Details about Joao Santos

Homepage:	http://www.newyorkfed.org/rmaghome/economist/santos/contact.html
Workplace:	Federal Reserve Bank of New York, (more information at EDIRC) School of Business and Economics, Universidade Nova de Lisboa (Nova University of Lisbon), (more information at EDIRC)

Access statistics for papers by Joao Santos.

Last updated 2024-07-05. Update your information in the RePEc Author Service.

Short-id: psa250

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Jump to Journal Articles Books Chapters

Working Papers

2024

1. Do Mortgage Lenders Respond to Flood Risk?
   Staff Reports, Federal Reserve Bank of New York
2. Flood Risk Outside Flood Zones — A Look at Mortgage Lending in Risky Areas
   Liberty Street Economics, Federal Reserve Bank of New York
3. Insurance, Weather, and Financial Stability
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
   Also in Staff Reports, Federal Reserve Bank of New York (2024)

2023

4. Flood Risk and Firm Location Decisions in the Fed’s Second District
   Liberty Street Economics, Federal Reserve Bank of New York
5. How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?
   Liberty Street Economics, Federal Reserve Bank of New York
6. How Exposed Are U.S. Banks’ Loan Portfolios to Climate Transition Risks?
   Liberty Street Economics, Federal Reserve Bank of New York
7. Moving Out of a Flood Zone? That May Be Risky!
   Liberty Street Economics, Federal Reserve Bank of New York
8. Potential Flood Map Inaccuracies in the Fed’s Second District
   Liberty Street Economics, Federal Reserve Bank of New York
9. U.S. Banks’ Exposures to Climate Transition Risks
   Staff Reports, Federal Reserve Bank of New York View citations (6)

2022

10. Monetary Policy, Investor Flows, and Loan Fund Fragility
    Staff Reports, Federal Reserve Bank of New York View citations (1)
11. The Adverse Effect of “Mandatory” Flood Insurance on Access to Credit
    Liberty Street Economics, Federal Reserve Bank of New York
12. Unintended Consequences of "Mandatory" Flood Insurance
    Staff Reports, Federal Reserve Bank of New York View citations (3)

2021

13. Insurance Companies and the Growth of Corporate Loan Securitization
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
    Also in Staff Reports, Federal Reserve Bank of New York (2021) View citations (1)

2020

14. Bank Syndicates and Liquidity Provision
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
15. Outflows from Bank-Loan Funds during COVID-19
    Liberty Street Economics, Federal Reserve Bank of New York
16. The Costs of Corporate Debt Overhang Following the COVID-19 Outbreak
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
17. The Impact of Natural Disasters on the Corporate Loan Market
    Liberty Street Economics, Federal Reserve Bank of New York
18. The importance of deposit insurance credibility
    Working Papers, Banco de Portugal, Economics and Research Department View citations (7)
    See also Journal Article The importance of deposit insurance credibility, Journal of Banking & Finance, Elsevier (2023) (2023)

2019

19. Bank Funding and the Survival of Start-ups
    Working Papers, Banco de Portugal, Economics and Research Department View citations (1)
20. The Side Effects of Shadow Banking on Liquidity Provision
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)

2018

21. Did the Dodd-Frank Act End ‘Too Big to Fail’?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
22. The Cost of Regulatory Capital
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
23. The Effects of Post-Crisis Banking Reforms
    Liberty Street Economics, Federal Reserve Bank of New York
24. The cost of bank regulatory capital
    Staff Reports, Federal Reserve Bank of New York View citations (4)
    See also Journal Article The Cost of Bank Regulatory Capital, The Review of Financial Studies, Society for Financial Studies (2024) (2024)
25. Why Do Banks Target ROE?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (4)
    Also in Staff Reports, Federal Reserve Bank of New York (2018) View citations (4)
    See also Journal Article Why do banks target ROE?, Journal of Financial Stability, Elsevier (2021) View citations (4) (2021)

2017

26. Investor Diversity and Liquidity in the Secondary Loan Market
    Liberty Street Economics, Federal Reserve Bank of New York
    See also Journal Article Investor Diversity and Liquidity in The Secondary Loan Market, Journal of Financial Services Research, Springer (2023) (2023)
27. Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance
    Staff Reports, Federal Reserve Bank of New York View citations (1)
    See also Journal Article Macroprudential policy and the revolving door of risk: Lessons from leveraged lending guidance, Journal of Financial Intermediation, Elsevier (2018) View citations (27) (2018)

2016

28. Are All CLOs Equal?
    Liberty Street Economics, Federal Reserve Bank of New York
29. Did the Supervisory Guidance on Leveraged Lending Work?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
30. Non-Bank Investors and Loan Renegotiations
    Staff Working Papers, Bank of Canada View citations (9)

2015

31. Investigating the Trading Activity of CLO Portfolio Managers
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
32. What Do Bond Markets Think about \\"Too-Big-to-Fail\\" Since Dodd-Frank?
    Liberty Street Economics, Federal Reserve Bank of New York
33. What Do Rating Agencies Think about “Too-Big-to-Fail” since Dodd-Frank
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2014

34. Banks' incentives and the quality of internal risk models
    Staff Reports, Federal Reserve Bank of New York View citations (37)
35. Depositor Discipline of Risk-Taking by U.S. Banks
    Liberty Street Economics, Federal Reserve Bank of New York
36. Do “Too-Big-To-Fail” Banks Take On More Risk?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (11)
    See also Journal Article Do “too-big-to-fail” banks take on more risk?, Journal of Financial Perspectives, EY Global FS Institute (2015) View citations (6) (2015)
37. Evidence from the Bond Market on Banks’ “Too-Big-to-Fail” Subsidy
    Liberty Street Economics, Federal Reserve Bank of New York View citations (14)
    See also Journal Article Evidence from the bond market on banks’ “Too-Big-to-Fail” subsidy, Economic Policy Review, Federal Reserve Bank of New York (2014) View citations (39) (2014)
38. How Liquidity Standards Can Improve Lending of Last Resort Policies
    Liberty Street Economics, Federal Reserve Bank of New York
39. Liquidity Risk, Liquidity Management, and Liquidity Policies
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
40. Rollover Risk and the Maturity Transformation Function of Banks
    Staff Working Papers, Bank of Canada View citations (2)
41. The Transformation of Banking: Tying Loan Interest Rates to Borrowers' Credit Default Swap Spreads
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
42. Tying loan interest rates to borrowers' CDS spreads
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
43. Why Large Bank Failures Are So Messy and What to Do about It?
    Liberty Street Economics, Federal Reserve Bank of New York

2013

44. Did Securitization Lead to Riskier Corporate Lending?
    Liberty Street Economics, Federal Reserve Bank of New York

2012

45. The Rise of the Originate-to-Distribute Model and the Role of Banks in Financial Intermediation
    Liberty Street Economics, Federal Reserve Bank of New York View citations (30)
    See also Journal Article The rise of the originate-to-distribute model and the role of banks in financial intermediation, Economic Policy Review, Federal Reserve Bank of New York (2012) View citations (71) (2012)
46. When Is It Less Costly for Risky Firms to Borrow? Evidence from the Bank Risk-Taking Channel of Monetary Policy
    Staff Working Papers, Bank of Canada View citations (20)

2011

47. Do corporate loans sold to CLOs underperform unsecurities loans
    Proceedings, Federal Reserve Bank of Chicago
48. Why Do Central Banks Have Discount Windows?
    Liberty Street Economics, Federal Reserve Bank of New York

2010

49. Do banks propagate debt market shocks?
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (7)
    See also Journal Article Do banks propagate debt market shocks?, Journal of Financial Economic Policy, Emerald Group Publishing Limited (2014) View citations (2) (2014)

2008

50. Do banks price their informational monopoly?
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (7)
    See also Journal Article Do banks price their informational monopoly?, Journal of Financial Economics, Elsevier (2009) View citations (88) (2009)

2007

51. Has the credit derivatives swap market lowered the cost of corporate debt?
    Staff Reports, Federal Reserve Bank of New York View citations (2)

2006

52. Evidence on the costs and benefits of bond IPOs
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (3)

2005

53. Evidence of bank information monopolies across the business cycle
    Proceedings, Federal Reserve Bank of Chicago

2003

54. Optimal supervisory policies and depositor-preference laws
    BIS Working Papers, Bank for International Settlements View citations (5)
    Also in Working papers, Banque de France (2002)
55. The cost of barriers to entry: evidence from the market for corporate euro bond underwriting
    BIS Working Papers, Bank for International Settlements View citations (37)

2001

56. Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision
    BIS Working Papers, Bank for International Settlements View citations (24)
    Also in Proceedings, Federal Reserve Bank of Chicago (2001) View citations (6)
    See also Journal Article Allocating bank regulatory powers: Lender of last resort, deposit insurance and supervision, European Economic Review, Elsevier (2005) View citations (87) (2005)

2000

57. Bank capital regulation in contemporary banking theory: a review of the literature
    BIS Working Papers, Bank for International Settlements View citations (90)
58. Switching from single to multiple bank lending relationships: determinants and implications
    BIS Working Papers, Bank for International Settlements View citations (9)
    See also Journal Article Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications, Journal of Financial Intermediation, Elsevier (2002) View citations (209) (2002)

1999

59. Banking and Commerce: A Liquidity Approach
    Working Papers, London School of Economics - Centre for Labour Economics View citations (2)
    Also in BIS Working Papers, Bank for International Settlements (1999)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (1999)
    See also Journal Article Banking and commerce: A liquidity approach, Journal of Banking & Finance, Elsevier (2005) View citations (11) (2005)
60. The importance of bank seniority for relationship lending
    Proceedings, Federal Reserve Bank of Chicago
    Also in BIS Working Papers, Bank for International Settlements (1998) View citations (7)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (1998) View citations (4)
    See also Journal Article The Importance of Bank Seniority for Relationship Lending, Journal of Financial Intermediation, Elsevier (2000) View citations (83) (2000)

1998

61. Banking and commerce: an approach based on liquidity synergies
    Proceedings, Federal Reserve Bank of Chicago
62. Commercial banks in the securities business: A review
    BIS Working Papers, Bank for International Settlements View citations (32)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (1996) View citations (10)
    See also Journal Article Commercial Banks in the Securities Business: A Review, Journal of Financial Services Research, Springer (1998) View citations (32) (1998)
63. Study of the banking consolidation impact on small business lending
    Proceedings, Federal Reserve Bank of Chicago

1997

64. Securities activities in banking conglomerates: should their location be regulated?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (2)

1996

65. Bank capital and equity investment regulations: a comparative analysis
    Proceedings, Federal Reserve Bank of Chicago
66. Performance and asset management effects of bank acquisitions
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (7)

1995

67. Bank capital and equity investment regulations
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (5)
    See also Journal Article Bank capital and equity investment regulations, Journal of Banking & Finance, Elsevier (1999) View citations (59) (1999)
68. Debt and equity as optimal contracts
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (2)
    See also Journal Article Debt and equity as optimal contracts, Journal of Corporate Finance, Elsevier (1997) View citations (7) (1997)

Journal Articles

2024

1. The Cost of Bank Regulatory Capital
   The Review of Financial Studies, 2024, 37, (3), 685-726
   See also Working Paper The cost of bank regulatory capital, Staff Reports (2018) View citations (4) (2018)

2023

2. Investor Diversity and Liquidity in The Secondary Loan Market
   Journal of Financial Services Research, 2023, 63, (3), 249-272
   See also Working Paper Investor Diversity and Liquidity in the Secondary Loan Market, Liberty Street Economics (2017) (2017)
3. The importance of deposit insurance credibility
   Journal of Banking & Finance, 2023, 154, (C)
   See also Working Paper The importance of deposit insurance credibility, Working Papers (2020) View citations (7) (2020)

2022

4. Bank lending networks and the propagation of natural disasters
   Financial Management, 2022, 51, (3), 903-927 View citations (10)

2021

5. A Theory of Collateral for the Lender of Last Resort*
   (Imperfect competition in the interbank market for liquidity as a rationale for central banking)
   Review of Finance, 2021, 25, (4), 973-996 View citations (10)
6. Why do banks target ROE?
   Journal of Financial Stability, 2021, 54, (C) View citations (4)
   See also Working Paper Why Do Banks Target ROE?, Liberty Street Economics (2018) View citations (4) (2018)

2019

7. Bank Capital, Borrower Power, and Loan Rates
   The Review of Financial Studies, 2019, 32, (11), 4501-4541 View citations (25)
8. CLO trading and collateral manager bank affiliation
   Journal of Financial Intermediation, 2019, 39, (C), 47-58 View citations (5)
9. Liquidity standards and the value of an informed lender of last resort
   Journal of Financial Economics, 2019, 132, (2), 351-368 View citations (5)
10. Ratings-Based Regulation and Systematic Risk Incentives
    The Review of Financial Studies, 2019, 32, (4), 1374-1415 View citations (12)

2018

11. Banks’ Incentives and Inconsistent Risk Models
    The Review of Financial Studies, 2018, 31, (6), 2080-2112 View citations (14)
12. Liquidity risk and maturity management over the credit cycle
    Journal of Financial Economics, 2018, 127, (2), 264-284 View citations (40)
13. Macroprudential policy and the revolving door of risk: Lessons from leveraged lending guidance
    Journal of Financial Intermediation, 2018, 34, (C), 17-31 View citations (27)
    See also Working Paper Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance, Staff Reports (2017) View citations (1) (2017)
14. Review of New York Fed studies on the effects of post-crisis banking reforms
    Economic Policy Review, 2018, (24-2), 71-90

2017

15. Banks’ Exposure to Rollover Risk and the Maturity of Corporate Loans
    Review of Finance, 2017, 21, (4), 1739-1765 View citations (7)
16. Does Banks’ Corporate Control Lower Funding Costs? Evidence from US Banks’ Control Over Firms’ Voting Rights
    Journal of Financial Services Research, 2017, 51, (3), 283-311 View citations (3)
17. Monetary policy and bank risk-taking: Evidence from the corporate loan market
    Journal of Financial Intermediation, 2017, 30, (C), 35-49 View citations (105)

2016

18. The transformation of banking: Tying loan interest rates to borrowers' CDS spreads
    Journal of Corporate Finance, 2016, 38, (C), 150-165 View citations (12)

2015

19. Do “too-big-to-fail” banks take on more risk?
    Journal of Financial Perspectives, 2015, 3, (2), 129-143 View citations (6)
    See also Working Paper Do “Too-Big-To-Fail” Banks Take On More Risk?, Liberty Street Economics (2014) View citations (11) (2014)
20. Does Securitization of Corporate Loans Lead to Riskier Lending?
    Journal of Money, Credit and Banking, 2015, 47, (2-3), 415-444 View citations (31)

2014

21. Banks' Liquidity and the Cost of Liquidity to Corporations
    Journal of Money, Credit and Banking, 2014, 46, (s1), 13-45 View citations (21)
22. Do \\"Too-Big-to-Fail\\" banks take on more risk?
    Economic Policy Review, 2014, (Dec), 41-58 View citations (26)
23. Do banks propagate debt market shocks?
    Journal of Financial Economic Policy, 2014, 6, (3), 270-310 View citations (2)
    See also Working Paper Do banks propagate debt market shocks?, Working Paper Series (2010) View citations (7) (2010)
24. Evidence from the bond market on banks’ “Too-Big-to-Fail” subsidy
    Economic Policy Review, 2014, (Dec), 29-39 View citations (39)
    See also Working Paper Evidence from the Bond Market on Banks’ “Too-Big-to-Fail” Subsidy, Liberty Street Economics (2014) View citations (14) (2014)
25. The introduction of market-based pricing in corporate lending
    Journal of Financial Perspectives, 2014, 2, (1), 155-159 View citations (1)
26. What makes large bank failures so messy and what should be done about it?
    Economic Policy Review, 2014, (Dec), 229-244 View citations (4)

2012

27. The rise of the originate-to-distribute model and the role of banks in financial intermediation
    Economic Policy Review, 2012, (Jul), 21-34 View citations (71)
    See also Working Paper The Rise of the Originate-to-Distribute Model and the Role of Banks in Financial Intermediation, Liberty Street Economics (2012) View citations (30) (2012)

2011

28. Bank Corporate Loan Pricing Following the Subprime Crisis
    The Review of Financial Studies, 2011, 24, (6), 1916-1943 View citations (124)
29. Home country bias: Does domestic experience help investors enter foreign markets?
    Journal of Banking & Finance, 2011, 35, (9), 2330-2340 View citations (21)

2010

30. Has the US Bond Market Lost its Edge to the Eurobond Market?*
    International Review of Finance, 2010, 10, (2), 149-183 View citations (12)
31. Systemic risk and deposit insurance premiums
    Economic Policy Review, 2010, 16, (Aug), 89-99 View citations (34)
32. What is China's capital seeking in a global environment?
    FRBSF Economic Letter, 2010, (mar22) View citations (1)

2009

33. Do banks price their informational monopoly?
    Journal of Financial Economics, 2009, 93, (2), 185-206 View citations (88)
    See also Working Paper Do banks price their informational monopoly?, Working Paper Series (2008) View citations (7) (2008)
34. Do markets “discipline” all banks equally?
    Journal of Financial Economic Policy, 2009, 1, (1), 107-123 View citations (3)
35. Has the CDS market lowered the cost of corporate debt?
    Journal of Monetary Economics, 2009, 56, (4), 514-523 View citations (123)
36. Is the secondary loan market valuable to borrowers?
    The Quarterly Review of Economics and Finance, 2009, 49, (4), 1410-1428 View citations (3)

2008

37. Bank Loans, Bonds, and Information Monopolies across the Business Cycle
    Journal of Finance, 2008, 63, (3), 1315-1359 View citations (157)
38. The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships
    Journal of Banking & Finance, 2008, 32, (9), 1928-1940 View citations (73)

2007

39. Trends in financial market concentration and their implications for market stability
    Economic Policy Review, 2007, 13, (Mar), 33-51 View citations (21)

2006

40. Has the development of the structured credit market affected the cost of corporate debt?
    Proceedings, 2006, (Nov)
41. Identifying the effect of managerial control on firm performance
    Journal of Accounting and Economics, 2006, 41, (1-2), 55-85 View citations (36)
42. The American keiretsu and universal banks: Investing, voting and sitting on nonfinancials' corporate boards
    Journal of Financial Economics, 2006, 80, (2), 419-454 View citations (35)
43. Who Should Act as Lender of Last Resort? An Incomplete Contracts Model: A Comment
    Journal of Money, Credit and Banking, 2006, 38, (4), 1111-1118 View citations (17)
44. Why firm access to the bond market differs over the business cycle: A theory and some evidence
    Journal of Banking & Finance, 2006, 30, (10), 2715-2736 View citations (19)

2005

45. Allocating bank regulatory powers: Lender of last resort, deposit insurance and supervision
    European Economic Review, 2005, 49, (8), 2107-2136 View citations (87)
    See also Working Paper Allocating bank regulatory powers: lender of last resort, deposit insurance and supervision, BIS Working Papers (2001) View citations (24) (2001)
46. Banking and commerce: A liquidity approach
    Journal of Banking & Finance, 2005, 29, (2), 271-294 View citations (11)
    See also Working Paper Banking and Commerce: A Liquidity Approach, Working Papers (1999) View citations (2) (1999)

2003

47. The Paradox of Priority
    Financial Management, 2003, 32, (1) View citations (33)

2002

48. Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications
    Journal of Financial Intermediation, 2002, 11, (2), 124-151 View citations (209)
    See also Working Paper Switching from single to multiple bank lending relationships: determinants and implications, BIS Working Papers (2000) View citations (9) (2000)

2000

49. The Importance of Bank Seniority for Relationship Lending
    Journal of Financial Intermediation, 2000, 9, (1), 57-89 View citations (83)
    See also Working Paper The importance of bank seniority for relationship lending, Proceedings (1999) (1999)

1999

50. Bank capital and equity investment regulations
    Journal of Banking & Finance, 1999, 23, (7), 1095-1120 View citations (59)
    See also Working Paper Bank capital and equity investment regulations, Working Papers (Old Series) (1995) View citations (5) (1995)

1998

51. Banking and commerce: how does the United States compare to other countries?
    Economic Review, 1998, 34, (Q IV), 14-26 View citations (10)
52. Commercial Banks in the Securities Business: A Review
    Journal of Financial Services Research, 1998, 14, (1), 35-60 View citations (32)
    See also Working Paper Commercial banks in the securities business: A review, BIS Working Papers (1998) View citations (32) (1998)
53. Securities Units of Banking Conglomerates: Should Their Location Be Regulated?
    Cato Journal, 1998, 18, (1), 93-117

1997

54. Debt and equity as optimal contracts
    Journal of Corporate Finance, 1997, 3, (4), 355-366 View citations (7)
    See also Working Paper Debt and equity as optimal contracts, Working Papers (Old Series) (1995) View citations (2) (1995)
55. The dark side of liquidity
    Economic Commentary, 1997, (Sep)
56. The risk effects of bank acquisitions
    Economic Review, 1997, (Q II), 25-35 View citations (29)

1996

57. Glass-Steagall and the regulatory dialectic
    Economic Commentary, 1996, (Feb) View citations (2)

Books

2002

1. Protecting Banks from Liquidity Shocks: The Role of Deposit Insurance and Lending of Last Resort
   Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre

2001

2. Institutional Allocation of Bank Regulations: A Review by João A.C. Santos
   Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre

Chapters

2006

1. Comments on Jackson, Bielicki and Bednarski, and Majnoni and Powell
   Chapter 17 in Cross-Border Banking Regulatory Challenges, 2006, pp 259-262