Short Articles and Interviews on the Crisis and Financial Sector Reforms

(NEW) "Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe" with Tim Eisert, Christian Eufinger and Christian Hirsch, forthcoming, the CEPR Research Programme on Restarting European Long-Term Investment Finance (RELTIF), 2016.

(NEW) "Capital Markets Union in Europe: Why Other Unions Must Lead the Way" with Sascha Steffen, Swiss Journal of Economics and Statistics, 2016, Vol. 152 (4) 319-329.

(NEW) Does India Need a Bad Bank to Unchoke Growth?, Interview with Bloomberg Qint, October 2016

(NEW) Turning off the Dividend Spigot, (with Diane Pierret and Sascha Steffen), Project Syndicate, 22 Sept 2016

(NEW) Capital Shortfalls of European Banks since the Start of the Banking Union, 27 July 2016, with Diane Pierret and Sascha Steffen
- Related piece: Introducing the “Leverage Ratio” in Assessing the Capital Adequacy of European Banks
- Covered in Financial Times (2) and Wall Street Journal and Bloomberg

(NEW) “State Intervention in Banking: The Relative Health of Indian Public Sector and Private Sector Banks”, with Krishnamurthy Subramanian, in C. Ghate and K.M. Kletzer (eds.), Monetary Policy in India, Springer India 2017

(NEW) Measuring Systemic Risk for Insurance Companies, with Thomas Philippon and Matt Richardson, in The Economics, Regulation, and Systemic Risk of Insurance Markets, edited by Felix Hufeld, Ralph S.J. Koijen, and Christian Thimann, Oxford: Oxford University Press, 2016, chapter 5, forthcoming.

"Corporate Debt in Emerging Economies: A Threat to Financial Stability?", with Stephen G. Cecchetti, José De Gregorio, Şebnem Kalemli-Özcan, Philip R. Lane, and Ugo Panizza, Report for Committee on International Economics Policy and Reform (CIEPR) and Brookings Institute, September 2015

"Shadow Banking is killing China's Stock Market", (interview with Dan Altman for Foreign Policy), August 2015 - Download related presentation, Keynote speech in June 2015, Zhejiang University, Hangzhou (China)

"Financial stability in the broader mandate for central banks: A political economy perspective", Brookings' Hutchins Center Working Paper Series (April 2015 version), prepared for a March 2, 2015 conference at Brookings' Hutchins Center on Fiscal and Monetary Policy.

"State intervention in banking: the relative health of Indian public sector and private sector banks" (with Krishnamurthy Subramanian), June 2015

"Financial Sector Health since 2007: A Comparative Analysis of the United States, Europe and Asia" (April 2015 version), prepared for Michigan University Law School conference on Five Years After the Dodd-Frank Act (Nov 2014), and presented at the IMF Conference on Rethinking Macro Policy III: Progress or Confusion (April 2015)

Benchmarking the European Central Bank's Asset Quality Review and Comprehensive Assessment, with Sascha Steffen, 27 October 2014
- Covered in Alternative Stress Tests Find French Banks Are Weakest in Europe by Tom Braithwaite,
- Covered in Four Rescue Measures for the Eurozone by Willem Buiter, FT Markets Insight

Is the Insurance Sector Systemically Risky?, Presentation at the Brookings Institution, 14 October 2014
Download Presentation
Updated presentation at the Stockholm Institute of Financial Research, August 2015
Download Presentation

"The Nexus between Financial Sector and Sovereign Credit Risks", Toulouse Lectures in Economics, forthcoming
Download Presentation delivered at Copenhagen Business School, August 2014.

Presentation at the "Symposium on Financial Stability and the Role of Central Banks", Bundesbank, Frankfurt, February 27 2014.

Interview on Rising Risks from China, January 2014

Falling Short of Expectations? Stress-Testing the European Banking System (with Sascha Steffen), December 2013, revised January 2014
Download PDF     Download Slides     See Press Coverage

Presentation on "Dynamics of Debt, Growth and Taxation", at CFS Symposium on Banking, Liquidity and Monetary Policy, Frankfurt, September 2013
Download PDF

Be careful when opening for business (with Bruce Tuckman), theTally,, Dec 11 2013

Leveling the Playing Field for Indian Banks, LiveMint, Sep 29 2013

The missing bears of emerging markets, LiveMint, Sep 2 2013

India does not have enough markets, LiveMint, Aug 5 2013

A Right Time for Inflation-Indexed Bonds? (with Gangadhar Darbha), LiveMint, May 2013

A Transparency Standard for Derivatives, in Risk Topography: Systemic Risk and Macro Modeling, edited by Markus Brunnermeier and Arvind Krishnamurthy, National Bureau of Economic Research book, published by the University of Chicago Press, forthcoming, 2012.
- Reprinted in OTC derivatives: new rules, new actors, new risks?, Banque de France Financial Stability Review, 17, 2013.

Understanding Financial Crises: Theory and Evidence from the Crisis of 2007-08, NBER Reporter, April 2013.

"Analyzing Systemic Risk of the European Banking Sector," with Sascha Steffen, in Handbook on Systemic Risk, edt. J.-P- Fouque and J. Langsam. Cambridge University Press, forthcoming.

Implications of the Dodd-Frank Act, with Matthew Richardson
Annual Review of Financial Economics, 2012(4)

Secondary Market for Government Bonds: Breaking the Bank-Sovereign Nexus, with Gangadhar Darbha
presented at the Bombay Stock Exchange (BSE) Conference on Debt Markets in India, Mumbai (India), December 2012.
Download Presentation
- Related oped Breaking the Bank-Sovereign Nexus (with Gangadhar Darbha), 5 Feb 2013, Live Mint & the Wall Street Journal (India).

Designing Global Financial Regulatory Instruments (with Sabri Oncu), 17 Jan 2013, Live Mint & the Wall Street Journal (India).

Banking Union for the Europe (including my contribution to this voxeu eBook), October 2012

"Reforming the US Housing Finance System", with Stijn van Nieuwerburgh, Matthew Richardson and Lawrence J White,
The Financial Development Report 2011, World Economic Forum, 55-67

NYU Stern Systemic Risk Rankings recognized by Treasury and Risk 2011 in "100 Most Influential People in Finance"
Measuring and Regulating Systemic Risk
- Also see NYU Stern Systemic Risk Rankings
-Systemic Risk rankings including non-US Financial Institutions  (Download presentation)

Flight to safety may no longer include America (with Heitor Almeida)
Financial News, 28 November 2011

Ring-fencing is good, but no panacea
(in "The Future of Banking", Vox eBook, edited by Thorsten Beck, Oct 2011)

The Dodd-Frank Act, systemic risk and capital requirements, with Matt Richardson
(in "The Future of Banking", Vox eBook, edited by Thorsten Beck, Oct 2011)

Here’s Why Bank Of America’s Stock Is Collapsing Again
(Interview with Yahoo Finance, 23 August 2011)

White Picket Fence? Not So Fast - Why we should end home ownership subsidies
New York Times, 17 August 2011 (with Matt Richardson, Stijn van Nieuwerburgh and Larry White)

US' political economy has crossed its Rubicon
Mint (India), 13 August 2011

The European Financial Crisis (with Sabri Oncu)
Mint (India), August 2011

Contributions to discussions:
What's causing high youth unemployment?
Is America headed for a double-dip recession?
What have we learned about fiscal policy?
Where in the world economy is the growth outlook the worst?
What should the IMF, ECB and EC do about Greece?
Does Competition Make Banks Safer?
What's Wrong with America's Labour Market?
Has there been a "Great Stagnation"?
How close is America to fiscal crisis?
Which economists are the most influential?
Is it time for European debt restructuring?
Was the Fed right to do QE2?
Is the current banking system the worst possible?
Should the government encourage mortgage principal write-downs?
How far along the process of deleveraging are we?
Do new bank-capital requirements pose a risk to growth?
Is there a government bond bubble?
What actions should the Fed be taking?
What should be done with Fannie Mae and Freddie Mac?
Why are firms saving so much?
Are G20 summits worth having? What should the G20's top priority be?
Should China allow the yuan to rise?
Should Bank Tax Be Used to Limit Financial Sector Risk?
Is a stronger yuan the most important route to global rebalancing? And should addressing imbalances currently be a top global policy priority?

Interview comparing the crisis roles of the Federal Reserve and the European Central Bank
IA-Forum, 25 July 2011

On Risks of Aggregating Risks in a Financial System
A brief interview with IFMR, India (July 2011)

State overreach: Some lessons for India
Mint, 11 July 2011

An interview on Measuring Systemic Risk and the Dismal Failure of Basel Risk Weights
with Viv Davies of voxeu, June 2011

Should Private Equity be Regulated as Systemically Important? (Video Interview)
with Ann Iveson, Coller Institute of Private Equity, London Business School , 2 June 2011

US rattles global investors
Reserve Bank keeps rates on hold
US rattles global investors and Reserve Bank keeps rates on hold, ABC Sydney, 8-9 June 2011

CDS norms: a significant step forward
CDS norms: a significant step forward
Newspaper is Mint (India), 9 June 2011

A voxeu interview on Fannie Mae, Freddie Mac and rhe Future of Mortgage Finance (with Matt Richardson)
London, May 2011

Interview on Causes of the Crisis and Proposed Reforms in the "Marker" (Israel)
May 2011

Banks, Regulation and Government
prepared for presentation at the Board of Governors, 2 May 2011

A Transparency Standard for Contingent Liabilities such as Derivatives (Presentation)
Presentation at IMF, April 2011

Are forex derivatives different from a regulation perspective?
Mint, April 4 2011

Financial groups seek to avoid 'important' list
FT, April 3 2011

The Dodd-Frank Act Leaves A Lot To Be Desired
House of Finance, Goethe University, Newsletter - 1Q 2011

Systemic Risk and Macro-prudential Regulation
monograph prepared for Asian Development Bank, March 2011

The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, Transition Risks and Lessons for India
policy brief prepared for the London School of Economics - International Growth Centre (India), March 2011
- Covered in Business Standard (India), Shooting the Messenger, by Suman Bery, October 2011
- A summary of Basel III by Anthony Saunders

Financial Institutions: The Risky List, March 2011

Coming out of the shadows? In "How to run a bank"
The Banker, FT Business, February 2011

The Ten Most Systemically Risky Firms in the U.S., February 2011

Bloomberg Business Week, Regulation - Risky Businesses
February 7-13, 2011

Overseeing Systemic Risk, 27 February 2011

What Saved the Indian Banking System: State Ownership or State Guarantees?
Business Standard, India, January 2011

What Saved the Indian Banking System: State Ownership or State Guarantees?
Business Standard, India, January 2011.

The Irish Question: What do you do when the bailouts boomerang on the sovereign?
Financial Express (India) cites my research on sovereign credit risk, January 2011

Could Regulation Circa 2010 Have Averted the Crisis?
Mint (India), 3 January 2011

Europe debt is bigger worry than slow US recovery
Mint (India), 16 December 2010

A critical assessment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, November 2010

A Transparency Standard for Derivatives   (presentation)
Presentation at NBER on Measuring Systemic Risk at Columbia University, 27 Oct 2010

NPR Interview on the "Volcker" rule (15 June 2010)

Testimony to the US House Financial Services Committee
at a hearing on "The End of Excess (Part One): Reversing Our Addiction to Debt and Leverage." May 6, 2010

Passing the Buck? - Ten Interesting Facts about Sovereign Credit Risk
Blog for the forthcoming book "Regulating Wall Street," 29 April 2010

The Fallacy of Bank Diversification (with Matt Richardson)
Blog for the forthcoming book "Regulating Wall Street," 5 April 2010

Why bankers must bear the risk of "too safe to fail" assets (with Arvind Krishnamurthy)
Financial Times Market Insight, 17 March 2010

Systemic Risk, Stronger Regulation and Liquidity Management: Changes For Which Risk Management Should be Prepared (A PRMIA Webinar given on February 18, 2010)
Download Presentation
Download Video

"Market Failures and Regulatory Failures: Lessons from Past and Present Crises," forthcoming in "Financial Sector Regulation and Reforms in Emerging Markets,"
Edited by Masahiro Kawai and Eswar Prasad, Brookings Institution Press, Washington, DC, 2010 (with Thomas Cooley, Matthew Richardson and Ingo Walter)
Download PDF (Dec 2009 version)

Making Sense of Obama's Bank Plans (with Matt Richardson), 24 January 2010

Obama's Bank Plan Is A Start (with Matt Richardson), 22 January 2010

A Price Tag For Systemic Risk (with Matt Richardson), 30 December 2009

Talk at Swiss Finance Institute on the Crisis and Future Reforms
November 2009

Regulation, Not Markets, Let Us Down
Causes of the Crisis Blog, 4 November 2009

Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle (with Matt Richardson)
The Economists' Voice, November 2009: Vol. 6 : Iss. 11, Article 2.

A Case for Counterparty Transparency in OTC Markets (with Rob Engle)
Derivatives Week, 30 October 2009

Scope Remains to Circumvent Derivatives Bill (with Rob Engle)
Financial Times, 21 October 2009

Why Investment Banks were Fated to be Roadkill
Financial Express (India), 21 October 2009

State of Corporate Finance: It's Not Over Yet
Financial Executive, September 2009

Systemic risk and deposit insurance premiums, 4 September 2009

A case for (even) more transparency in the OTC markets, August 29 2009

Handful in the Entire Banking System Led to the Crisis
Financial Express (India), August 24 2009

Big financial firms should be taxed for implicit government guarantee, Lombard Street, UK, August 2009

Bloomberg Interview on Systemic Risk Rankings
August 24, 2009

Bloomberg Interview on Banking Sector Profits
August 6, 2009

Ranking Wall Street's Systemic Risk (Overview, Presentation), July 27, 2009

Interview with Newsweek on Bank Profits (Part One, Part Two)
July 17, 2009

How to Charge for Deposit Insurance
July 2009, Lombard Street, UK, 1(7), 18-23

Regulating Systemic Risk
Webcast, June 2009,

Regulation after the Crash
QFinance, May 2009

Derivatives Trades Should All Be Transparent
Wall Street Journal, 15 May 2009

Interview with Bloomberg TV on the Public Private Investment Program (PPIP)
14 May 2009

Concorde's fate offers a lesson for finance
Financial Times, 15 April 2009

Causes of the Financial Crisis
The Growth Commission Blog, 8 April 2009

Interview with Bloomberg TV on the Financial Bailout Plan
February 11, 2009

Expect Even More Shadow Banking Losses, 3 February 2009

Why government guarantees are a double-edged sword
The Banker, February 2009 (forthcoming)

Government money should have strings attached
FT Online, The Economists' Forum, 6 Jan 2009

Time to lift the veil: A clearinghouse for credit derivatives trading, 12 November 2008

Private Equity versus Plc Boards
The Times, 28 October 2008

The other part of the bailout: Pricing and evaluating the US and UK loan guarantees, 26 Oct 2008

Getting healthy banks to buy troubled ones
FT Online, The Economists' Forum, 13 Oct 2008