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- Publications
- Influence
Liquidity and Leverage
In a financial system in which balance sheets are continuously marked to market, asset price changes appear immediately as changes in net worth, and eliciting responses from financial intermediaries… Expand
Social Value of Public Information
What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? We examine the impact of public… Expand
Global Games: Theory and Applications
Global games are games of incomplete information whose type space is determined by the players each observing a noisy signal of the underlying state. With strategic complementarities, global games… Expand
Financial Intermediaries and Monetary Economics
We reconsider the role of financial intermediaries in monetary economics, and explore the hypothesis that the financial intermediary sector is the engine that drives the financial cycle through… Expand
Capital Flows and the Risk-Taking Channel of Monetary Policy
We study the dynamics linking monetary policy with bank leverage and show that adjustments in leverage act as the linchpin in the monetary transmission mechanism that works through fluctuations in… Expand
The fundamental principles of financial regulation
- Markus K. Brunnermeier, A. Crockett, C. Goodhart, A. Persaud, H. Shin
- Economics
- 2 July 2009
Today's financial regulatory systems assume that regulations which make individual banks safe also make the financial system safe. The eleventh Geneva Report on the World Economy shows that this… Expand
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Liquidity Risk and Contagion
- R. Cifuentes, G. Ferrucci, H. Shin
- Economics
- 1 May 2005
This paper explores liquidity risk in a system of interconnected financial institutions when these institutions are subject to regulatory solvency constraints and mark their assets to market. When… Expand
Coordination Risk and the Price of Debt
Creditors of a distressed borrower face a coordination problem. Even if the fundamentals are sound, fear of premature foreclosure by others may lead to pre-emptive action, undermining the project.… Expand
Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks" American Economic Review
Even though self-fulfilling currency attacks lead to multiple equilibria when fundamentals are common knowledge, we demonstrate the uniqueness of equilibrium when speculators face a small amount of… Expand
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- PDF
The changing nature of financial intermediation and the financial crisis of 2007-09
The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "shadow banking system," which grew out of the securitization of assets and… Expand
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