Banking
Liquidity, liquidity everywhere, not a drop to use: Why flooding banks with central bank reserves may not expand liquidity”, with Viral Acharya, August 2023, Online Appendix. Presentation
Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task (with Viral Acharya, Rahul Chauhan, and Sascha Steffens, August 2022)
Secured Credit Spreads and the Issuance of Secured Debt (with Efraim Benmelech and Nitish Kumar, forthcoming, Journal of Financial Economics)
The Decline of Secured Debt (with Efraim Benmelech and Nitish Kumar, forthcoming, Journal of Finance)
Indian Banks: A Time to Reform (with Viral Acharya, forthcoming in Essays in Honor of Isher Ahluwalia)
The Relationship Dilemma: Organizational Culture and the Adoption of Credit Scoring Technology in Indian Banking (with Prachi Mishra and Nagpurnanand Prabhala, Review of Financial Studies, June 2022, vol 35, 7, pp 3418-3466)
Going the Extra Mile: Distant Lending and the Credit Cycle (with Joao Granja and Christian Leuz, Journal of Finance,Apr 2022, |77 (2) , pp.1259-1324)
Liquidity, Pledgeability, and the Nature of Intermediation (with Douglas Diamond and Yunzhi Hu, Journal of Financial Economics, Mar 2022 143 (3), pp.1275-1294)
The Spillovers from Easy Liquidity and the Implications for Multilateralism (with Douglas Diamond and Yunzhi Hu) IMF Economic Review, (2020) 68:4–34.
Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu), Journal of Finance, vol 75, no 1, February 2020.
Banking and the Evolving Objectives of Bank Regulation (with Douglas Diamond and Anil Kashyap), Journal of Political Economy pp 1812-1825, Dec 2017
Local Financial Capacity and Asset Values: Evidence from Bank Failures (with Rodney Ramcharan), Journal of Financial Economics, Volume: 120 Issue: 2 Pages: 229-251 Published: MAY 2016.
Constituencies and Legislation: The Fight over the McFadden Act of 1927 (with Rodney Ramcharan), Management Science , Volume: 62 Issue: 7 Pages: 1843-1859 Published: JUL 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, Volume: 105 Issue: 4 Pages: 1439-1477 Published: APR 2015
Illiquid Banks, Financial Stability, and Interest Rate Policy (with Douglas Diamond), Journal of Political Economy, Volume: 120 Issue: 3 Pages: 552-591, JUN 2012
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
Fear of Fire Sales, Illiquidity Seeking, and the Credit Freeze (with Douglas Diamond), Quarterly Journal of Economics, May 2011, 126(2), pp. 557-591
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 (with Douglas Diamond), AER Papers and Proceedings, May 2009
The Real Effects of Banking Crises (with Giovanni Dell’Ariccia, Enrica Detragiache), Journal of Financial Intermediation, October 2008, 17(4), pp. 89-112
Rethinking Capital Regulation (with Anil Kashyap and Jeremy Stein), August 2008
Has Financial Development Made the World Riskier?, European Financial Management, September 2006, 12(4), pp. 499-533. This is the journal version of my 2005 Jackson Hole paper
Money in a Theory of Banking (with Douglas Diamond), American Economic Review, March 2006, 96(1), pp. 30-53
Dollar Shortages and Crisis (with Ioannis Tokatlidis), International Journal of Central Banking, March 2005, 1(2), pp. 177-220
Liquidity Shortages and Banking Crises (with Douglas Diamond), Journal of Finance, April 2005, 60(2), pp. 615-647
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
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
Bank Bailouts and Aggregate Liquidity, (with Douglas W. Diamond), American Economic Review, May 2002, 92(2), pp. 38-41
Does Distance Still Matter? The Revolution in Small Business Lending (with Mitchell Petersen), Journal of Finance, December 2002, 57(6), pp. 2533-2570
An Investigation into the Economics of Extending Bank Powers, Journal of Emerging Market Finance, September 2002, 1(2), pp. 125-156
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
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
Banks and Liquidity (with Douglas Diamond), American Economic Review, May 2001, 91(2), pp. 422-425
Banks, Short Term Debt, and Financial Crises: Theory, Policy Implications, and Applications (with Douglas Diamond), Carnegie-Rochester Conference Series on Public Policy, May 2000
A Theory of Bank Capital (with Douglas Diamond), Journal of Finance, January 2000, 55(6), pp. 2431-2465
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
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
Why Banks Have a Future: Toward a New Theory of Commercial Banking, Journal of Applied Corporate Finance, July 1996, 9(2), pp. 114-128
Covenants and Collateral as Incentives to Monitor (with Andrew Winton), Journal of Finance, September 1995, 50(4), pp. 1113-1146
Commercial Bank Entry into the Securities Business: A Survey of Theories and Evidence, ed. Anthony Saunders and Ingo Walter, January 1995
Is the Glass-Steagall Act Justified?: Evidence from the U.S. experience with Universal Banking 1921-1933 (with Randall Kroszner), American Economic Review, September 1994, 84(4), pp. 810-832
Why Bank Credit Policies Fluctuate: A Theory and Some Evidence, Quarterly Journal of Economics, May 1994, 109(2), pp. 399-442
Insiders and Outsiders: The Choice between Informed and Arm's-length debt, Journal of Finance, September 1992, 47(4), pp. 1367-1400
Essays on Banking, Ph.D Dissertation, Massachussets Institute of Technology, 1991
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