Three Essays in Banking and Finance

Damien Olivier Klossner
This thesis develops three models that study the motivation of various agents to take on debt, and the impact that excessive financial leverage can have on social welfare. In the chapter "Short-term Bank Leverage and the Value of Liquid Reserves", the incentive of a bank to take on leverage stems from the fact that its short-term debt provides liquidity benefits to depositors, at the cost of exposing the bank to the risk of runs. In...
This data repository is not currently reporting usage information. For information on how your repository can submit usage information, please see our documentation.