigi Zingales), Mergers and Productivity, ed. Steven Kaplan, University of Chicago Press, January 2000, pp. 51-92

A Theory of Bank Capital (with Douglas Diamond), Jouranl of Finance, January 2000, 55(6), pp. 2431-2465

Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance: Comments and Discussion, Brookings-Wharton Papers on Financial Services, 2000, pp. 126-30


Insurer Demand for Catastrophe Reinsurance: Comment, The Financing of Catastrophe Risk, ed. Kenneth A. Froot, University of Chicago Press, January 1999, pp. 48-49


Which Capitalism? Lessons from the East Asian Crisis (with Luigi Zingales), Journal of Applied Corporate Finance, Fall 1998, 11(3), pp. 40-48

The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens, Journal of Money, Credit, and Banking, August 1998, 30(3), pp. 524-550

The Paradox of Liquidity (with Stewart Myers), Quarterly Journal of Economics, August 1998, 113(3), pp. 733-771

Financial Dependence and Growth (with Luigi Zingales), American Economic Review, June 1998, 88(3), pp 559-586

Power in a Theory of the Firm (with Luigi Zingales), Quarterly Journal of Economics, May 1998, 113(2) pp. 387-432

Debt, Folklore, and Cross Country Differences in Financial Structure, (with Luigi Zingales), The Bank of America Journal of Applied Corporate Finance, January 1998, 10(4), pp. 102-107


Trade Credit: Theories and Evidence (with Mitchell Petersen), Review of Financial Studies, Fall 1997, 10(3), pp. 661-692

Analyst Following of Initial Public Offerings (with Henri Servaes), Journal of Finance, June 1997, 50(2), pp. 507-530

Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass-Steagall Act (with Randall Kroszner), Journal of Monetary Economics, March 1997, 39(3), 475-516


Comment on Interbank Lending and System Risk, Journal of Money, Credit and Banking, November 1996, 28(4), pp. 763-765

Review of 'the Japanese Main Bank System: Its Relevance for Developing and Transforming Economies', Journal of Economic Literature, September 1996, 34(3), pp. 1363-65

Why Banks Have a Future: Toward a New Theory of Commercial Banking, Journal of Applied Corporate Finance, July 1996, 9(2), pp. 114-128


What Do We Know About Capital Structure? Some Evidence from International Data (with Luigi Zingales), Journal of Finance, December 1995, 50(5), pp. 1421-1460

Covenants and Collateral as Incentives to Monitor (with Andrew Winton), Journal of Finance, September 1995, 50(4), pp. 1113-1146

Is Bank Lending Special? Discussion, Is Bank Lending Important for the Transmission of Monetary Policy?, June 1995, ed. J. Peek and E. S. Rosengren, Federal Reserve Bank of Boston, pp. 41-44

The Effect of Credit Market Competition on Lending Relationships (with Mitchell Petersen), Quarterly Journal of Economics, March 1995, 110(2), pp. 407-443


Is the Glass-Steagall Act Justified?: Evidence from the U.S. experience with Universal Banking 1921-1933 (with Randall Kroszner), American Economic Review, Sepbember 1994, 84(4), pp. 810-832

Why Bank Credit Policies Fluctuate: A Theory and Some EvidenceQuarterly Journal of Economics, May 1994, 109(2), pp. 399-442

The Benefits of Firm-Creditor Relationships: Evidence from small business data (with Mitchell Petersen), Journal of Finance, March 1994, 49(1), pp. 3-37


Insiders and Outsiders: The Choice between Informed and Arm's-length debtJournal of Finance, September 1992, 47(4), pp. 1367-1400


Pricing Commodity Bonds Using Binomial Option Pricing, Commodity Risk Management and Finance, Oxford University Press for the World Bank, 1991, pp. 61-81

Essays on Banking, Ph.D Dissertation, Massachussets Institute of Technology, 1991



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