NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Development of Opacity in U.S. Banking

Gary Gorton

NBER Working Paper No. 19540
Issued in October 2013

---- Acknowledgements -----

This paper draws on ideas in joint work with Tri Vi Dang, Bengt Holmström and Guillermo Ordonez to whom I am very grateful. Thanks to Yiming Ma and Arwin Zeissler for research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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