Hui Tong

TL;DR: This article found that credit booms are often associated with financial reform and economic growth, and that booms that are followed by a crisis or below- trend growth tend to be larger and last longer.

TL;DR: In this article, the authors studied whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis, using data on 3823 firms in 24 emerging countries, and found that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital.

TL;DR: In this paper, the authors studied whether the volume and composition of capital flows affect the degree of credit crunch during the 2007-2009 crisis and found that the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital.

TL;DR: In this article, the authors studied the variation in the cross-section of standalone and systemic risk of large banks during the recent financial crisis to identify bank specific factors that determine risk, and found that systemic risk grows with bank size and is inversely related to bank capital.

TL;DR: In this article, the authors argue that large banks are riskier and create more systemic risk when they engage more in market-based activities or are more organizationally complex, and that additional regulation based on systemic risk considerations is needed to deal with the externalities of distress of large banks.