摘要：This paper has been prepared for Seminario de la revista Ensayos sobre Política Económica, 29 October 2010, at the Bank of the Republic, Bogotá, Colombia. I would like to thank Yener Altunbas, Claudio Borio, Petra Gerlach-Kristen, Simonetta Iannotti and David Marqués-Ibañez for useful comments and discussions. The opinions expressed in this paper are those of the author and do not necessarily reflect those of the Bank for International Settlements (BIS).
