Financial crises have large deleterious effects on economic activity, and as such have been
the focus of a large body of research. This study surveys the existing literature on financial …

Safe assets play a critical role in an (y) economy. A safe asset is an asset that is (almost
always) valued at face value without expensive and prolonged analysis. By design, there is …

This paper updates and expands the database on systemic banking crises presented in
Laeven and Valencia (IMF Econ Rev 61 (2): 225–270, 2013a). The database draws on 151 …

This paper updates the database on systemic banking crises presented in Laeven and
Valencia (2008, 2013). Drawing on 151 systemic banking crises episodes around the globe …

This article provides a comprehensive history of anchor or reference currencies, exchange
rate arrangements, and a new measure of foreign exchange restrictions for 194 countries …

US monetary policy shocks induce comovements in the international financial variables that
characterize the “Global Financial Cycle.” A single global factor that explains an important …

An increase in the household debt to GDP ratio predicts lower GDP growth and higher
unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to …

This lecture argues that the Global Financial Cycle is a challenge for the validity of the
Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted …

In recent years, policymakers have generally relied on macroprudential policies to address
financial stability concerns. However, our understanding of these policies and their efficacy …

There is a global financial cycle in capital flows, asset prices and in credit growth. This cycle
co moves with the VIX, a measure of uncertainty and risk aversion of the markets. Asset …