NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cream Skimming in Financial Markets

Patrick Bolton, Tano Santos, Jose A. Scheinkman

NBER Working Paper No. 16804
Issued in February 2011

---- Acknowledgements -----

This article was previously circulated under the title "Is the Financial Sector too Big?" We thank seminar participants at the London Business School, London School of Economics, Rutgers Business School, MIT-Sloan, Bank of Spain, CEMFI, University of Virginia-McIntire, Washington University-Olin Business School, and the 6th Banco de Portugal Conference on Monetary Economics for their feedback and suggestions. We also thank Guido Lorenzoni for detailed comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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