We develop a conceptual framework and an empirical methodology to analyze the effect of
rising interest rates on the value of US bank assets and bank stability. We mark-to-market …

This paper assess the potential impact of Fintech on the banking industry. Results suggest
that, for commercial banks, development of Fintech leads to increased profitability, financial …

This paper provides a comprehensive assessment of financial intermediation and the
economic effects of the Paycheck Protection Program (PPP), a large and novel small …

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new
digital forms of money. Central banks have been pondering whether and how to adapt. One …

This paper assesses the potential impact of FinTech on the finance industry, focusing on
financial stability and access to services. I document first that financial services remain …

We find that shareholder-friendly corporate governance is associated with higher stand-
alone and systemic risk in the banking sector. Specifically, shareholder-friendly corporate …

We review the extensive literature on systemic risk and connect it to the current regulatory
debate. While we take stock of the achievements of this rapidly growing field, we identify a …

Academics' view of the benefits of finance vastly exceeds societal perception. This
dissonance is at least partly explained by an underappreciation by academia of how, without …

Using loan‐level data from Germany, we investigate how the introduction of model‐based
capital regulation affected banks' ability to absorb shocks. The objective of this regulation …

This paper develops a dynamic general equilibrium model to quantify the effects of bank
capital requirements. Households' preferences for liquid assets imply a liquidity premium on …