Freier internationaler Kapitalverkehr kann eine Reihe von positiven Effekten auf die wirtschaftliche Entwicklung haben. Kapital wird in die produktivsten Investitionsprojekte gelenkt, Investitionsrisiken werden gestreut, neue Technologien verbreitet, und effiziente Finanzsysteme können sich...

The paper analyses the transmission of global financial shocks to individual member states of the European Monetary Union (EMU), in which monetary policy is delegated to the ECB and financial markets are fully integrated. Using a panel VAR model, we show that the asymmetric effects of global...

We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...

Khan presents a theory of financial crises in the age of globalization from an evolutionary perspective and suggests policies that may be necessary for averting or managing new financial crises. Starting with the Asian financial crises, he identifies new types of financial crises that result...