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- September 2015
- Article
Banks as Patient Fixed-Income Investors
By: Samuel G. Hanson, Andrei Shleifer, Jeremy C. Stein and Robert W. Vishny
We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks create money-like claims by holding illiquid... View Details
Hanson, Samuel G., Andrei Shleifer, Jeremy C. Stein, and Robert W. Vishny. "Banks as Patient Fixed-Income Investors." Journal of Financial Economics 117, no. 3 (September 2015): 449–469. (Internet Appendix Here.)
- April 2015
- Article
Money Creation and the Shadow Banking System
By: Adi Sunderam
Many explanations for the rapid growth of the shadow banking system in the mid-2000s focus on money demand. This paper asks whether the short-term liabilities of the shadow banking system behave like money. We first present a simple model where households demand money... View Details
Sunderam, Adi. "Money Creation and the Shadow Banking System." Review of Financial Studies 28, no. 4 (April 2015): 939–977.
- 2016
- Working Paper
Financial Regulation in a Quantitative Model of the Modern Banking System
By: Juliane Begenau and Tim Landvoigt
How does the shadow banking system respond to changes in the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial banks and shadow banks to study the unintended consequences of capital requirements. A key... View Details
Begenau, Juliane, and Tim Landvoigt. "Financial Regulation in a Quantitative Model of the Modern Banking System." Harvard Business School Working Paper, No. 16-140, June 2016. (Revised July 2016.)
- 02 Aug 2016
- Working Paper Summaries
Financial Regulation in a Quantitative Model of the Modern Banking System
- June 2014
- Article
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds
By: Sergey Chernenko and Adi Sunderam
We document the consequences of money market fund risk taking during the European sovereign debt crisis. Using a novel data set of security-level holdings of prime money market funds, we show that funds with large exposures to risky Eurozone banks suffered significant... View Details
Keywords: Money Market Mutual Funds; European Sovereign Debt Crisis; Runs; Contagion; Risk Taking; Investment Funds; Financial Crisis; Europe
Chernenko, Sergey, and Adi Sunderam. "Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Funds." Review of Financial Studies 27, no. 6 (June 2014): 1717–1750.
- 15 Aug 2016
- Working Paper Summaries
Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds
- January 2018 (Revised March 2018)
- Case
Portugal: Can Socialism Survive?
By: Richard H.K. Vietor and Haviland Sheldahl-Thomason
Portugal was not ready to join the European Monetary Union in 1999. With strong unions, weak competitiveness, and a legacy of socialism, it could not compete with north-European countries. After borrowing extensively to fund deficits, Portugal went into debt crisis in... View Details
Vietor, Richard H.K., and Haviland Sheldahl-Thomason. "Portugal: Can Socialism Survive?" Harvard Business School Case 718-024, January 2018. (Revised March 2018.)
- 08 Aug 2016
- Working Paper Summaries
The Unintended Consequences of the Zero Lower Bound Policy
- Spring 2013
- Article
The Growth of Finance
By: Robin Greenwood and David S. Scharfstein
The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly... View Details
Greenwood, Robin, and David S. Scharfstein. "The Growth of Finance." Journal of Economic Perspectives 27, no. 2 (Spring 2013): 3–28.
- 12 Oct 2006
- First Look
First Look: October 12, 2006
http://www.hbs.edu/research/pdf/07-021.pdf Coerced Confessions: Self-Policing in the Shadow of the Regulator Authors:Jodi L. Short and Michael W. Toffel Abstract As part of a recent trend toward more cooperative relations between... View Details
Keywords: Sean Silverthorne
- Article
An Evaluation of Money Market Fund Reform Proposals
U.S. money market mutual funds (MMFs) are an important source of dollar funding for global financial institutions, particularly those headquartered outside the U.S. MMFs proved to be a source of considerable instability during the financial crisis of 2007–2009,... View Details
Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "An Evaluation of Money Market Fund Reform Proposals." IMF Economic Review 63, no. 4 (November 2015): 984–1023.
- 11 Dec 2012
- First Look
First Look: Dec. 11
information about address value and assuring allocative efficiency. Download the paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=41297 Vulnerable Banks Authors:Greenwood, Robin, Augustin Landier, and David Thesmar Abstract When a View Details
Keywords: Sean Silverthorne
- 06 Oct 2015
- First Look
October 6, 2015
Giving: The Role of Risk By: Exley, Christine L. Abstract—Decisions involving charitable giving often occur under the shadow of risk. A common finding is that potential donors give less when there is greater risk that their donation will... View Details
Keywords: Sean Silverthorne
- 11 Jun 2013
- First Look
First Look: June 11
shadow banking system-are outweighed by the risks inherent in this new approach to credit delivery. 2006 Harvard Business Review In Search of a Second Act: Riding the Popularity of a Great First Product Is... View Details
Keywords: Carmen Nobel
- 31 Jan 2012
- First Look
First Look: Jan. 31
sustained by the shadow of the future). We argue that one of the reasons these practices may be difficult to copy is that effective relational contracts must solve the twin problems of credibility and clarity, and that while credibility... View Details
Keywords: Sean Silverthorne & Carmen Nobel
- 12 Jul 2016
- First Look
July 12, 2016
Landvoigt Abstract—How does the shadow banking system respond to changes in the capital regulation of commercial banks? This paper builds a quantitative general equilibrium model with commercial View Details
Keywords: Sean Silverthorne
- 02 Sep 2015
- Research & Ideas
Explaining China's Crash
practically zero here. One thing to watch for will be how China ensures the stability of its financial system since total debt has reached 250 percent of GDP, credit has been abundant, and the size of the shadow View Details
- 22 Jul 2014
- First Look
First Look: July 22
traditional commercial banks in the context of their coexistence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways.... View Details
Keywords: Sean Silverthorne
- 04 Dec 2018
- First Look
New Research and Ideas, December 4, 2018
join the European Monetary Union in 1999. With strong unions, weak competitiveness, and a legacy of socialism, it could not compete with north-European countries. After borrowing extensively to fund deficits, Portugal went into debt crisis in 2011 and had to borrow... View Details
Keywords: Dina Gerdeman
- 13 Oct 2010
- First Look
First Look: October 13, 2010
education program has modest effects, increasing demand for bank accounts only for those with low levels of education or financial literacy. In contrast, small subsidies greatly increase demand. A follow-up survey confirms these findings,... View Details
Keywords: Sean Silverthorne