We assess the pattern of Euro Area financial integration adjusting for the role of “onshore
offshore financial centers”(OOFCs) within the Euro Area. The OOFCs of Luxembourg …

This article shows that the inability to use monetary policy for macroeconomic stabilization
leaves a government more vulnerable to a rollover crisis. We study a sovereign default …

Empirical evidence shows that most international prices are sticky in dollars. This paper
studies the policy implications of this fact in the context of an open economy model with …

Could the European Union mitigate the negative effects of economic, pandemic and
environmental crises using only one tool? The answer is positive, by implementing “green” …

Rapid credit expansions predict lower output growth and banking crises, but does it matter
who is financing them? To answer this question, we identify the ultimate counterparties …

This paper examines the time-varying spillover effects and connectedness between the euro
and other EU and non-EU currencies after the end of the sovereign-debt crisis. We employ …

In the Eurozone, households' mortgage preferences vary widely, both within and across
countries. This persistent heterogeneity in the choice between an adjustable rate mortgage …

We study capital controls on outflows (CCOs) in situations of macroeconomic and financial
distress. We present novel empirical evidence indicating that CCO implementation is …

This paper provides a stylized framework to study the role of the United States as the
International Lender of Last Resort to global banks. The model captures a central feature of …

Enhancing competitiveness is a priority for nations seeking to promote economic growth.
One of the critical drivers of a nation's sustainable competitiveness is financial system …