Amidst the escalating geopolitical fragmentation of the global financial system, divergent stablecoin architectures are emerging. This study employs Qualitative Comparative Analysis (QCA) and introduces a formalized 'Geopolitical Stablecoin' (GPSC) model to conduct a systematic comparison of...

This paper analyzes the private production of safe assets and its implications for financial stability. Financial intermediaries (FIs) originate loans, exert hidden effort to improve loan quality, and create safe assets by issuing debt backed by the safe payments from (i) their own loans and...

Export credit agencies (ECAs) play an important role in international trade by providing derisking instruments that function as public assistance to companies engaging in international commerce. As the geopolitical environment has become more fraught, this support has become ever more important....

Following the outbreak of a regional war, the Israeli capital markets regulator, ISA, introduced a temporary regulatory exception allowing reporting corporations traded on the Tel Aviv Stock Exchange (TASE) to postpone the filing of their quarterly reports at will. This intervention raises...

This paper examines the impact of climate-related financial policies (CFPs) on bank risks, utilizing a comprehensive global dataset spanning from 2000 to 2021. It explores whether CFPs influence bank risk levels across different regions and regulatory environments.Using a dataset comprising...

This paper studies the role of banking supervision in anticipating, monitoring, and disciplining failing banks. We document that supervisors anticipate most bank failures with a high degree of accuracy. Supervisors play an important role in requiring troubled banks to recognize losses, taking...

Discourses on Authorised Push Payment fraud ("APPF"), through which a victim is deceived into authorising fund transfers to a fraudster, often converged on normative questions of victim negligence and liability. Recent regulatory changes in the UK, which introduced a new mandatory reimbursement...

Following the outbreak of a regional war, the Israeli capital markets regulator, ISA, introduced a temporary regulatory exception allowing reporting corporations traded on the Tel Aviv Stock Exchange (TASE) to postpone the filing of their quarterly reports at will. This intervention raises...

Blockchain technology is being increasingly deployed to store and process transactions and information in the global financial sector. Blockchain underpins cryptocurrencies such as Bitcoin and facilitates decentralized finance (DeFi), representing a paradigm shift in the global financial...

Export credit agencies (ECAs) play an important role in international trade by providing derisking instruments that function as public assistance to companies engaging in international commerce. As the geopolitical environment has become more fraught, this support has become ever more important....

I show that house prices can be modeled using machine learning (kNN and tree-bagging) and a small dataset composed of macroeconomic factors (MEF), including an inflation metric (CPI), US Treasury rates (10-yr), Gross Domestic Product (GDP), and portfolio size of central banks (ECB, FED). This...

Regulatory sandboxes have emerged as policy instruments designed to support FinTech innovation while maintaining supervisory oversight. By allowing firms to test financial products in controlled environments, sandboxes aim to reduce regulatory uncertainty and facilitate market entry. Despite...

This paper examines the impact of climate-related financial policies (CFPs) on bank risks, utilizing a comprehensive global dataset spanning from 2000 to 2021. It explores whether CFPs influence bank risk levels across different regions and regulatory environments.Using a dataset comprising...

We set out a stylised framework for the policies enacted to address the risks posed by systemically important institutions (SIIs) and to counter the too-big-to-fail (TBTF) problem, examining conceptually how far supervisory and resolution policies are complementary or substitutable. The...

As information technology and financial innovation advance, fintech has become increasingly important for commercial banks. Whether fintech can enhance banks' risk-taking capacity has become an important factor affecting financial stability. Based on China's Baidu search index, we use web...

In this report, we discuss the implications of the rapid development and widespread adoption of artificial intelligence (AI) for financial stability. Sizeable corporate investments have made advanced AI capabilities like large language models (LLMs) such as ChatGPT, Claude and Gemini widely...

Rapid digitalization is transforming how public and private institutions manage regulation, compliance, and supervision. This paper explores the rise of Regulatory Technology (RegTech) and Supervisory Technology (SupTech) as instruments of digital regulatory governance and examines their...

The IMF working paper, "Good Supervision: lessons from the field," examines the effectiveness of On-site Inspections (OSIs) as a supervisory tool in advanced economies (AEs), drawing insights from 60 Basel Core Principles (BCPs) assessments conducted between 2012 and June 2023. Despite their...

The so-called 50plus1-rule in German football is a controversially discussed institution that regulates the investment behavior of professional football teams. This paper provides an empirical analysis of its effects. We gathered panel data on 47 teams in the German Major League Football ("Erste...

This paper examines the interplay between macroprudential policy, monetary policy and the non-bank financial intermediation (NBFI) sector, drawing on recent research and zooming in particularly on evidence from the euro area.2 It documents the growth in the NBFI sector over the past two decades...

Digital credit - short-term microcredit distributed over a digital platform, such as a mobile phone - has become hugely popular in Kenya, with over six million Kenyans having taken out at least one digital loan over the last decade. While there is a small but growing body of literature on the...

The so-called 50plus1-rule in German football is a controversially discussed institution that regulates the investment behavior of professional football teams. This paper provides an empirical analysis of its effects. We gathered panel data on 47 teams in the German Major League Football ("Erste...

Culture is increasingly articulated by financial actors and financial firms as a solution to the dislocations of contemporary capitalism. It therefore matters, not just how actors behave, but how they articulate culture and what importance they accord it. Drawing on pragmatist sociology, the...