Crisis Resolution and Bank Liquidity

Viral V. Acharya, Hyun Song Shin, Tanju Yorulmazer

NBER Working Paper No. 15567
Issued in December 2009

---- Acknowledgements -----

This paper was circulated earlier under the title “Fire Sales, Foreign Entry and Bank Liquidity.” We are grateful to Franklin Allen, Heitor Almeida, Giacinta Cestone (discussant), Douglas Gale, Alan Morrison (discussant), Leonard Nakamura, Raghuram Rajan, Tano Santos (discussant), Ellis Tallman and Matthew Willison for their suggestions, to seminar participants at London Business School, Bank of England, University of Durham, International Conference on Asset Prices and Firm Policies in June 2006 in Verona, Workshop on Banking, Risk and Regulation hosted by BCBS and FDIC in May 2007, the UniCredit Group Conference on Banking in Finance in December 2007 in Naples and the American Finance Association Meetings in January 2009 for their comments, and to Yili Zhang for excellent research assistance. All errors remain our own. The views expressed here are those of the authors and do not necessarily represent the views of the Federal Reserve Bank of New York, the Federal Reserve

System, or the National Bureau of Economic Research.

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