Central banks drew heavily on US dollar swap lines with the Federal Reserve in the first half of 2020, contributing to a surge in cross-border banking flows during this period.The large increase in cross-border claims on banks operating in the United States – in the form of cross-border...

In this paper we bring out the performance of the Indian economy, and review the approach of macroeconomic policy especially demand management in the Indian economy. After the shock of the Global Financial Crisis (GFC), India’s economy did not dip much due to the well-directed fiscal stimulus...

This paper proposes a positive theory of the link between banks’ capitalisation and their liquidity-risk taking as well as the severity of fire-sale problems and liquidity crises. In the basic framework of an individual bank’s decisions, we find that banks’ incentives to hold liquidity for...

The cost of borrowing U.S. dollars through foreign exchange (FX) swap markets increased significantly in the beginning of the Covid-19 pandemic in February 2020, indicated by larger deviations from Covered Interest Rate Parity (CIP). CIP deviations narrowed again when the Federal Reserve...

The precise impact of the COVID-19 pandemic on African economies is still unknown, however if the crisis persists, it is likely to have huge economic ramifications on the continent. Financial Technology (FinTech), which has made a positive contribution in Africa can significantly support the...

Among the many meanings given to the idea of a European ‘constitution’, perhaps the most widespread relates to the limitation and constraint of power. Missing from this conception, however, is arguably the very essence of genuinely ‘constituted’ authority: the capacity to mobilise fiscal...

The United Sates government has a long history of involvement in mortgage finance. During the 1930s, the government created the Federal Home Loan Banks (FHLB), the Federal Housing Administration (FHA), and the Federal National Mortgage Association (Fannie Mae)

The Great Lockdown, a severe pandemic-induced economic recession, has resulted in record-high levels of unemployment, last seen in the 2008 financial crisis. In re- response to this concern, this paper aims to formulate ideal policies to combat cyclical unemployment in a US economy following the...