By Beatrice Weder di Mauro, Jeromin Zettelmeyer, Tobias Tröger, Nicolas Véron, Jean Pisani-Ferry, Franz C. Mayer, Philippe Martin, Jan-Pieter Krahnen, Thorsten Beck Although more progress has been achieved than most observers could have imagined 12 years ago, the European Banking Union still has important gaps and deficiencies. A new CEPR Policy Insight asks why it[…]
Galina Hale and Bhavyaa Sharma from UC Santa Cruz are working on a meta-analysis paper of climate risk pricing. If you can suggest papers they should include in the meta-analysis, please suggest them via this form: https://forms.gle/g6ZZFUECsoUQfi5dA
By Jean Imbs, Laurent Pauwels The pandemic and the war in Ukraine have resuscitated concerns over exposure to foreign shocks. But while measures of ‘openness’ abound, their ability to capture the influence of foreign developments on domestic outcomes remains speculative. This column uses an international model with rich linkages to explore the ability of several[…]
The Covid-19 pandemic and the war in Ukraine have furthered a sustained retreat from global banking. The funding sources of local banking systems have shifted from cross-border to local and, within cross-border, from inter-office to unrelated sources. An increased share from local sources could improve the stability of funding, but greater cross-border funding from unrelated[…]
Central banks and other supervisory authorities have made significant efforts to collect borrower-level data on debt vulnerabilities. Do such data add to the information in aggregate measures? We find that statistics about household and non-financial corporate borrowers with low repayment capacity help to explain changes in non-performing loans and bankruptcies that aggregate measures would have[…]
By Maurice Obstfeld and Haonan Zhou In May 2022, the Federal Reserve (Fed) announced that the process to reduce the size of its balance sheet would begin on June 1. With that process now underway, this post reviews the initial months of runoff. We also highlight publicly available resources that provide data to monitor the[…]
By Iñaki Aldasoro, Peter Hördahl and Sonya Zhu When financial markets come under pressure, vital functions such as the efficient allocation of capital and price formation become impaired. It is therefore important to enhance the monitoring and analysis of market conditions, in particular events that may put pressure on authorities to intervene. We introduce market[…]
By the European Central Bank (ECB) The climate crisis is one of the biggest challenges of our time. It poses severe risks for the economy and it affects price stability, our core mandate as a central bank. This is why we are committed to doing our part in the fight against climate change, within our[…]
by Claudia Buch Speech by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, at the 11th Biennial Irving Fisher Committee (IFC) Conference, Basel, 25 August 2022. Link: Time for structural change in central bank statistics? How to support the transition to a climate-friendly economy
The Global Financial Development Database is an extensive dataset of financial system characteristics for 214 economies. It contains annual data, starting from 1960. It has been last updated in September 2022 and contains data through 2021 for 108 indicators, capturing various aspects of financial institutions and markets. Please, be advised that the latest release presents[…]