Rafael Repullo

Professor of Economics and Director, Centro de Estudios Monetarios y Financieros (CEMFI)

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Discussion Papers
Jun 2014
DP 13
Gur Huberman and Rafael Repullo
We present a model of the maturity of a bank’s uninsured debt. The bank borrows funds and chooses afterwards the riskiness of its assets. This moral hazard problem leads to an excessive level of risk. Short-term debt may have a disciplining...
Discussion Papers
Sep 2013
DP 3
We present a model of an economy with heterogeneous banks that may be funded with uninsured deposits and equity capital. Capital serves to ameliorate a moral hazard problem in the choice of risk. There is a fixed aggregate supply of bank capital, so...