For almost a decade, the IMF has been using stress tests to identify vulnerabilities across institutions that could undermine the stability of a country''s financial system. This working paper focuses on the IMF''s experience with stress testing in the Financial Sector Assessment Program (FSAP)....

We bring to bear a hand-collected dataset of executive turnovers in U.S. banks to test the efficacy of market discipline in a ''laboratory setting'' by analyzing banks that are less likely to be subject to government support. Specifically, we focus on a new face of market discipline:...

ECB President Draghi's Jackson Hole speech in August 2014 arguably marked a new phase of unconventional monetary policies (UMPs) in the euro area. This paper examines the market impact and tranmission channels of this new wave of UMPs using a modified event study framework. They are found to...