Recent studies suggest that the growth of financial sector depth and access can drive poverty reduction and economic growth, popularizing the idea that financial development can be used as a development tool. Combined with ...

Since its inception, the Modigliani-Miller capital structure irrelevancy principle has limited researchers' interest in the role of financial intermediaries in macroeconomics. However, due to the spread of financial crises ...

This dissertation studies the role of capital requirements in combating excessive risk-taking incentives of banks in two settings.