This case study provides new information about alternative asset fees to many institutional investors by tapping a relatively unknown data source: state pension fund annual reports. Examining the few state [...]
The more a government spends on social insurance, the less likely households are to fall into debt. Social insurance includes pensions, health care, family allowances and parental leave, job training, [...]
We develop a theory of trust in lending, distinguishing between trust and reputation, and use it to analyze the competitive interactions between banks and non-bank lenders (fintech firms). Trust enables [...]
A newly emerged consensus holds that policy makers should use macroprudential regulation to prevent financial crises or soften their impact on the real economy. Despite their widespread use, little is [...]
Deposit insurance cannot be explained as an emergency measure conceived in haste to resolve an ongoing crisis. The legislation had been debated for years, the banking crisis of 1933 had [...]
Anat Admati argues that the banking system is too fragile and inefficient, and that reform efforts have been flawed. The fragility of the system causes booms and busts, and busts [...]
We find that regulators can implement identical rules inconsistently due to differences in their institutional design and incentives, and this behavior may adversely impact the effectiveness with which regulation is [...]
Empirical research has demonstrated the importance of such institutional structures as branch bank laws, bank cooperation arrangements, and formal clearing houses, for the probability of panic and for the resolution [...]
In taking up issues of bank capital requirements and the [Modigliani & Miller] M&M Propositions, I am actually returning to a subject treated in a paper on the regulation of [...]
Two of the largest government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), receive government subsidies estimated to be worth [...]