Author(s): Juan M. Morelli, Pablo Ottonello and Diego J. Perez Date: June 2021 Abstract: We study the role of global financial intermediaries in international lending. We construct a model of the world economy, in which heterogeneous borrowers issue risky securities purchased by financial intermediaries. Aggregate shocks transmit internationally through financial intermediaries’ net worth. The strength[…]
By Cathérine Casanova, Beatrice Scheubel and Livio Stracca Since the Global Crisis, the channels of capital flows have changed significantly. This column analyses key trends and underlying drivers of capital flows since the Global Crisis, including the policy trade-offs. It documents the increasing importance of market-based funding, a growing reliance on domestic currency liabilities, and[…]
CfP Deadline Date: September 5, 2021 Conference Event: October 28-29, 2021 Event Location: Online Keynote speaker(s): Leonardo Gambacorta (BIS) Christopher Parmeter (Miami Herbert Business School) Organizer(s): Moscow State Institute of International Relations (MGIMO-University) Moscow State Institute of International Relations (MGIMO-University) is launching an inaugural conference which aims to turn into an influential forum on a[…]