Working Papers

2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 and before



Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu)

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


The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s (with Rodney Ramcharan), April 2012


Sovereign Debt, Government Myopia, and the Financial Sector (with Viral Acharya), October 2011

Constituencies and Legislation: The Fight over the McFadden Act of 1927 (with Rodney Ramcharan), August 2011

Failed States, Vicious Cycles, and a Proposal, March 2011


The Credit Crisis: Conjectures about Causes and Remedies (with Douglas Diamond), February 2009


The Global Roots of the Current Financial Crisis and its Implications for Regulation (with Anil Kashyap and Jeremy Stein), December 2008

Rethinking Capital Regulation (with Anil Kashyap and Jeremy Stein), August 2008


Does Aid Affect Governance? (with Arvind Subramanian), AER Papers and Proceedings, January 2007


Patterns of International Capital Flows and Their Implications for Economic Development (with Eswar Prasad and Arvind Subramanian), September 2006

Modernizing China’s Growth Paradigm (with Eswar Prasad), AER Papers and Proceedings, August 2006

Competitive Rent Preservation, Reform Paralysis, and the Persistence of Underdevelopment, March 2006

India's Pattern of Development: What Happened, What Follows (with Kalpana Kochhar, Ustav Kumar, Raghuram Rajan, Arvind Subramanian, Ioannis Tokatlidis), February 2006


Controlled Capital Account Liberalization: A Proposal (with Eswar Prasad), December 2005

What Undermines Aid's Impact on Growth? (with Arvind Subramanian), September 2005


Barriers to Entrepreneurship (with Leora Klapper and Luc Laeven), November 2004

Business Environment and Firm Entry: Evidence From International Data, March 2004


The Emergence of Strong Property Rights: Speculations From History (with Luigi Zingales), January 2003


What Determines Firm Size? (with Krishna Kumar and Luigi Zingales), November 2002

The Effect of Market Conditions on Initial Public Offerings (with Henri Servaes), January 2002


Banks, Short Term Debt, and Financial Crises: Theory, Policy Implications, and Applications (with Douglas Diamond), Carnegie-Rochester Conference Series on Public Policy, May 2000

Corporate Finance, Spring 2000


Commercial Bank Entry into the Securities Business: A Survey of Theories and Evidence, ed. Anthony Saunders and Ingo Walter, January 1995



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