Foreign banks have increased their market share in many emerging markets since the mid-1990s. We analyse the stability implications of foreign banks for cross-border and domestic bank lending in the global financial crisis. Our results suggest that a higher foreign bank presence was associated...

Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a...

During the last decade several CESEE countries built up high external liabilities vis-à-vis foreign banking sectors, with Austrian banks being important creditors. The provision of crossborder credit allowed for rapid financial deepening in many of these countries but also led to a build-up of...

In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing...

This paper reviews the arguments against the ECB’s extended asset purchase programme. It is shown that the main lines of arguments — arguments those suggesting that under current economic conditions it was not needed to pursue quantitative easing, and arguments those indicating that...

The ECB decision to cut its benchmark interest rate in November 2013 has been severely criticised in Germany. Against this background, the President of the Bundesbank justified the ECB’s monetary policy stance in recent speeches. At the same time, however, he argued that this stance carries...

This paper applies the economic argumentation put forth by the OMT’s opponents before the German Federal Constitutional Court [Bundesverfassungsgericht] to the full allotment policy practiced by the ECB since October 2008. The comparison shows that under this line of reasoning, the full...