Financial Risk Capacity
研究了银行在遭受大额损失后资本恢复缓慢的原因，发现信息不对称导致银行收紧中介业务，加剧逆向选择，降低利润率，从而阻碍资本内生增长和外部注资，最终引发持续低增长的金融危机。
Financial crises are particularly severe and lengthy when banks fail to recapitalize after bearing large losses. We present a model that explains the slow recovery of bank capital and economic activity. Banks provide intermediation in markets with information asymmetries. Large equity losses force banks to tighten intermediation, which exacerbates adverse selection. Adverse selection lowers bank profit margins, which slows both the internal growth of equity and equity injections. This mechanism generates financial crises characterized by persistent low growth. The lack of equity injections during crises is a coordination failure that is solved when the decision to recapitalize banks is centralized.