We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

Compared with China's pre-eminent status in world trade, its role in global finance is poorly
understood. This paper studies the size, terms and destination of Chinese official …

We study a business cycle model of the international monetary system featuring a time-
varying demand for safe dollar bonds, greater risk-bearing capacity in the United States than …

The US dollar's nominal effective exchange rate closely tracks global financial conditions,
which themselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and …

The covered interest rate parity (CIP) condition is a fundamental arbitrage relationship in
international finance. In this chapter, we review its breakdown during the Global Financial …

Global activities of banks are a core manifestation of broader patterns of globalization of
production, trade, and finance. This article reviews the extensive recent empirical and …

We provide a simple framework to study the prudential use of capital controls and currency
reserves that have been explored in the recent literature. We cover the role of both …

We show that macroprudential regulation significantly dampens the impact of global
financial shocks on emerging markets. Specifically, a tighter level of regulation reduces the …

We uncovered 5 novel facts on Uncovered Interest Parity (UIP) deviations for 22 emerging
markets (EM). The average UIP premium—or the excess currency return—is: 1) always …

We construct a new quarterly data set of international capital flows broken down by sector—
banks, corporates, and sovereigns—and demonstrate the importance of distinguishing …