Financial sector distress is a situation in which financial intermediation is either costly or impossible (or both) as proxied by tight financial conditions - high spreads, decline in equity value and high volatility. Tight financial conditions have been identified as a risk factor to the...

The Portuguese and Spanish banking system, in the framework of the economic and financial crisis suffered a significant reduction in the profitability of its banking business. Taking into consideration the problem of profitability in the banking sector at a global level, some studies have been...

This book is the first study to provide a comprehensive picture of the reality and structure of dollarization in Cambodia, which has been achieving rapid economic and financial development since the end of 1998, when full piece reigned over the kingdom. It uses the micro-level data collected...

Many developing countries are still grappling with the consequences of the pandemic and the associated high debt burdens while facing huge financing needs, inter alia related to climate change. In response, the International Monetary Fund (IMF) issued $650 billion in Special Drawing Rights...

The environment in which development policy operates has changed quickly. Some of these changes are longer-term trends to which development policy should adapt: the global economy is in upheaval, while global crises are becoming the norm and are increasing the debt level even further. Moreover,...

We provide a theory of fire sales in which potential buyers are subject to liquidity shocks and frictions that limit their ability to resell assets. The model predictions align with some stylized facts about the large sales of corporate bonds and Treasury securities during the COVID-19 economic...