Existing work on early warning systems (EWS) for banking crises generally omits bank capital, bank liquidity and property prices, despite their relevance to the probability of crisis in the mind of bankers, policymakers and the public. One reason for this neglect is that most work on EWS to date...

Abstract Liberalisation of the trading environment, through regional integration and the formation of WTO, is shown to increase trade growth relative to GDP. The impact of trade liberalisation compounded over time and added about 1.5 per cent per annum to world trade growth during the last...

This item requires a subscription to National Institute Economic Review.

  The need to understand the dynamics and after-effects of the recent financial crisis,  the evolution of macroprudential surveillance and the introduction of macroprudential regulation all require appropriate macroeconomic models of financial institutions and  markets.  We present models of...