The Cost of Banking Crises: Does the Policy Framework Matter?
Les politiques macroprudentielles: Enjeux et défis
Since the global financial crisis, both advanced and emerging market economies have made progress in setting up macroprudential policy frameworks and implementing macroprudential measures.
How do the Renminbi and other East Asian currencies co-move?
Central banks’ preferences and banking sector vulnerability
According to “Schwartz's conventional wisdom” and what has been called “divine coincidence”, price stability should imply macroeconomic and financial stability.
Macroprudential and monetary policies: Friends or foes?
The Great Recession during the late 2000s and early 2010s has led to a strengthening of macroprudential policies over the world in order to address systemic risk concerns. However, the effectiveness of those measures remains unclear.
A New Explanation of the Historical Growth of Government in Europe: The Role of Labor Costs
We document a robust positive correlation between the size of government and the labor share of income in data from European countries covering the period 1869-1975. Following Facchini et al (2017), we interpret this correlation as evidence that labor costs drive public spending.