Tanju Yorulmazer

Koc University

Professor of Economics

Rumeli Feneri Yolu

Sariyer, Istanbul, 34450

Turkey

http://gsssh.ku.edu.tr/en/departments/economics/akademik-kadro/show/tyorulmazer/

SCHOLARLY PAPERS

32

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1,123

Scholarly Papers (32)

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1.

Liquidity, Bank Runs and Bailouts: Spillover Effects during the Northern Rock Episode

Number of pages: 25 Posted: 20 Mar 2008 Last Revised: 05 Mar 2009
Tanju Yorulmazer
Koc University
Downloads 2,832 (9,176)
Citation 7

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contagion, bank run, liquidity, event study, systemic risk, bailout

2.

Network Models and Financial Stability

Bank of England Working Paper No. 346
Number of pages: 29 Posted: 08 Oct 2008
Erlend W. Nier, Jing Yang, Tanju Yorulmazer and Amadeo Alentorn
International Monetary Fund (IMF), Bank of England, Koc University and University of Essex
Downloads 1,514 (24,637)
Citation 113

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Networks, financial stability, contagion, liquidity risk

3.

Crisis Resolution and Bank Liquidity

Downloads 1,178 (35,715)
Citation 101

Crisis Resolution and Bank Liquidity

Review of Financial Studies, Forthcoming
Number of pages: 66 Posted: 22 Jan 2010
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 368 (156,861)
Citation 14

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Cash, Cash holdings, Hoarding, Systemic risk, Fire sales

Crisis Resolution and Bank Liquidity

AFA 2009 San Francisco Meetings Paper
Number of pages: 50 Posted: 25 Mar 2008 Last Revised: 11 Nov 2010
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 365 (158,325)

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Cash, Cash holdings, Crises, Systemic risk, Distress, Liquidation cost, Limited pledgeability

Crisis Resolution and Bank Liquidity

Number of pages: 50 Posted: 08 May 2007 Last Revised: 11 Nov 2010
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 237 (248,470)

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Crises, Systemic risk, Distress, Liquidation cost, Limited pledgeability

Crisis Resolution and Bank Liquidity

NYU Working Paper No. 2451/29540
Number of pages: 66 Posted: 09 Mar 2009 Last Revised: 10 Sep 2013
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 140 (398,150)

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Crisis Resolution and Bank Liquidity

NBER Working Paper No. w15567
Number of pages: 50 Posted: 08 Dec 2009 Last Revised: 16 Jul 2023
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 68 (652,229)

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4.

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

Downloads 1,106 (38,918)
Citation 49

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

Number of pages: 42 Posted: 29 Sep 2008 Last Revised: 01 Oct 2015
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 659 (77,479)
Citation 27

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Competition, Interbank lending, Market power, Asset specificity, Central bank, Lender of last resort

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

INSEAD Working Paper No. 2011/41/FIN
Number of pages: 53 Posted: 25 Mar 2011
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 391 (146,533)
Citation 32

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Competition, Interbank Lending, Market Power, Asset Specificity, Central Bank, Lender of Last Resort

Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking

NYU Working Paper No. 2451/29539
Number of pages: 42 Posted: 26 Jun 2013
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 56 (719,186)

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5.

Rollover Risk and Market Freezes

Downloads 1,083 (40,144)
Citation 167

Rollover Risk and Market Freezes

EFA 2009 Bergen Meetings Paper
Number of pages: 60 Posted: 11 Jan 2009 Last Revised: 09 Aug 2010
Viral V. Acharya, Viral V. Acharya, Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, New York University (NYU) - Department of Economics and Koc University
Downloads 723 (68,743)
Citation 3

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financial crisis, credit risk, liquidation cost, repo, secured borrowing, asset-backed commercial paper.

Rollover Risk and Market Freezes

NYU Working Paper No. FIN-08-030
Number of pages: 60 Posted: 09 Mar 2009 Last Revised: 09 Aug 2010
Viral V. Acharya, Viral V. Acharya, Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, New York University (NYU) - Department of Economics and Koc University
Downloads 248 (237,551)
Citation 1

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financial crisis, credit risk, liquidation cost, repo, secured borrowing, asset-backed commercial paper.

Rollover Risk and Market Freezes

NBER Working Paper No. w15674
Number of pages: 44 Posted: 25 Jan 2010 Last Revised: 01 May 2022
Viral V. Acharya, Viral V. Acharya, Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, New York University (NYU) - Department of Economics and Koc University
Downloads 105 (497,265)
Citation 49

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Rollover Risk and Market Freezes

CEPR Discussion Paper No. DP7122
Number of pages: 56 Posted: 18 Feb 2009
Viral V. Acharya, Viral V. Acharya, Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, New York University (NYU) - Department of Economics and Koc University
Downloads 7 (1,174,305)
Citation 46
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asset-backed commercial paper, credit risk, haircut, liquidation cost, repo, secured borrowing

6.

Has Financial Innovation Made the World Riskier? CDS, Regulatory Arbitrage and Systemic Risk

Number of pages: 39 Posted: 15 Nov 2012 Last Revised: 26 Apr 2013
Tanju Yorulmazer
Koc University
Downloads 755 (65,953)
Citation 15

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capital requirements, leverage, asset bubbles, deposit insurance

7.

Information Contagion and Inter-Bank Correlation in a Theory Of Systemic Risk

Downloads 729 (69,018)
Citation 7

Information Contagion and Inter-Bank Correlation in a Theory Of Systemic Risk

London Business School Working Paper
Number of pages: 49 Posted: 30 Jan 2003
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 694 (72,503)
Citation 12

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Systemic risk, Contagion, Herding, Procyclicality, Information spillover, Inter-bank correlation

Information Contagion and Inter-Bank Correlation in a Theory Of Systemic Risk

Number of pages: 51 Posted: 05 Mar 2003
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 35 (871,734)
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Systemic risk, contagion, herding, procyclicality, information spillover, interbank correlation

8.

Too Many to Fail - An Analysis of Time-Inconsistency in Bank Closure Policies

Downloads 725 (69,497)
Citation 235

Too Many to Fail - An Analysis of Time-Inconsistency in Bank Closure Policies

Bank of England Working Paper No. 319, London Business School IFA Working Paper
Number of pages: 54 Posted: 05 Mar 2005
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 702 (71,415)
Citation 145

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Bank regulation, systemic risk, bailout, moral hazard, herding, too big to fail

Too Many to Fail - an Analysis of Time Inconsistency in Bank Closure Policies

Number of pages: 32 Posted: 06 Mar 2005
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 23 (987,631)
Citation 23
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Bank regulation, systemic risk, bailout, moral hazard, herding

Too Many to Fail - an Analysis of Time-Inconsistency in Bank Closure Policies

Journal of Financial Intermediation, Forthcoming
Posted: 22 Aug 2006
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University

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Bank regulation, systemic risk, bailout, moral hazard, herding, too big to fail

9.

Systemic Risk and Deposit Insurance Premiums

Downloads 677 (75,873)
Citation 14

Systemic Risk and Deposit Insurance Premiums

Economic Policy Review, Forthcoming
Number of pages: 11 Posted: 31 Oct 2009
Viral V. Acharya, Viral V. Acharya, João A. C. Santos and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Federal Reserve Bank of New York and Koc University
Downloads 414 (137,183)
Citation 12

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Systemic Risk and Deposit Insurance Premiums

Economic Policy Review, Vol. 16, No. 1, p. 89, August 2010
Number of pages: 11 Posted: 17 Sep 2010
Viral V. Acharya, Viral V. Acharya, Tanju Yorulmazer and João A. C. Santos
New York University (NYU) - Leonard N. Stern School of Business, Koc University and Federal Reserve Bank of New York
Downloads 263 (224,029)
Citation 13

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Financial Crisis, Too-Big-to-Fail, Fire Sales, FDIC, Time-Inconsistency, Too-Many-to-Fail

10.

Herd Behavior, Bank Runs and Information Disclosure

Number of pages: 38 Posted: 13 Sep 2004
Tanju Yorulmazer
Koc University
Downloads 645 (80,663)
Citation 5

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Herding, bank runs, information, disclosure

11.

Fire-Sale FDI

Downloads 589 (90,472)
Citation 18

Fire-Sale FDI

AFA 2008 New Orleans Meetings Paper, EFA 2008 Athens Meetings Paper
Number of pages: 45 Posted: 20 Mar 2007 Last Revised: 11 Nov 2010
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 382 (150,431)
Citation 16

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Fire sales, Capital flight, FDI flows, Financial crises, Foreign takeovers

Fire-Sale FDI

NYU Working Paper No. 2451/29541
Number of pages: 53 Posted: 08 Feb 2010 Last Revised: 10 Sep 2013
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 206 (283,965)

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Fire-Sale FDI

CEPR Discussion Paper No. DP6319
Number of pages: 48 Posted: 27 May 2008
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 1 (1,252,039)
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capital flight, FDI flows, financial crises, fire sales, foreign takeovers

12.

Cash-in-The-Market Pricing and Optimal Resolution of Bank Failures

Downloads 567 (94,892)

Cash-in-The-Market Pricing and Optimal Resolution of Bank Failures

EFA 2006 Zurich Meetings, Bank of England Working Paper No. 328
Number of pages: 67 Posted: 17 Mar 2005
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 567 (93,804)
Citation 78

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Bailouts, Systemic risk, Banking crises, Lender of last resort, Too many to fail, Time inconsistency, Herding

Cash-in-The-Market Pricing and Optimal Resolution of Bank Failures

The Review of Financial Studies, Vol. 21, Issue 6, pp. 2705-2742, 2008
Posted: 15 Dec 2008
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University

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G21, G28, G38, E58, D62

13.

Limited Liability and Bank Herding

EFA 2004 MAASTRICHT
Number of pages: 43 Posted: 04 Nov 2003
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 512 (107,691)
Citation 2

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Systemic risk, Contagion, Procyclicality, Information spillover, Inter-bank correlation

14.

Liquidity Hoarding

Downloads 463 (121,477)
Citation 42

Liquidity Hoarding

FRB of New York Staff Report No. 488
Number of pages: 66 Posted: 26 Mar 2011
Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Department of Economics and Koc University
Downloads 312 (187,492)
Citation 44

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interbank market, fire sale

Liquidity Hoarding

Number of pages: 58 Posted: 08 Mar 2011
Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Department of Economics and Koc University
Downloads 151 (374,281)
Citation 18

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Interbank Market, Fire Sale

15.

Bank Resolution Concepts, Tradeoffs, and Changes in Practices

Economic Policy Review, Forthcoming
Number of pages: 39 Posted: 10 Apr 2014
Phoebe White and Tanju Yorulmazer
Federal Reserve Banks - Federal Reserve Bank of New York and Koc University
Downloads 389 (148,636)
Citation 2

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bank failures, resolution

16.

A Theory of Slow-Moving Capital and Contagion

Downloads 362 (161,032)
Citation 24

A Theory of Slow-Moving Capital and Contagion

Number of pages: 45 Posted: 23 Jan 2009 Last Revised: 10 Nov 2010
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 223 (263,504)
Citation 23

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arbitrage, illiquidity, crises, spillover

A Theory of Slow-Moving Capital and Contagion

NYU Working Paper No. FIN-08-029
Number of pages: 45 Posted: 09 Mar 2009
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 133 (414,840)
Citation 1

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A Theory of Slow-Moving Capital and Contagion

CEPR Discussion Paper No. DP7147
Number of pages: 47 Posted: 18 Feb 2009
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 6 (1,186,377)
Citation 7
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arbitrage, crises, fire sales, illiquidity, spillover

17.

A Theory of Collateral for the Lender of Last Resort

Review of Finance, 25(4), 973-996, 2021.
Number of pages: 38 Posted: 28 Nov 2016 Last Revised: 20 Sep 2023
Dong Beom Choi, João A. C. Santos and Tanju Yorulmazer
Seoul National University - Business School, Federal Reserve Bank of New York and Koc University
Downloads 352 (165,957)
Citation 6

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Central Bank, Liquidity, Macroprudential policy, Externality, Interbank Market, Lending Facilities

18.

Endogenous Choice of Bank Liquidity: The Role of Fire Sales

Bank of England Working Paper No. 376
Number of pages: 68 Posted: 12 Dec 2009
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 317 (185,595)
Citation 10

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Crises, systemic risk, distress, limited pledgeability, lender of last resort

19.

Stability of Funding Models: An Analytical Framework

Economic Policy Review, Vol. 20, No. 1, 2014
Number of pages: 19 Posted: 05 Mar 2014
Thomas M. Eisenbach, Todd Keister, James McAndrews and Tanju Yorulmazer
Federal Reserve Banks - Federal Reserve Bank of New York, Rutgers, The State University of New Jersey - Department of Economics, Wharton Financial Institutions Center and Koc University
Downloads 292 (202,564)
Citation 2

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financial crisis, bank run, market run, maturity, wholesale funding, liquidity

20.

Bank Capital Structure, Fire Sales, and the Social Value of Deposits

Number of pages: 47 Posted: 06 Apr 2017 Last Revised: 26 Sep 2017
Douglas M. Gale and Tanju Yorulmazer
New York University (NYU) - Department of Economics and Koc University
Downloads 254 (233,095)
Citation 11

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Bank Capital Structure, Overaccumulation, General Equilibrium, Incomplete Markets, Pecuniary Externalities, Regulation

21.

Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission

FRB of NY Staff Report No. 724
Number of pages: 55 Posted: 07 Sep 2017 Last Revised: 08 Apr 2020
Dong Beom Choi, Thomas M. Eisenbach and Tanju Yorulmazer
Seoul National University - Business School, Federal Reserve Banks - Federal Reserve Bank of New York and Koc University
Downloads 246 (240,555)

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monetary policy transmission, financial frictions, heterogeneous agents, financial intermediation

22.

Contagion Effects of the Silicon Valley Bank Run

Downloads 227 (260,155)
Citation 1

Contagion Effects of the Silicon Valley Bank Run

Number of pages: 39 Posted: 13 Aug 2023
Dong Beom Choi, Paul S. Goldsmith-Pinkham and Tanju Yorulmazer
Seoul National University - Business School, Yale School of Management and Koc University
Downloads 213 (275,027)

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Contagion, Banking crisis, Bank run, Systemic risk, Interest rate risk, Hidden losses, Held-to-maturity

Contagion Effects of the Silicon Valley Bank Run

NBER Working Paper No. w31772
Number of pages: 53 Posted: 09 Oct 2023
Dong Beom Choi, Paul S. Goldsmith-Pinkham and Tanju Yorulmazer
Seoul National University - Business School, Yale School of Management and Koc University
Downloads 14 (1,090,809)
Citation 1
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23.

On the Dynamics and Severity of Bank Runs: An Experimental Study

Number of pages: 36 Posted: 06 Feb 2008 Last Revised: 28 Dec 2012
Andrew Schotter and Tanju Yorulmazer
New York University (NYU) - Department of Economics and Koc University
Downloads 201 (291,269)
Citation 13

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Bank runs, Banking crises, Informed depositors, Deposit insurance, Experiments

24.

Case Studies on Disruptions during the Crisis

Economic Policy Review, Vol. 20, No. 1, 2014
Number of pages: 12 Posted: 05 Mar 2014
Tanju Yorulmazer
Koc University
Downloads 192 (303,602)

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wholesale funding, money market mutual funds, commercial paper, repo, dollar swap lines, asset-backed commercial paper

25.

Literature Review on the Stability of Funding Models

Economic Policy Review, Vol. 20, No. 1, 2014
Number of pages: 14 Posted: 05 Mar 2014
Tanju Yorulmazer
Koc University
Downloads 169 (340,182)

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liquidity transformation, maturity transformation, bank run

26.

Whatever It Takes? Market Maker of Last Resort and its Fragility

Downloads 162 (352,710)

Whatever It Takes? Market Maker of Last Resort and its Fragility

Number of pages: 43 Posted: 30 Dec 2021 Last Revised: 03 Jan 2024
Dong Beom Choi and Tanju Yorulmazer
Seoul National University - Business School and Koc University
Downloads 139 (400,369)

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market maker of last resort, liquidity, asset purchase program, multiple equilibria, time inconsistency

Whatever it Takes? Market Maker of Last Resort and its Fragility

Number of pages: 43 Posted: 13 Feb 2024
Tanju Yorulmazer and Dong Beom Choi
Koc University and Seoul National University - Business School
Downloads 23 (987,418)

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market maker of last resort, liquidity, asset purchase program, multiple equilibria, time inconsistency

27.

Imperfect Competition in the Interbank Market for Liquidity as Arationale for Central Banking

NYU Working Paper No. FIN-09-031
Number of pages: 42 Posted: 08 Feb 2010
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 158 (360,132)

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28.

What Makes Large Bank Failures So Messy and What to Do About It?

Economic Policy Review, 20(2), 229-244, 2014.
Number of pages: 41 Posted: 10 Apr 2014 Last Revised: 20 Sep 2023
James McAndrews, Donald P. Morgan, João A. C. Santos and Tanju Yorulmazer
Wharton Financial Institutions Center, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Koc University
Downloads 132 (415,982)
Citation 1

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29.

Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking

Downloads 89 (550,504)
Citation 20

Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking

EFA 2008 Athens Meetings Paper
Number of pages: 35 Posted: 07 Mar 2008
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 80 (594,659)
Citation 17

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Competition, Inter-bank lending, Market power, Asset specificity, Lender of last resort

Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking

CEPR Discussion Paper No. DP6984
Number of pages: 41 Posted: 02 Dec 2008
Viral V. Acharya, Viral V. Acharya, Denis Gromb and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, HEC Paris and Koc University
Downloads 9 (1,150,105)
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Asset specificity, Central bank, Competition, Interbank lending, Lender of last resort, Market power

30.

Cash-in-The-Market Pricing and Optimal Bank Bailout Policy

CEPR Discussion Paper No. 5154
Number of pages: 58 Posted: 17 Aug 2005
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University
Downloads 18 (1,010,357)
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Bank regulation, systemic risk, banking crises, time inconsistency, too many to fail, herding

31.

Fire Sales, Foreign Entry and Bank Liquidity

CEPR Discussion Paper No. DP6309
Number of pages: 62 Posted: 27 May 2008
Viral V. Acharya, Viral V. Acharya, Hyun Song Shin and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business, Bank for International Settlements (BIS) and Koc University
Downloads 6 (1,142,455)
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crises, distress, limited pledgeability, liquidation cost, systemic risk

32.

Information Contagion and Bank Herding

Journal of Money, Credit, and Banking, Forthcoming
Posted: 28 Oct 2006
Viral V. Acharya, Viral V. Acharya and Tanju Yorulmazer
New York University (NYU) - Leonard N. Stern School of Business and Koc University

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Systemic risk, Information spillover, Inter-bank correlation