As the total value of the global financial market outgrew the value of the real economy,
financial institutions created a global web of interactions that embodies systemic risks …

The “reversal interest rate” is the rate at which accommodative monetary policy reverses its
intended effect and becomes contractionary for lending. It occurs when banks' asset …

This is a survey of progress with the postcrisis global (G20) reform of the financial system, in
five key areas of new regulation:(1) making financial institutions more resilient;(2) ending …

Using security-level holdings for all euro-area investors, we study portfolio rebalancing
during the quantitative easing program from March 2015 to December 2017. Foreign …

Over the last decade, the size and structure of the global credit default swap (CDS) market
have changed markedly. With the help of the BIS derivatives statistics, we document how …

We find dealer‐level evidence that recent regulation on the leverage ratio requirement
causes deviations from covered interest parity. Our analysis uses a unique data set of …

We study the allocation of interest rate risk within the European banking sector using novel
data. Banks' exposure to interest rate risk is small on aggregate, but heterogeneous in the …

For the first time, new regulatory data allow precise measurement of price discrimination
against nonfinancial clients in the foreign exchange derivatives market. Consistent with the …

The 30‐year US swap spreads have been negative since September 2008. We offer a novel
explanation for this persistent anomaly. Through an illustrative model, we show that …

Core-periphery trading networks arise endogenously in over-the-counter markets as an
equilibrium balance between trade competition and inventory efficiency. A small number of …