This book review presents a summary of “Fault Lines: How Hidden Fractures Still Threaten the World Economy” by Raghuram Rajan, who puts forward a clear and cogent account of the latest global financial crisis. With the historical perspective he adopts, Rajan digs in deeper than the shallow...

This paper analyzes broad money demand in Turkey between 1987 and 2001, a period characterized by a process of financial sector liberalization, implemented using various structural reforms and deregulations. It presents the historical background and the pace of liberalization, accompanied by a...

This study examines the interaction between financial stress and economic activity across emerging markets (EMs). Episodes of financial stress can be broadly defined as periods when the financial system is under acute strain and its ability to intermediate is impaired. This study introduces a...