Unstable Banking

Andrei Shleifer, Robert W. Vishny

NBER Working Paper No. 14943
Issued in May 2009

---- Acknowledgements -----

Harvard University and the University of Chicago, respectively. We are grateful to Shai Bernstein and Josh Schwartzstein for excellent research assistance, and to Malcolm Baker, Effi Benmelech, Olivier Blanchard, John Campbell, Douglas Diamond, Eugene Fama, Nicola Gennaioli, Francesco Giavazzi, Jacob Goldfield, Oliver Hart, Steven Kaplan, Anil Kashyap, Stavros Panageas, Richard Posner, Raghuram Rajan, Amit Seru, Jeremy Stein, Amir Sufi, Lawrence Summers, and Luigi Zingales for helpful conversations. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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