Comparison between Japanese banking crisis and Asian currency crisis

通过对日本泡沫破灭和亚洲货币危机两次金融危机的比较，研究金融体系不稳定背后的理论机制。通过扩展银行挤兑理论，考虑到真实的房地产价格的内生变化，我开发了一个框架，信贷市场和资产市场之间的相互作用导致银行倒闭，我研究自由化或监管将导致银行倒闭。我分析了信贷市场中经济增长和土地价格行为之间的相互作用，在“不可分散风险下的银行资本结构”中，笔者研究了在宏观经济风险导致银行无法分散信用风险的情况下，银行资本结构的设计问题。我表明，银行有动机提高自己的资本在宏观经济风险的存在。

I study the theoretical mechanism behind the instability of the financial system by comparing between two financial crises, the crash of bubbles in Japan and Asian currency crisis. By extending the theory of bank run to allow for the endogenous change in the real estate price, I develop a framework where the interaction between the credit market and the asset market leads to bank failure I examine either liberalization or regulation will tend to lead to bank failure.I analyze the interaction between economic growth and the behavior of land prices in a credit-constrained economy where land serves not only as a factor of production but as collateral for loans.In "Bank's capital structure under Non-diversifiable risk", I study the design of the bank's capital structure when the bank can not diversify away credit risk due to the macroeconomic risk. I showed that the bank has an incentive to raise own capital in the presence of the macroeconomic risk.