Banks as Secret Keepers
提出银行通过保密贷款信息来创造安全的短期债务（类似货币），而资本市场通过信息披露产生风险流动性，并分析了企业选择银行融资还是市场融资的权衡。
Banks produce short-term debt for transactions and storing value. The value of this debt must not vary over time so agents can easily trade it at par like money. To produce money-like safe liquidity, banks keep detailed information about their loans secret, reducing liquidity if needed to prevent agents from producing costly private information about the banks' loans. Capital markets involve information revelation, so they produce risky liquidity. The trade-off between less safe liquidity and more risky liquidity determines which firms choose to fund projects through banks and which ones through capital markets.