AbstractThe following sections are included:IntroductionInterest Differentials, Carry Trades, and Worldwide InflationCarry Trades and International Monetary ReformA New International Monetary Agreement?The Supply Constraint on Bank CreditA Concluding Note on Stagflation in the United...

AbstractThe following sections are included:IntroductionViews Before the CrisisLessons from the CrisisMacroprudential PolicyMonetary PolicyConclusionReferences

AbstractThe following sections are included:The Rediscovery of Financial Stability by the Central Banking Community of the Advanced EconomiesFinancial Stability: What is It?PreventionRegulate Risky Behavior, Not InstitutionsRegulation and Resolution Need to be Global in ScopeMacroprudential...

AbstractThe following sections are included:IntroductionFinance and Growth, Inequality, and PovertyBanks, growth, inequality, and the poorCross-country evidenceU.S. evidence on finance, growth, inequality, and the poorBanks, markets, and growthFinancial Innovation and GrowthConclusionsReferences

AbstractThe following sections are included:IntroductionWhy Interest Rates Affect House PricesThe user cost frameworkA dynamic user cost modelThe credit channelThe risk-taking channelEvidence on the Response of House Prices to Interest RatesExisting literatureResults from an error-correction...

AbstractThe following sections are included:IntroductionGraduating ClassGraduation and “Fear of Free Falling”Graduation and “Fear of Free Falling”— Regression AnalysisConclusionsReferencesAppendix 1. Definition of Variables and SourcesAppendix 2. Countries in the SampleAppendix 3. Data...

AbstractThe following sections are included:IntroductionCapital Flow Volatility in the 2000s: The Dominance of Events in Advanced EconomiesThe Capital Inflow Problem: A Common Concern Under Different Growth ModelsCentral Bank Responses in Emerging Markets: Can There be Enough Instruments in...

AbstractThe following sections are included:Overview of the Macroprudential ApproachIdentifying and Addressing Structural Forms of Systemic RiskIdentifying and Addressing Cyclical Forms of Systemic RiskCurrent ChallengesConclusion

AbstractThe Eurozone crisis of autumn 2011 is a sequel to the financial crisis of 2008–2009. It would have been much easier to contain and resolve had there been no global financial crisis, no deep recession in the advanced countries. It is therefore too facile, indeed wrong, to say that the...

The two most topical issues in current financial markets deal with the causes of the recent financial crisis and the means to prevent future crises. This book addresses the latter and stresses a major shift in most countries toward a better understanding of financial stability and how it can be...