Chronological
Forthcoming
2024
The Decline of Secured Debt (with Efraim Benmelech and Nitish Kumar,
Journal of Finance, Feb 2024,
vol 79, issue 1, pp 35-93)
2022
Secured Credit Spreads and the Issuance of Secured Debt (with Efraim Benmelech and Nitish Kumar, Journal of Financial Economics, Oct 2022,Vol 146, 1, pp 143-171 )
Central banks, Political Pressure, and its Unintended Consequences, in Populism and the Future of the Fed , 2022, James Dorn ed., Cato Institute, Washington DC.
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) Presentation
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) Presentation
Liquidity, Pledgeability, and the Nature of Lending (with Douglas Diamond and Yunzhi Hu, Journal of Financial Economics, Mar 2022 143 (3), pp.1275-1294)
2021
Communities, the State, and Markets: The Case for Inclusive Localism, Oxford Review of Economic Policy, Volume 37, Number 4, 2021, pp 811-823.
Dealing with Corporate Distress, Repair and Reallocation, Journal of Policy Modeling, Volume 43, Issue 4, July–August 2021, Pages 739-748
2020
Pledgeability, Industry Liquidity, and Financing Cycles (with Douglas Diamond and Yunzhi Hu) in Journal of Finance vol LXXV no 1, February 2020
The Spillovers from Easy Liquidity and the Implications for Multilateralism (with Douglas Diamond and Yunzhi Hu) IMF Economic Review (2020) 68:4–34
2017
I do What I do Harper Collins India, 2017
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)
2014
Competitive Monetary Easing: Is it yesterday once more, Speech delivered at Brookings Institution, April 2014
2013
A step in the dark: unconventional monetary policy after the crisis, The Inaugural Andrew Crockett Memorial Lecture delivered at the Bank for International Settlements, June 23 2013
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
2012
The Corporation in Finance: Presidential speech to the American Finance Association, Journal of Finance Volume: 67 Issue: 4 Pages: 1173-1217, AUG 2012
The True Lessons of the Recession: The West Cannot Borrow and Spend its Way to Recovery, Foreign Affairs (May/June 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 [B]
Trade Credit Contracts (with Leora Klapper and Luc Laeven), Review of Financial Studies, March 2012, 25(3), pp. 838-867
2011
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, DOI: 10.1111/j.1540-6261.2011.01694.x
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
2009
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), February 2009
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 Underdevelopment, American Economic Journal: Macroeconomics, January 2009, 1(1), pp. 178-218
2008
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
2007
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), Finance and Development, March 2007, 97(2), pp. 322-327
Making Capitalism Work for Everyone (with Luigi Zingales)
2006
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. This is the talk I delivered at Jackson Hole in August 2005.
Global Imbalances and Financial Reform with Examples from China, Cato Journal, Spring/Summer 2006, 26(2), pp. 267-73
Modernizing China’s Growth Paradigm (with Eswar Prasad), AER Papers and Proceedings, August 2006
Money in a Theory of Banking (with Douglas Diamond), American Economic Review, March 2006, 96(1), pp. 30-53
India's Pattern of Development: What Happened, What Follows (with Kalpana Kochhar, Ustav Kumar, Raghuram Rajan, Arvind Subramanian, Ioannis Tokatlidis), February 2006, Journal of Monetary Economics
Are perks purely managerial excess? (with Julie Wulf), Journal of Financial Economics, January 2006, 79(1), pp. 1-33
2005
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 Crisis (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
2003
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
Saving Capitalism from the Capitalists with Luigi Zingales, Crown/Princeton University Press, 2003.
2002
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
2001
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
2000
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
Banks, Short Term Debt, and Financial Crises: Theory, Policy Implications, and Applications (with Douglas Diamond), Carnegie-Rochester Conference Series on Public Policy, May 2000
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
1999
Insurer Demand for Catastrophe Reinsurance: Comment, The Financing of Catastrophe Risk, ed. Kenneth A. Froot, University of Chicago Press, January 1999, pp. 48-49
1998
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
1997
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
1996
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
1995
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
1994
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 Evidence, Quarterly 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
1991
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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