Papers

We invite you to explore the papers supported directly by CFSP as well as key papers in the field of financial systems and poverty that were written by Consortium researchers.

Francisco J. Buera, Joseph Kaboski, Yongseok Shin

Income differences across countries primarily reflect differences in total factor productivity (TFP). More disaggregate data suggest that the TFP gap between rich and...

Recent Papers

Ha Ya Lee, Luca Antonio Ricci
2004

Rodriguez and Rodrik (2000) argue that...

Kristin Forbes, Roberto Rigobon
2002

Heteroskedasticity biases...

Roberto Rigobon
The Journal of Development Economics | 69 | 2 | 423-449 | 2002

Among the most influential theories of contagion, those based on liquidity arguments have...

Douglas Diamond, Raghuram Rajan
2001

Loans are illiquid when a lender needs relationship-specific skills to collect them....

Pierre-Olivier Weill
Macroeconomic Dynamics | 15 | 119-144 | 2001

We study a competitive dynamic financial market subject to a transient selling pressure, when...

Douglas Diamond, Raghuram Rajan
The Journal of Finance | 55 | 6 | 2431-2465 | 2000

Banks can create liquidity precisely because deposits are fragile and prone to runs. Increased...

Douglas Diamond, Philip Dybvig
Federal Reserve Bank of Minneapolis Quarterly Review | 24 | 1 | 14-23 | 2000

This article develops a model which shows that bank deposit contracts can provide allocations...

Charles M. Kahn, William Roberds
Economic Review | 1999 | 3 | 30-39 | 1999

Most people are familiar with retail payments systems such as checks and credit cards. Less...

Douglas Diamond
1984

This paper develops a theory of financial intermediation based on minimizing the cost of...