The long-running debate about the role of monetary policy in responding to rising asset prices has received renewed attention in the wake of the global financial crisis. This paper contributes to this debate by describing the Australian experience of a cycle in house prices and credit from 2002...

A survey of 4,378 significant innovations shows that firms with fewer than 1,000 employees commercialized a much larger share than is indicated by their share of R and D expenditures. Innovations per employee have been consistently above average in firms with more than 10,000 employees, and have...

The following extract is taken from a speech by Jaime Caruana, Governor of the Bank of Spain, as Chairman of the Basel Committee on Banking Supervision, given to the Institute of International Finance in Dubai on 21st September, 2003.

In this paper, the author argues that financial supervision is keeping up with the pace of innovation in the industry by virtue of what he calls a “virtuous circle”: the supervisory framework is aligning itself more and more with the best risk management practices, while at the same time...