Policy Work

Policy Papers

(with Lev Ratnovski, IMF) 
also see our VOXEU Column "Why Are Canadian Banks More Resilient? And What Can We Do About Risky Wholesale Funding"
and Tobias Bayer's Financial Times Deutschland column "Aloha Kanada"
and Roubini Global Monitor column "CoCos: No Antidote to Go-Go Boom-Bust Cycles"

The paper is part of the IMF Article IV consultation with Canada. We identify bank's funding structure (deposit vs wholesale funding) as the most important determinant of bank performance during the crisis, based on a sample of large commercial banks in OECD countries.


Featured in Bank of England Financial Stability Report (page 37) and   Il Corriere della Sera (Italian national newspaper). Pdf copy

Review Papers

Federal Reserve Bank of Philadelphia Business Review (Third Quarter 2010)

Federal Reserve Publications that I Used to Supervise


Banking Legislation and Policy (quarterly publication)
Banking Legislation & Policy summarizes and updates pending banking and financial legislation, regulation, and judicial activity at the federal level and for the Third District states (Pennsylvania, New Jersey, and Delaware). Written by Bob O'Loughlin (Research Analyst) and Cara Stepanczuk (Research Analyst).

Banking Brief (quarterly publication)
Banking Brief analyzes recent banking market conditions in the tri-state region of Pennsylvania, New Jersey, and Delaware as well as in the nation. Written by Jim DiSalvo (Banking Structure Specialist)