The Internationalization of the Renminbi
This special paper discusses the inclusion of the Chinese Renminbi in the international reserve asset Special Drawing Right (SDR) created by the...
Bank Risk Premia and Abenomics: The Return of the Japan Premium in the Cross-Currency Swap Market
This paper studies the change of the Japanese banking sector during the last two decades through the lens of money market risk premia. It makes two...
Interaction between monetary policy and bank regulation: Theory and European practice
The European Union has pursued a number of initiatives to create a safer and sounder financial sector for the single market. In parallel, bold...
Sovereign bond purchases and risk sharing arrangements: Sharing: Myth and Reality of the European QE
In March, the Eurosystem started to purchase on the secondary market euro-denominated bonds issued by governments, agencies and European institutions...
Shaken but not Stirred? The Banking System Seven Years after the Crisis
Speech given by Dr. Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank at the London School of Economics and Political Science...
Papers by Otmar Issing and Charles Goodhart on the occasion of a Conference in honour of Prof Ben Friedman, held in Frankfurt on June 24, 2015
Two papers read on the occasion of a Conference in honour of Prof Ben Friedman, held in Frankfurt on June 24, 2015. Their titles are: "Some remarks on...
The Swiss Black Swan Bad Scenario: Is Switzerland Another Casualty of the Eurozone Crisis
Financial disasters to hedge funds, bank trading departments and individual speculative traders and investors seem to always occur because of non...
A Kalecki Fable on Debt and the Monetary Transmission Mechanism
Kalecki explained debt resolution by means of a fable about monetary circulation between mutually indebted individuals. This Note explains the context...
Failed Lehman Rescue efforts:Myths, Facts, and Lessons
Did Lehman really have to fail? This is one of the least-attended but most critical issues of the first decade and a half of this century. My view is...
Structural Banking Reforms: an illusionary solution
It is always dangerous to go against conventional thinking. But I must say that the focus on bank “structural reforms” puzzles me somewhat. So, I will...
Six structures in search of stability
This paper analyses the proposition that adjusting structure can strengthen safety and therefore promote stability. It examines six proposals...
Maturity Mismatch Stretching: Banking Has Taken a Wrong Turn
This note reviews the evolution of maturity transformation in banking and discuss- es the financial stability implications of its current level...
Multilateral surveillance: Ensuring a focus on key risks to global stability
The 2007/9 crisis and the ongoing transformation of the global economy call for a rethink of the scope of the Fund’s multilateral surveillance. This...
Reforming the Global Architecture of Financial Regulation: The G20, the IMF and the FSB
The global financial crisis that began in 2007 and deepened in 2008 exposed major weaknesses in financial and macroeconomic policy coordination, and...
The SSM sails past the starting line seekinghigh-quality supervision and level playing field
Remarks by Ignazio Angeloni, Member of the Supervisory Board of the European Central Bank on the occasion of the International conference on “Start of...
The Great Risk/Return Inversion - Who Loses Out?
Risk and return go hand in hand as companion variables central to the teaching and practice of economics and finance. Standard theory and common sense...
