Miguel Faria-e-Castro

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In bank stress tests, what’s worse: runs or lemons (the other kind)? Lemons via www.shutterstock.com

Runs versus lemons: why US bank stress tests succeeded while Europe’s failed

Miguel Faria-e-Castro, New York University; Joseba Martinez, New York University, and Thomas Philippon, New York University

US regulators chose to reveal detailed information to the public about the state of the banks. They were able to be so transparent, without triggering a run, because of a strong fiscal backstop.

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