The recent financial crisis has triggered a major rethink of analytical approaches and policy
toward financial stability. The crisis has encouraged a sharper focus on systemic risk, the …

This review surveys the theoretical and empirical literature on the causes and
consequences of banking crises, and summarizes the lessons learned from policy …

We analyze the link between nonperforming loans (NPL) and macroeconomic performance
using two complementary approaches. First, we investigate the macroeconomic …

Newly developed historical time series on public debt, along with data on external debts,
allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test …

We investigate the performance of different variables as anchors for setting the level of the
countercyclical regulatory capital buffer requirements for banks. The gap between the ratio …

This paper examines why some financial stress episodes lead to economic downturns. The
paper identifies episodes of financial turmoil in advanced economies using a financial stress …

We study whether and how the success of microfinance institutions (“MFI" s) depends on the
country-level context, in particular macroeconomic and macro-institutional features …

This paper studies how financial stress, defined as periods of impaired financial
intermediation, is transmitted from advanced to emerging economies using a new financial …

This study looks at the characteristics and determinants of booms and busts in housing
prices for a sample of eighteen industrialised countries over the period 1980–2007. From an …

We examine whether the cross-country incidence and severity of the 2008–09 global
recession is systematically related to precrisis macroeconomic and financial factors. We find …