Details about Rafael Repullo

Homepage:	http://www.cemfi.es/~repullo/
Phone:	+34-914290551
Postal address:	CEMFI Casado del Alisal 5 28014 Madrid Spain
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) Centro de Estudios Monetarios y Financieros (CEMFI) (Center for Monetary and Financial Studies), (more information at EDIRC)

Access statistics for papers by Rafael Repullo.

Last updated 2025-04-06. Update your information in the RePEc Author Service.

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Working Papers

2025

1. Regulation, Supervision, and Bank Risk-Taking
   Working Papers, CEMFI

2020

2. Interest Rates, Market Power, and Financial Stability
   Working Papers, CEMFI View citations (5)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (5)
3. The Deposits Channel of Monetary Policy. A Critical Review
   Working Papers, CEMFI View citations (3)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (3)
4. The Reversal Interest Rate. A Critical Review
   Working Papers, CEMFI View citations (24)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (24)

2019

5. Burning Money? Government Lending in a Credit Crunch
   EconStor Preprints, ZBW - Leibniz Information Centre for Economics
   Also in Working Papers, CEMFI (2018) View citations (8)
   Working Papers, Barcelona School of Economics (2017) View citations (1)
   Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2019)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (8)
6. Markets, banks, and shadow banks
   Working Paper Series, European Central Bank View citations (9)
   Also in Working Papers, CEMFI (2018) View citations (9)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (9)
7. Monetary Policy, Macroprudential Policy, and Financial Stability
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
   Also in Working Papers, CEMFI (2019) View citations (17)
   Working Paper Series, European Central Bank (2019) View citations (19)
   See also Journal Article Monetary Policy, Macroprudential Policy, and Financial Stability, Annual Review of Economics, Annual Reviews (2019) View citations (17) (2019)

2017

8. Hierarchical Bank Supervision
   Working Papers, CEMFI View citations (6)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (6)
   See also Journal Article Hierarchical bank supervision, SERIEs: Journal of the Spanish Economic Association, Springer (2018) View citations (3) (2018)

2015

9. Search for Yield
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
   Also in Working Papers, CEMFI (2015) View citations (1)
   See also Journal Article Search for Yield, Econometrica, Econometric Society (2017) (2017)

2014

10. Moral Hazard and Debt Maturity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2014) View citations (7)
    Working Papers, CEMFI (2013) View citations (2)
    See also Journal Article Moral hazard and debt maturity, Journal of Financial Intermediation, Elsevier (2025) (2025)

2013

11. Cyclical adjustment of capital requirements: a simple framework
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (55)
    Also in Working Papers, CEMFI (2012) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (5)
    See also Journal Article Cyclical adjustment of capital requirements: A simple framework, Journal of Financial Intermediation, Elsevier (2013) View citations (57) (2013)

2012

12. The Procyclical Effects of Bank Capital Regulation
    Working Papers, CEMFI View citations (45)
    Also in Other publications TiSEM, Tilburg University, School of Economics and Management (2010) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (50)
    Discussion Paper, Tilburg University, Center for Economic Research (2010) View citations (6)
    Other publications TiSEM, Tilburg University, School of Economics and Management (2010) View citations (6)
    See also Journal Article The Procyclical Effects of Bank Capital Regulation, The Review of Financial Studies, Society for Financial Studies (2013) View citations (189) (2013)

2011

13. The Countercyclical Capital Buffer of Basel III: A Critical Assessment
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (132)
    Also in Working Papers, CEMFI (2011) View citations (117)

2010

14. Mitigating the pro-cyclicality of Basel II
    Working Papers, Banco de España View citations (51)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (26)
    Working Papers, CEMFI (2009) View citations (32)
    See also Journal Article Mitigating the pro-cyclicality of Basel II, Economic Policy, CEPR, CESifo, Sciences Po (2010) View citations (41) (2010)

2008

15. Does Competition Reduce the Risk of Bank Failure?
    Working Papers, CEMFI View citations (38)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (32)
    See also Journal Article Does Competition Reduce the Risk of Bank Failure?, The Review of Financial Studies, Society for Financial Studies (2010) View citations (396) (2010)
16. The Procyclical Effects of Basel II
    Working Papers, CEMFI View citations (79)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (60)

2005

17. Liquidity, Risk Taking, and the Lender of Last Resort
    MPRA Paper, University Library of Munich, Germany View citations (77)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (78)
    Working Papers, CEMFI (2005) View citations (83)
    See also Journal Article Liquidity, Risk Taking, and the Lender of Last Resort, International Journal of Central Banking, International Journal of Central Banking (2005) View citations (75) (2005)

2004

18. Economic and Regulatory Capital. What Is the Difference?
    Working Papers, CEMFI View citations (14)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (7)
19. Policies for Banking Crises: A Theoretical Framework
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    Also in Working Papers, CEMFI (2004) View citations (11)

2003

20. Capital Requirements, Market Power and Risk-Taking in Banking
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in Proceedings, Federal Reserve Bank of Chicago (2002) View citations (4)
    Working Papers, CEMFI (2002) View citations (9)
    See also Journal Article Capital requirements, market power, and risk-taking in banking, Journal of Financial Intermediation, Elsevier (2004) View citations (491) (2004)
21. Loan Pricing Under Basel Capital Requirements
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (11)
    Also in Working Papers, CEMFI (2003) View citations (3)
    See also Journal Article Loan pricing under Basel capital requirements, Journal of Financial Intermediation, Elsevier (2004) View citations (146) (2004)

2001

22. Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Cental Bank
    Working Papers, CEMFI View citations (1)
    Also in Working Papers, Banco de España (2001) View citations (30)
    Working Papers, Centro de Estudios Monetarios Y Financieros- (2001) View citations (14)
    See also Journal Article Why did the banks overbid? An empirical model of the fixed rate tenders of the European Central Bank, Journal of International Money and Finance, Elsevier (2001) View citations (29) (2001)

2000

23. A Model of Takeovers of Foreign Banks
    Working Papers, Centro de Estudios Monetarios Y Financieros- View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2000) View citations (7)
    Working Papers, CEMFI (2000) View citations (6)
    See also Journal Article A model of takeovers of foreign banks, Spanish Economic Review, Springer (2001) View citations (19) (2001)
24. A Model of the Open Market Operations of the European Central Bank
    Working Papers, CEMFI View citations (17)
    Also in Working Papers, Centro de Estudios Monetarios Y Financieros- (2000) View citations (19)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2000) View citations (19)
    Working Papers, Banco de España (2000) View citations (20)
    See also Journal Article A Model of the Open Market Operations of the European Central Bank, Economic Journal, Royal Economic Society (2003) View citations (41) (2003)
25. Takeovers of Foreign Banks: A Supervisory Perspective
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society

1999

26. Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in Working Papers, CEMFI (1996)
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1999) View citations (2)
    Working Papers, Centro de Estudios Monetarios Y Financieros- (1996) View citations (12)
    See also Journal Article Entrepreneurial moral hazard and bank monitoring: A model of the credit channel, European Economic Review, Elsevier (2000) View citations (90) (2000)
27. The Trade-Off Between Liquidity and Control Revisited
    Working Papers, CEMFI
    Also in Working Papers, Centro de Estudios Monetarios Y Financieros- (1999)
28. Venture Capital Finance: A Security Design Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (24)
    Also in Working Papers, Centro de Estudios Monetarios Y Financieros- (1998) View citations (19)
    Working Papers, CEMFI (1998) View citations (18)
    See also Journal Article Venture Capital Finance: A Security Design Approach, Review of Finance, Springer (2004) View citations (152) (2004)
29. Who Should Act as Lender of Last Resort? An Incomplete Contracts Model
    Working Papers, Centro de Estudios Monetarios Y Financieros- View citations (4)
    Also in Working Papers, CEMFI (1999) View citations (5)
    See also Journal Article Who Should Act as Lender of Last Resort? An Incomplete Contracts Model, Journal of Money, Credit and Banking, Blackwell Publishing (2000) View citations (98) (2000)

1996

30. Monitoring, Liquidation, and Security Design
    Working Papers, Banca Italia - Servizio di Studi View citations (1)
    Also in Working Papers, Centro de Estudios Monetarios Y Financieros- (1995)
    Working Papers, CEMFI (1995)
    See also Journal Article Monitoring, Liquidation, and Security Design, The Review of Financial Studies, Society for Financial Studies (1998) View citations (67) (1998)

1995

31. Credit Market and Real Economic Growth Activity: A Model of Financial Intermediation
    Working Papers, Centro de Estudios Monetarios Y Financieros- View citations (3)
32. Credit Markets and Real Economic Activity: A Model of Financial Intermediation (New Version: See CEMFI WP 9604)
    Working Papers, CEMFI

1994

33. Some Remarks on Leland's Model of Insider Trading
    Working Papers, CEMFI View citations (2)
    Also in Working Papers, Centro de Estudios Monetarios Y Financieros- (1994) View citations (3)
    See also Journal Article Some Remarks on Leland's Model of Insider Trading, Economica, London School of Economics and Political Science (1999) View citations (1) (1999)

1991

34. Financing Budget Deficits by Seigniorage and Implicit Taxation: The Cases of Spain and Portugal
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    Also in Working Papers, CEMFI (1991) View citations (3)

1988

35. Nash Implementation: A Full Characterization (Now published in Econometrica, vol.58, No.5 (1990), pp.1083-1099.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1986

36. Subgame Perfect Implementation (Now published in Econometrica, vol.56, No.5 (1988), pp.1191-1220.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1983

37. Implementation in Dominant Strategies Under Complete and Incomplete Information (Now published in Review of Economic Studies, LII (1985), pp.223-229.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
38. Implementation of Direct Mechanism Under Incomplete Information (Now published in Economic Organizations as Games, edited by K. Binmore and P. Dasgupta, (Basil Blackwell, Oxford, 1986), pp.179-195.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
39. On the Efficiency of Equilibrium with Incomplete Markets (Now published in Journal of Economic Theory, vol.44, No.2 (1988), pp.217-230.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1982

40. The Core of an Economy with Transaction Costs (Now published in Review of Economic Studies, LV (1988), pp.447-458.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

Journal Articles

2025

1. Moral hazard and debt maturity
   Journal of Financial Intermediation, 2025, 61, (C)
   See also Working Paper Moral Hazard and Debt Maturity, CEPR Discussion Papers (2014) View citations (8) (2014)

2019

2. Monetary Policy, Macroprudential Policy, and Financial Stability
   Annual Review of Economics, 2019, 11, (1), 809-832 View citations (17)
   See also Working Paper Monetary Policy, Macroprudential Policy, and Financial Stability, CEPR Discussion Papers (2019) View citations (19) (2019)
3. Presentation of the High-Level Conference «The new bank provisioning standards:implementation challenges and financial stability implications»
   Revista de Estabilidad Financiera, 2019, (Primavera)
   Also in Financial Stability Review, 2019, (Spring) (2019)
4. Second Financial Stability Conference of the Banco de España and of the CEMFI Madrid, 3 and 4 June 2019
   Financial Stability Review, 2019, (Autumn)
5. Segunda Conferencia de Estabilidad Financiera, del Banco de España y del CEMFI. Madrid, 3 y 4 de junio de 2019
   Revista de Estabilidad Financiera, 2019, (Otoño)

2018

6. Hierarchical bank supervision
   SERIEs: Journal of the Spanish Economic Association, 2018, 9, (1), 1-26 View citations (3)
   See also Working Paper Hierarchical Bank Supervision, Working Papers (2017) View citations (6) (2017)

2017

7. Presentation of the First Conference on Financial Stability and of the panel The countercyclical provisions of the Banco de España, 2000-2016
   Financial Stability Review, 2017, (Autumn)
   Also in Revista de Estabilidad Financiera, 2017, (Otoño) (2017)
8. Search for Yield
   Econometrica, 2017, 85, 351-378
   See also Working Paper Search for Yield, CEPR Discussion Papers (2015) View citations (1) (2015)

2013

9. Cyclical adjustment of capital requirements: A simple framework
   Journal of Financial Intermediation, 2013, 22, (4), 608-626 View citations (57)
   See also Working Paper Cyclical adjustment of capital requirements: a simple framework, LSE Research Online Documents on Economics (2013) View citations (55) (2013)
10. The Procyclical Effects of Bank Capital Regulation
    The Review of Financial Studies, 2013, 26, (2), 452-490 View citations (189)
    See also Working Paper The Procyclical Effects of Bank Capital Regulation, Working Papers (2012) View citations (45) (2012)

2011

11. Report of the Secretary
    Econometrica, 2011, 79, (1), 309-317
12. Report of the Treasurer
    Econometrica, 2011, 79, (1), 319-325

2010

13. Does Competition Reduce the Risk of Bank Failure?
    The Review of Financial Studies, 2010, 23, (10), 3638-3664 View citations (396)
    See also Working Paper Does Competition Reduce the Risk of Bank Failure?, Working Papers (2008) View citations (38) (2008)
14. Mitigating the pro-cyclicality of Basel II
    (Bank loan loss provisions: a re-examination of capital management, earnings management and signalling effects)
    Economic Policy, 2010, 25, (64), 659-702 View citations (41)
    See also Working Paper Mitigating the pro-cyclicality of Basel II, Working Papers (2010) View citations (51) (2010)

2007

15. Economic and Regulatory Capital in Banking: What Is the Difference?
    International Journal of Central Banking, 2007, 3, (3), 87-117 View citations (36)

2005

16. Liquidity, Risk Taking, and the Lender of Last Resort
    International Journal of Central Banking, 2005, 1, (2) View citations (75)
    See also Working Paper Liquidity, Risk Taking, and the Lender of Last Resort, MPRA Paper (2005) View citations (77) (2005)

2004

17. Capital requirements, market power, and risk-taking in banking
    Journal of Financial Intermediation, 2004, 13, (2), 156-182 View citations (491)
    See also Working Paper Capital Requirements, Market Power and Risk-Taking in Banking, CEPR Discussion Papers (2003) View citations (6) (2003)
18. Loan pricing under Basel capital requirements
    Journal of Financial Intermediation, 2004, 13, (4), 496-521 View citations (146)
    See also Working Paper Loan Pricing Under Basel Capital Requirements, CEPR Discussion Papers (2003) View citations (11) (2003)
19. Shareholder activism is non-monotonic in market liquidity
    Finance Research Letters, 2004, 1, (1), 2-10 View citations (7)
20. Venture Capital Finance: A Security Design Approach
    Review of Finance, 2004, 8, (1), 75-108 View citations (152)
    Also in Review of Finance, 2004, 8, (1), 75-108 (2004) View citations (143)
    See also Working Paper Venture Capital Finance: A Security Design Approach, CEPR Discussion Papers (1999) View citations (24) (1999)

2003

21. A Model of the Open Market Operations of the European Central Bank
    Economic Journal, 2003, 113, (490), 883-902 View citations (41)
    See also Working Paper A Model of the Open Market Operations of the European Central Bank, Working Papers (2000) View citations (17) (2000)
22. European Winter Meeting of the Econometric Society
    Economics Bulletin, 2003, 28, (51), A51

2001

23. A model of takeovers of foreign banks
    Spanish Economic Review, 2001, 3, (1), 1-21 View citations (19)
    See also Working Paper A Model of Takeovers of Foreign Banks, Working Papers (2000) View citations (7) (2000)
24. Why did the banks overbid? An empirical model of the fixed rate tenders of the European Central Bank
    Journal of International Money and Finance, 2001, 20, (6), 857-870 View citations (29)
    See also Working Paper Why Did the Banks Overbid? An Empirical Model of the Fixed Rate Tenders of the European Cental Bank, Working Papers (2001) View citations (1) (2001)

2000

25. Entrepreneurial moral hazard and bank monitoring: A model of the credit channel
    European Economic Review, 2000, 44, (10), 1931-1950 View citations (90)
    See also Working Paper Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel, CEPR Discussion Papers (1999) View citations (2) (1999)
26. Who Should Act as Lender of Last Resort? An Incomplete Contracts Model
    Journal of Money, Credit and Banking, 2000, 32, (3), 580-605 View citations (98)
    Also in Proceedings, 2000, 580-610 (2000) View citations (92)
    See also Working Paper Who Should Act as Lender of Last Resort? An Incomplete Contracts Model, Working Papers (1999) View citations (4) (1999)

1999

27. Some Remarks on Leland's Model of Insider Trading
    Economica, 1999, 66, (263), 359-374 View citations (1)
    See also Working Paper Some Remarks on Leland's Model of Insider Trading, Working Papers (1994) View citations (2) (1994)

1998

28. Monitoring, Liquidation, and Security Design
    The Review of Financial Studies, 1998, 11, (1), 163-87 View citations (67)
    See also Working Paper Monitoring, Liquidation, and Security Design, Working Papers (1996) View citations (1) (1996)

1992

29. 'Capital requirements and the behaviour of banks': by Jean-Charles Rochet
    European Economic Review, 1992, 36, (5), 1174-1177

1990

30. Nash Implementation: A Full Characterization
    Econometrica, 1990, 58, (5), 1083-99 View citations (174)

1989

31. Los efectos económicos de los coeficientes bancarios: un análisis teórico
    Investigaciones Economicas, 1989, 13, (2), 227-244

1988

32. A new characterization of the efficiency of equilibrium with incomplete markets
    Journal of Economic Theory, 1988, 44, (2), 217-230 View citations (2)
33. Subgame Perfect Implementation
    Econometrica, 1988, 56, (5), 1191-1220 View citations (283)
34. The Core of an Economy with Transaction Costs
    The Review of Economic Studies, 1988, 55, (3), 447-458 View citations (9)

1987

35. Implementation by stage mechanisms: An introduction *
    European Economic Review, 1987, 31, (1-2), 336-341 View citations (3)
36. The Existence of Equilibrium without Free Disposal in
    International Economic Review, 1987, 28, (2), 275-90 View citations (3)

1986

37. On the generic existence of Radner equilibria when there are as many securities as states of nature
    Economics Letters, 1986, 21, (2), 101-105 View citations (2)

1985

38. Implementation in Dominant Strategies under Complete and Incomplete Information
    The Review of Economic Studies, 1985, 52, (2), 223-229 View citations (10)
39. On the non-existence of equilibrium with differential information
    Economics Letters, 1985, 18, (2-3), 105-108 View citations (1)

1982

40. A Note on Imperfect Information and Optimal Pollution Control
    The Review of Economic Studies, 1982, 49, (3), 483-484