CfP Deadline Date: July 5, 2022 Conference Event: November 17-18, 2022 Event Location: Cleveland, OH, USA and online Keynote speaker(s): Tobias Adrian (International Monetary Fund (IMF)) Gary Gorton (Yale School of Management) Organizer(s): Federal Reserve Bank of Cleveland and the Office of Financial Research The Federal Reserve Bank of Cleveland and the Office of Financial[…]
Author(s): Raphael Auer, Marc Farag, Ulf Lewrick, Lovrenc Orazem and Markus Zoss Date: May 2022 Abstract: The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system. What role are traditional financial intermediaries playing in cryptocurrency markets and what drives their engagement? Are new nodes emerging? We help answer these questions[…]
Author(s): Javier Bianchi and Louphou Coulibaly Date: May 2022 Abstract: This paper studies the transmission channels of monetary and macroprudential policies in an open economy framework and evaluates the normative implications for international spillovers and global welfare. An analytical decomposition uncovers the prominent role of expenditure switching for monetary policy, while macroprudential policy operates primarily[…]
Author(s): Ralph De Haas, Sergei Guriev, Alexander Stepanov Date: May 2022 Abstract: Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show[…]
CfP Deadline Date: June 9, 2022 Conference Event: September 29-30, 2022 Event Location: Basel, Switzerland Organizer(s): Centre for Economic Policy Research (CEPR), Bank for International Settlements (BIS), and European Central Bank (ECB) The Centre for Economic Policy Research (CEPR), the Bank for International Settlements (BIS), and the European Central Bank (ECB) are inviting submissions for[…]
CfP Deadline Date: June 30, 2022 Conference Event: October 17, 2022 Event Location: Washington, DC, US Organizer(s): Bank of England, Banque de France, IMF, OECD, Banca d’Italia The Bank of England, the Banque de France, the IMF, the Banca d’Italia and the OECD are pleased to announce a call for papers for the third edition[…]
Author(s): Stefan Avdjiev, Tsvetana Spasova Date: May 2022 Abstract: We conduct a comprehensive empirical investigation of the link between inequality and financial openness. We document that the relationship varies considerably not only over time, but also across the main components of total external liabilities, which have been largely overlooked by the existing literature. In emerging[…]
Author(s): Marc Flandreau, Stefano Pietrosanti, Carlotta E. Schuster Date: May 2022 Abstract: During the hypothecation “mania” of 1849-1875, many sovereign borrowers relied on the posting of collateral such as, famously, Peruvian guano. But in fact, such “securities” could not be repossessed. To explain the puzzling phenomenon of sovereign hypothecation, which has a long history before[…]
Author(s): Ozge Akinci, Ṣebnem Kalemli-Özcan, and Albert Queralto Date: May 2022 Abstract: Foreign investors’ changing appetite for risk-taking have been shown to be a key determinant of the global financial cycle. Such fluctuations in risk sentiment also correlate with the dynamics of UIP premia, capital flows, and exchange rates. To understand how these risk sentiment[…]
By Anneke Kosse and Ilaria Mattei Most central banks are exploring central bank digital currencies (CBDCs), and more than a quarter of them are now developing or running concrete pilots. This BIS paper updates earlier surveys that asked central banks about their engagement in this area. The latest responses from 81 central banks show that[…]