Details about Nicola Cetorelli

Homepage:	https://www.newyorkfed.org/research/economists/Cetorelli
Workplace:	Research and Statistics Group, Federal Reserve Bank of New York, (more information at EDIRC)

Access statistics for papers by Nicola Cetorelli.

Last updated 2025-05-15. Update your information in the RePEc Author Service.

Short-id: pce70

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Working Papers

2025

1. Banks and the Rise of Nonbanks in Credit Markets
   Speech, Federal Reserve Bank of New York
2. Coexistence of Banks and Non-Banks: Intermediation Functions and Strategies
   Staff Reports, Federal Reserve Bank of New York
3. Nonbanks and Banks: Alone or Together?
   Liberty Street Economics, Federal Reserve Bank of New York
4. The Bank-NBFI Nexus
   Speech, Federal Reserve Bank of New York

2024

5. Banks and Nonbanks Are Not Separate, but Interwoven
   Liberty Street Economics, Federal Reserve Bank of New York
6. Nonbanks Are Growing but Their Growth Is Heavily Supported by Banks
   Liberty Street Economics, Federal Reserve Bank of New York
7. The Growing Risk of Spillovers and Spillbacks in the Bank‑NBFI Nexus
   Liberty Street Economics, Federal Reserve Bank of New York
8. The Nonbank Footprint of Banks
   Staff Reports, Federal Reserve Bank of New York
9. Where Do Banks End and NBFIs Begin?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
   Also in Staff Reports, Federal Reserve Bank of New York (2024) View citations (6)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)

2023

10. Bond Funds in the Aftermath of SVB’s Collapse
    Liberty Street Economics, Federal Reserve Bank of New York
11. Enhancing Monitoring of NBFI Exposure: The Case of Open-End Funds
    Liberty Street Economics, Federal Reserve Bank of New York
12. Monitoring Banks’ Exposure to Nonbanks: The Network of Interconnections Matters
    Liberty Street Economics, Federal Reserve Bank of New York
13. Non-Bank Financial Institutions and Banks’ Fire-Sale Vulnerabilities
    Supervisory Research and Analysis Working Papers, Federal Reserve Bank of Boston
    Also in Staff Reports, Federal Reserve Bank of New York (2023)
14. The Nonbank Shadow of Banks
    Liberty Street Economics, Federal Reserve Bank of New York

2022

15. Monetary Policy, Investor Flows, and Loan Fund Fragility
    Staff Reports, Federal Reserve Bank of New York View citations (1)

2021

16. Going with the Flow: Changes in Banks’ Business Model and Performance Implications
    Liberty Street Economics, Federal Reserve Bank of New York
17. Mapping a Sector’s Scope Transformation and the Value of Following the Evolving Core
    Staff Reports, Federal Reserve Bank of New York
    See also Journal Article Mapping a sector's scope transformation and the value of following the evolving core, Strategic Management Journal, Wiley Blackwell (2021) (2021)
18. Were Banks Exposed to Sell-offs by Open-End Funds during the Covid Crisis?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2020

19. Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (7)
20. How Fed Swap Lines Supported the U.S. Corporate Credit Market amid COVID-19 Strains
    Liberty Street Economics, Federal Reserve Bank of New York
21. Outflows from Bank-Loan Funds during COVID-19
    Liberty Street Economics, Federal Reserve Bank of New York

2019

22. Selection in Banking
    Liberty Street Economics, Federal Reserve Bank of New York

2018

23. A Review of Shadow Banking
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
24. New Report Assesses Structural Changes in Global Banking
    Liberty Street Economics, Federal Reserve Bank of New York
25. Resolving \\"Too Big to Fail\\"
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
26. Resolving “Too Big to Fail”
    Staff Reports, Federal Reserve Bank of New York
    See also Journal Article Resolving “Too Big to Fail”, Journal of Financial Services Research, Springer (2021) (2021)

2017

27. Transformation of corporate scope in U.S. banks: patterns and performance implications
    Staff Reports, Federal Reserve Bank of New York View citations (12)
28. Were Banks 'Boring' before the Repeal of Glass-Steagall?
    Liberty Street Economics, Federal Reserve Bank of New York
29. Were Banks Ever 'Boring'?
    Liberty Street Economics, Federal Reserve Bank of New York

2016

30. Are Asset Managers Vulnerable to Fire Sales?
    Liberty Street Economics, Federal Reserve Bank of New York View citations (23)
31. Bank Regulation and Bank Complexity
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
32. Organizational Complexity and Balance Sheet Management in Global Banks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
    Also in Staff Reports, Federal Reserve Bank of New York (2016) View citations (36)
33. Quantifying Potential Spillovers from Runs on High-Yield Funds
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)

2015

34. Hybrid Intermediaries
    Liberty Street Economics, Federal Reserve Bank of New York
    Also in Staff Reports, Federal Reserve Bank of New York (2014) View citations (4)
35. Same Name, New Businesses: Evolution in the Bank Holding Company
    Liberty Street Economics, Federal Reserve Bank of New York View citations (5)

2014

36. Evolution in Bank Complexity
    Liberty Street Economics, Federal Reserve Bank of New York View citations (18)
    See also Journal Article Evolution in bank complexity, Economic Policy Review, Federal Reserve Bank of New York (2014) View citations (34) (2014)
37. Measuring Global Bank Complexity
    Liberty Street Economics, Federal Reserve Bank of New York View citations (18)

2013

38. Shadow bank monitoring
    Staff Reports, Federal Reserve Bank of New York View citations (10)

2012

39. A Principle for Forward-Looking Monitoring of Financial Intermediation: Follow the Banks!
    Liberty Street Economics, Federal Reserve Bank of New York
40. Follow That Money! How Global Banks Manage Liquidity Globally
    Liberty Street Economics, Federal Reserve Bank of New York
41. Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (115)
    Also in Staff Reports, Federal Reserve Bank of New York (2012) View citations (104)
    See also Journal Article Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession, American Economic Review, American Economic Association (2012) View citations (115) (2012)
42. Introducing a Series on the Evolution of Banks and Financial Intermediation
    Liberty Street Economics, Federal Reserve Bank of New York View citations (5)
43. The Dominant Role of Banks in Asset Securitization
    Liberty Street Economics, Federal Reserve Bank of New York View citations (6)

2011

44. Global Banks and Their Internal Capital Markets during the Crisis
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
45. Liquidity management of U.S. global banks: Internal capital markets in the great recession
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (7)
    See also Chapter Liquidity Management of US Global Banks: Internal Capital Markets in the Great Recession, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (10) (2011)
    Journal Article Liquidity management of U.S. global banks: Internal capital markets in the great recession, Journal of International Economics, Elsevier (2012) View citations (234) (2012)

2010

46. Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation
    Working Papers, Duke University, Department of Economics
    Also in Staff Reports, Federal Reserve Bank of New York (2009) View citations (1)
    See also Journal Article Credit quantity and credit quality: Bank competition and capital accumulation, Journal of Economic Theory, Elsevier (2012) View citations (36) (2012)
47. Firm value and cross-listings: the impact of stock market prestige
    Staff Reports, Federal Reserve Bank of New York View citations (7)
    See also Journal Article Firm Value and Cross Listings: The Impact of Stock Market Prestige, JRFM, MDPI (2015) View citations (4) (2015)
48. Global Banks and International Shock Transmission: Evidence from the Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (90)
    Also in Staff Reports, Federal Reserve Bank of New York (2010) View citations (66)
    See also Journal Article Global Banks and International Shock Transmission: Evidence from the Crisis, IMF Economic Review, Palgrave Macmillan (2011) View citations (568) (2011)

2009

49. Credit Market Competition and the Nature of Firms
    Working Papers, U.S. Census Bureau, Center for Economic Studies
    Also in Staff Reports, Federal Reserve Bank of New York (2009)
50. Globalized banks: lending to emerging markets in the crisis
    Staff Reports, Federal Reserve Bank of New York View citations (14)
51. Prestigious stock exchanges: a network analysis of international financial centers
    Staff Reports, Federal Reserve Bank of New York View citations (4)
    See also Journal Article Prestigious stock exchanges: A network analysis of international financial centers, Journal of Banking & Finance, Elsevier (2013) View citations (14) (2013)

2008

52. Banking Globalization, Monetary Transmission, and the Lending Channel
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (74)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2008) View citations (64)
    Staff Reports, Federal Reserve Bank of New York (2008) View citations (35)

2006

53. Risks in U.S. bank international exposures
    Staff Reports, Federal Reserve Bank of New York View citations (3)
    See also Chapter Risks in U.S. Bank International Exposures, World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd. (2006) View citations (1) (2006)

2004

54. Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2004) View citations (7)
    See also Journal Article Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets, Journal of Finance, American Finance Association (2006) View citations (477) (2006)
55. Real effects of bank competition
    Working Paper Series, Federal Reserve Bank of Chicago View citations (86)
    See also Journal Article Real Effects of Bank Competition, Journal of Money, Credit and Banking, Blackwell Publishing (2004) View citations (87) (2004)

2003

56. The Effect of Cross-Industry Ownership on Pricing: Evidence from Bank-Pension Fund Common Ownership in Chile
    Working Papers Central Bank of Chile, Central Bank of Chile

2002

57. Does bank concentration lead to concentration in industrial sectors?
    Proceedings, Federal Reserve Bank of Chicago
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2001) View citations (49)
58. Life-cycle dynamics in industrial sectors. The role of banking market structure
    Working Paper Series, Federal Reserve Bank of Chicago View citations (13)
    See also Journal Article Life-cycle dynamics in industrial sectors: the role of banking market structure, Review, Federal Reserve Bank of St. Louis (2003) View citations (10) (2003)

2000

59. Bank Competition and Regulatory Reform: The Case of the Italian Banking Industry
    Working Papers, Banca Italia - Servizio di Studi View citations (26)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (1999) View citations (24)
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2000) View citations (30)
60. Oligopoly Banking and Capital Accumulation
    Working Papers, Duke University, Department of Economics View citations (36)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2000) View citations (31)

1999

61. Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (5)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (1999) View citations (44)
    See also Journal Article Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data, Journal of Finance, American Finance Association (2001) View citations (417) (2001)

1998

62. Could Prometheus be bound again? a contribution to the convergence controversy
    Working Paper Series, Federal Reserve Bank of Chicago View citations (1)
    See also Journal Article Could Prometheus be bound again? A contribution to the convergence controversy, Journal of Economic Dynamics and Control, Elsevier (2002) View citations (6) (2002)

1997

63. The role of credit market competition on lending strategies and on capital accumulation
    Working Paper Series, Issues in Financial Regulation, Federal Reserve Bank of Chicago View citations (29)

Journal Articles

2021

1. Mapping a sector's scope transformation and the value of following the evolving core
   Strategic Management Journal, 2021, 42, (12), 2294-2327
   See also Working Paper Mapping a Sector’s Scope Transformation and the Value of Following the Evolving Core, Staff Reports (2021) (2021)
2. Resolving “Too Big to Fail”
   Journal of Financial Services Research, 2021, 60, (1), 1-23
   See also Working Paper Resolving “Too Big to Fail”, Staff Reports (2018) (2018)

2015

3. Firm Value and Cross Listings: The Impact of Stock Market Prestige
   JRFM, 2015, 8, (1), 1-31 View citations (4)
   See also Working Paper Firm value and cross-listings: the impact of stock market prestige, Staff Reports (2010) View citations (7) (2010)

2014

4. Evolution in bank complexity
   Economic Policy Review, 2014, (Dec), 85-106 View citations (34)
   See also Working Paper Evolution in Bank Complexity, Liberty Street Economics (2014) View citations (18) (2014)
5. Measures of global bank complexity
   Economic Policy Review, 2014, (Dec), 107-126 View citations (45)
6. SURVIVING CREDIT MARKET COMPETITION
   Economic Inquiry, 2014, 52, (1), 320-340 View citations (3)

2013

7. Prestigious stock exchanges: A network analysis of international financial centers
   Journal of Banking & Finance, 2013, 37, (5), 1543-1551 View citations (14)
   See also Working Paper Prestigious stock exchanges: a network analysis of international financial centers, Staff Reports (2009) View citations (4) (2009)

2012

8. Banking Globalization and Monetary Transmission
   Journal of Finance, 2012, 67, (5), 1811-1843 View citations (503)
9. Credit quantity and credit quality: Bank competition and capital accumulation
   Journal of Economic Theory, 2012, 147, (3), 967-998 View citations (36)
   See also Working Paper Credit Quantity and Credit Quality: Bank Competition and Capital Accumulation, Working Papers (2010) (2010)
10. Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
    American Economic Review, 2012, 102, (3), 213-18 View citations (115)
    See also Working Paper Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession, NBER Working Papers (2012) View citations (115) (2012)
11. Liquidity management of U.S. global banks: Internal capital markets in the great recession
    Journal of International Economics, 2012, 88, (2), 299-311 View citations (234)
    See also Chapter Liquidity Management of US Global Banks: Internal Capital Markets in the Great Recession, NBER Chapters, 2011 (2011) View citations (10) (2011)
    Working Paper Liquidity management of U.S. global banks: Internal capital markets in the great recession, NBER Working Papers (2011) View citations (24) (2011)
12. The evolution of banks and financial intermediation: framing the analysis
    Economic Policy Review, 2012, 18, (Jul), 1-12 View citations (15)

2011

13. Global Banks and International Shock Transmission: Evidence from the Crisis
    IMF Economic Review, 2011, 59, (1), 41-76 View citations (568)
    See also Working Paper Global Banks and International Shock Transmission: Evidence from the Crisis, NBER Working Papers (2010) View citations (90) (2010)

2007

14. Trends in financial market concentration and their implications for market stability
    Economic Policy Review, 2007, 13, (Mar), 33-51 View citations (22)

2006

15. Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
    Journal of Finance, 2006, 61, (1), 437-461 View citations (477)
    See also Working Paper Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets, NBER Working Papers (2004) View citations (10) (2004)

2004

16. Real Effects of Bank Competition
    Journal of Money, Credit and Banking, 2004, 36, (3), 543-58 View citations (87)
    Also in Proceedings, 2004, 543-562 (2004) View citations (81)
    See also Working Paper Real effects of bank competition, Working Paper Series (2004) View citations (86) (2004)

2003

17. Life-cycle dynamics in industrial sectors: the role of banking market structure
    Review, 2003, 85, (Jul), 135-148 View citations (10)
    See also Working Paper Life-cycle dynamics in industrial sectors. The role of banking market structure, Working Paper Series (2002) View citations (13) (2002)
18. The Effects of Regulatory Reform on Competition in the Banking Industry
    Journal of Money, Credit and Banking, 2003, 35, (5), 663-84 View citations (191)

2002

19. Could Prometheus be bound again? A contribution to the convergence controversy
    Journal of Economic Dynamics and Control, 2002, 27, (1), 29-50 View citations (6)
    See also Working Paper Could Prometheus be bound again? a contribution to the convergence controversy, Working Paper Series (1998) View citations (1) (1998)
20. Entry and competition in highly concentrated banking markets
    Economic Perspectives, 2002, 26, (Q IV), 18-27 View citations (15)
21. The role of financial services in economic growth
    Chicago Fed Letter, 2002, (Jan)

2001

22. Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data
    Journal of Finance, 2001, 56, (2), 617-648 View citations (417)
    See also Working Paper Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data, Center for Financial Institutions Working Papers (1999) View citations (5) (1999)
23. Competition among banks: good or bad?
    Economic Perspectives, 2001, 25, (Q II), 38-48 View citations (44)

1999

24. Competitive analysis in banking: appraisal of the methodologies
    Economic Perspectives, 1999, 23, (Q I), 2-15 View citations (60)

Chapters

2013

1. Evolving Intermediation
   Chapter 13 in The Social Value of the Financial Sector Too Big to Fail or Just Too Big?, 2013, pp 239-255

2011

2. Liquidity Management of US Global Banks: Internal Capital Markets in the Great Recession
   A chapter in Global Financial Crisis, 2011 View citations (10)
   See also Working Paper Liquidity management of U.S. global banks: Internal capital markets in the great recession, National Bureau of Economic Research, Inc (2011) View citations (24) (2011)
   Journal Article Liquidity management of U.S. global banks: Internal capital markets in the great recession, Elsevier (2012) View citations (234) (2012)

2006

3. Risks in U.S. Bank International Exposures
   Chapter 7 in Cross-Border Banking Regulatory Challenges, 2006, pp 65-86 View citations (1)
   See also Working Paper Risks in U.S. bank international exposures, Federal Reserve Bank of New York (2006) View citations (3) (2006)

2004

4. The Effect of Cross-industry Ownership on Pricing: Evidence of Common Ownership between Banks and Pension Funds in Chile
   Chapter 10 in Banking Market Structure and Monetary Policy, 2004, vol. 7, pp 293-314