The recent consensus view, that the gold standard was the leading cause of the worldwide Great Depression 1929-33, stems from two propositions: (1) Under the gold standard, deflationary shocks were transmitted between countries and, (2) for most countries, continued adherence to gold prevented...

This overview introduces and summarizes the findings of a practical volume on managing volatility and crises. The interest in these topics stems from the growing recognition that non-linearities tend to magnify the impact of economic volatility leading to large output and economic growth costs,...

We propose a tail dependence based network approach to study systemic risk in a network of systemically important financial institutions (SIFIs). We utilize a flexible factor copula-based method which allows us to measure the level of extreme risk in a portfolio when dependence is driven by one...

This study conducts a high-frequency technical analysis of individual stocks listed on the Tokyo Stock Exchange. We propose novel technical rules that derive the timing of trades according to traditional systemic risks—such as shock-propagation, quote-stuffing, and tail risks—measured by...

As Indian economy was crippling due to its poverty ratio and lack of education in the society and its increasing unemployment rate, the coronavirus was making its way in the Indian roads. The first case in India of COVID-19 patient was reported on 30th Jan 2020 and that person had travel from...

This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find...

The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as fiscal burden reaches a critical level. Growth collapse is associated with a Sudden Stop of capital inflows, real depreciation and a drop in output...

By employing Text Mining methods such as Structural Topic Modeling to examine all 2,135 speeches by ECB Executive Board members between February 1997 and October 2019, this paper identifies and analyses a significant semantic change that occurred in ECB communication in the transition from Great...

I examine the relation between Federal Reserve emergency actions and aggregate U.S. systemic risk during the Global Financial Crisis (GFC) and the COVID-19 crisis. I divide these actions in to three categories: lender of last resort (LLR), liquidity provision, and open market operations (OMO)....

Hospitals in Japan have complete autonomy in deciding whether to admit COVID-19 patients, similar to that of the US. Taking this into account, we estimated the effect of admitting COVID-19 patients on hospital profits, using instrumental variable (IV) regression. Using IVs related to government...