credit, including © notice, is given to the source. Non-Core Bank Liabilities and Financial Vulnerability

We are grateful to Stijn Claessens and Ken West for comments on an earlier version. The authors thank Yongwhan Jung and Ilsoo Hahn for their excellent research assistance. This paper was presented at the Federal Reserve Board/JMCB conference on “Regulation of Systemic Risk”, September 14, 2011. We thank participants at the conference for their feedback. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online a