The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant,...

Usando datos a nivel de empresa correspondientes a aproximadamente 1.000 bancos e instituciones financieras no bancarias en 22 paises en los ultimos 15 anos, estudiamos el impacto de la aplicacion prolongada de una politica monetaria expansiva en la conducta relacionada con la toma de riesgos....

Cross-border payments can be slow, expensive, and risky. They are intermediated by counterparties in different jurisdictions which rely on costly trusted relationships to offset the lack of a common settlement asset as well as common rules and governance. In this paper, we present a vision for a...