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Journal Article
Selective credit -- no substitute for monetary restraint
Journal Article
Curbing the boom
Journal Article
Domestic nonfinancial debt: after three years of monitoring
An examination of the historical and current behavior of domestic nonfinancial debt, with a discussion of B.M. Friedman's theories and an analysis of the recent unexpected surge in debt and its policy implications.
Journal Article
Allocating credit
Working Paper
Foreign entry and bank competition
Foreign entry and bank competition are modeled as the interaction between asymmetrically informed principals: the entrant uses collateral as a screening device to contest the incumbent's informational advantage. Both better information ex ante and stronger legal protection ex post are shown to facilitate the entry of low-cost outside competitors into credit markets. The entrant's success in gaining borrowers of higher quality by offering cheaper loans increases with its efficiency (cost) advantage. This paper accounts for evidence suggesting that foreign banks tend to lend more to large firms ...
Journal Article
The great discovery