Noncore Bank Liabilities and Financial Vulnerability
研究了银行非核心负债（非传统零售存款）增长如何预示信贷繁荣和金融脆弱性，通过模型和新兴经济体数据验证其作为危机预警指标的作用。
A lending boom is reflected in the composition of bank liabilities when traditional retail deposits (core liabilities) cannot keep pace with asset growth and banks turn to other funding sources (noncore liabilities) to finance their lending. We formulate a model of credit supply as the flip side of a credit risk model where a large stock of noncore liabilities serves as an indicator of the erosion of risk premiums and hence of vulnerability to a crisis. We find supporting empirical evidence in a panel probit study of emerging and developing economies.