A rapidly growing empirical literature is studying the causes and consequences of bank
fragility in contemporary economies. The paper reviews the two basic methodologies …

There is now a reasonably large body of empirical work testing for the existence of
contagion during financial crises. A range of different methodologies are in use, making it …

We show that equity market liberalizations, on average, lead to a 1% increase in annual real
economic growth. The effect is robust to alternative definitions of liberalization and does not …

Diamond and Dybvig (1983) show that while demand–deposit contracts let banks provide
liquidity, they expose them to panic‐based bank runs. However, their model does not …

What accounts for the worldwide advance of financial reforms in the last quarter century?
Using a new index of financial liberalization, we find that influential events shook the policy …

I estimate the effect of sovereign debt renegotiation on international trade. Sovereigns may
fear the trade consequences of default; because creditors deter default, or because trade …

Drawing on new data and advances in exchange rate regimes' classification, we find that
countries appear to benefit by having increasingly flexible exchange rate systems as they …

En este trabajo evaluamos los efectos de desalineamientos en el tipo de cambio real (TCR)
y la volatilidad de éstos sobre crecimiento económico. Calculamos desalineamientos en el …

The book sets forth the economic rationale for international financial regulation and what
role, if any, international regulation can play in effectively managing systemic risk while …

Following a period of privatization and restructuring, commercial banks in Central and
Eastern Europe and, more recently, in the Balkans have expanded rapidly their lending to …