Macroprudential policies—caps on loan to value ratios, limits on credit growth and other
balance-sheet restrictions,(countercyclical) capital and reserve requirements and …

Following recent crises, cross-border capital flows have declined considerably, and many
advanced countries' banks are retrenching. At the same time, banks from emerging and …

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new
digital forms of money. Central banks have been pondering whether and how to adapt. One …

We identify current challenges for creating stable, yet efficient financial systems using
lessons from recent and past crises. Reforms need to start from three tenets: adopting a …

This paper shows that finance has been a key ingredient of long-term economic growth in
OECD and G20 countries over the past half-century, but that there can be too much finance …

Using unsecured bonds traded in the US from 1990 to 2020, we examine the sensitivity of
credit spreads to changes in firm risk. In the time period preceding the implementation of the …

Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of
2008 to question some fundamental assumptions about risk management and economic …

Using data from OECD countries over the past three decades, this paper shows that
financial expansion has fuelled greater income inequality. Higher levels of credit …

A decade after the darkest moments of the financial crisis, both the US financial system and
the legal framework for its regulation are still in flux. The post-crisis regulatory framework has …

We develop an agent-based model to study the macroeconomic impact of alternative macro-
prudential regulations and their possible interactions with different monetary policy rules …