Research

2010s | 2000s | 1990s | 1980s

2024

"The Long and Short of Financial Development." (with Yunzhi Hu and Raghuram G. Rajan). 

2023

2022 Nobel Lecture, "Financial Intermediaries and Financial Crises." Journal of Political Economy, volume 131, number 10, October 2023: 2597-2621.

2022

"Liquidity, Pledgeability, and the Nature of Lending" (with Yunzhi Hu and Raghuram G. Rajan). Journal of Financial Economics, 143(3): pp. 1275-1294, March 2022. Working paper version. 

2020

"Pledgeability, Industry Liquidity, and Financing Cycles" (with Yunzhi Hu and Raghuram G. Rajan). Journal of Finance, 75: 419-461, February 2020.

“The Spillovers from Easy Liquidity and the Implications for Multilateralism.” (with Yunzhi Hu and Raghuram Rajan). IMF Economic Review, 68:4–34, 2020.

2019

"Liquidity and the Structure of Intermediation" (with Yunzhi Hu and Raghuram G. Rajan).

2017

"Banking and the Evolving Objectives of Bank Regulation" (with Anil K. Kashyap and Raghuram G. Rajan). Journal of Political Economy 125:6, December 2017.

2016

“Liquidity requirements, liquidity choice and financial stability” (with Anil K. Kashyap), chapter 29 in Handbook of Macroeconomics, Vol. 2B, edited by John B. Taylor and Harald Uhlig, North Holland, 2016.

2014

"A Theory of Debt Maturity: The Long and Short of Debt Overhang" (with Zhiguo He), Journal of Finance, Vol. LXIX, No. 2, April 2014.

2012

"Illiquid Banks, Financial Stability, and Interest Rate Policy" (with Raghuram G. Rajan), Journal of Political Economy, June 2012.

2011

"Fear of Fire Sales, Illiquidity Seeking, and Credit Freezes" (with Raghuram G. Rajan), The Quarterly Journal of Economics, May 2011, 126(2), pp. 557-91.

2010

"The Squam Lake Report : Fixing the Financial System", Kenneth R. French, Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Anil K. Kashyap, Frederic S. Mishkin, Raghuram G. Rajan, David S. Scharfstein, Robert J. Shiller, Hyun Song Shin, Matthew J. Slaughter, Jeremy C. Stein and René Stulz; Princeton, NJ, USA: Princeton University Press, 2010.

2009

"The Credit Crisis: Conjectures about Causes and Remedies" (with Raghuram Rajan), NBER Working Paper Series No. 14739; Cambridge: National Bureau of Economic Research, February 2009.

2007

"Banks and Liquidity Creation: A Simple Exposition of the Diamond-Dybvig Model", Federal Reserve Bank of Richmond Economic Quarterly, Spring 2007, 93(2), pp. 189-200.

2006

"Money in a Theory of Banking" (with Raghuram G. Rajan), The American Economic Review, March 2006, 96(1), pp. 30. (Working paper version)

"Comment on 'Bubbles and Capital Flow Volatility: Causes and Risk Management'", Journal of Monetary Economics, January 2006, 53(1), pp. 55-57.

2005

"Liquidity Shortages and Banking Crises" (with Raghuram G. Rajan), Journal of Finance, April 2005, 60(2), pp. 615-647. (Working paper version)

2004

"Committing to Commit: Short-Term Debt When Enforcement is Costly", Journal of Finance, August 2004, 59(4), pp. 1447-79.

2002

"Bank Bailouts and Aggregate Liquidity" (with Raghuram G. Rajan), American Economic Review, May 2002, 92(2), pp. 38-41.

2001

"Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking" (with Raghuram G. Rajan), Journal of Political Economy, April 2001, 109(2), pp. 287-327. (Working paper version)

"Banks and Liquidity" (with Raghuram G. Rajan), American Economic Review, May 2001, 91(2), pp. 422-25.

"Banks, Short-Term Debt and Financial Crises: Theory, Policy Implications and Applications" (with Raghuram G. Rajan), Carnegie-Rochester Conference Series on Public Policy, March 2001, 54, pp. 37-71. (Working paper version)

"Should Banks Be Recapitalized?", Federal Reserve Bank of Richmond Economic Quarterly, Fall 2001, 87(4), pp. 71-96.

"Should Japanese Banks Be Recapitalized?", Monetary and Economic Studies, May 2001, 19(2), pp. 1-19.

"Can Emerging Market Bank Regulators Establish Credible Discipline? The Case of Argentina, 1992-99: Comment", in F. S. Mishkin: Prudential Supervision: What Works and What Doesn't. Chicago and London: University of Chicago Press, 2001, pp. 191-94

2000

"Bank Runs, Deposit Insurance, and Liquidity" (with Philip H. Dybvig), Journal of Political Economy, reprinted in 2000, Vol. 91, No. 3 (Jun., 1983), pp. 401-419.

"A Theory of Bank Capital" (with Raghuram G. Rajan), Journal of Finance, December 2000, 55(6), pp. 2431-65. ("Working paper version")

1997

"Liquidity, Banks, and Markets", Journal of Political Economy, October 1997, 105(5), pp. 928-56. (Working paper version)

1996

"Financial Intermediation as Delegated Monitoring, a Simple Example", Federal Reserve Bank of Richmond Economic Quarterly, Summer 1996, 82(3), pp. 51-66.

1994

"Corporate Capital Structure: The Control Roles of Bank and Public Debt, with Taxes and Costly Bankruptcy", Federal Reserve Bank of Richmond Economic Quarterly, Spring 1994, 80(2), pp. 11-37.

1993

"Seniority and Maturity of Debt Contracts", Journal of Financial Economics, June 1993, 33(3), pp. 341-68.

"Bank Loan Maturity and Priority When Borrowers Can Refinance", in C. Mayer and X. Vives: Capital Markets and Financial Intermediation. Cambridge; New York and Melbourne: Cambridge University Press, May 1993, pp. 46-68. (Working paper version)

1991

"Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt", Journal of Political Economy, August 1991, 99(4), pp. 689-721.

"Debt Maturity Structure and Liquidity Risk", Quarterly Journal of Economics, August 1991, 106(3), pp. 709-37.

"Disclosure, Liquidity, and the Cost of Capital" (with Robert E. Verrecchia), Journal of Finance, September 1991, 46(4), pp. 1325-59.

1989

"Reputation Acquisition in Debt Markets", Journal of Political Economy, August 1989, 97(4), pp. 828-62.

"Asset Services and Financial Intermediation”, in Financial Markets and Incomplete Information: Frontiers of Modern Financial Theory, S. Bhattacharaya and G. Constantinides (editors), Rowman and Littlefield Publishers, 1989. (Working paper version)

1987

"Constraints on Short-Selling and Asset Price Adjustment to Private Information" (with Robert E. Verrecchia), Journal of Financial Economics, June 1987, 18(2), pp. 277-311.

1986

"Banking Theory, Deposit Insurance, and Bank Regulation" (with Philip H. Dybvig), Journal of Business, January 1986, 59(1), pp. 55-68.

1985

"Optimal Release of Information by Firms", Journal of Finance, September 1985, 40(4), pp. 1071-94.

1984

"Financial Intermediation and Delegated Monitoring", Review of Economic Studies, July 1984, 51(3), pp. 393-414.

1983

"Bank Runs, Deposit Insurance, and Liquidity" (with Philip H. Dybvig), Journal of Political Economy, June 1983, 91(3), pp. 401-19.

1982

"Optimal Managerial Contracts and Equilibrium Security Prices" (with Robert E. Verrecchia), Journal of Finance, May 1982, 37(2), pp. 275-87.

1981

"Information Aggregation in a Noisy Rational Expectations Economy" (with Robert E. Verrecchia), Journal of Financial Economics, September 1981, 9(3), pp. 221-35.

1980

"Essays on Information and Financial Intermediation", Ph.D. Dissertation, Yale University, 1980.

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