Special Papers

This paper discusses the role of risk communication in macroprudential oversight and of visualization in risk communication. Beyond the soar in data...

The practical and theoretical meaning of the rise and fall of new local and virtual currencies suggests that two basic theories of money both have...

This paper reviews developments in the Cypriot economy following the introduction of the euro on 1 January 2008 and leading to the economic collapse...

This paper aims at providing a conceptual distinction between banking and insurance with regard to systemic regulation. It discusses key differences...

The Federal German Constitutional Court has made it clear that it considers the OMT program to be in violation of the ECB’s mandate. This paper argues...

What makes futures hedge funds fail? The common ingredient is over betting and not being diversified in some bad scenarios that can lead to disaster...

The efficient market theory has failed to explain the market behavior and asset pricing of recent years. A new model that incorporates the principal...

Making banks resolvable is a key component of the regulatory reform programme enacted in response to the crisis. A resolvable bank is one that is...

The Bank of England’s ‘consultative document’ on Competition and Credit Control was published on May 14th, 1971. It was a landmark occasion...

With the OMT program the ECB has de facto taken over the role as a lender of last resort (LoLR) for euro area governments. While this has been...

This paper examines the concept of systemic risk and provides an intuitive account of the economic thought on systems and the development of the...

The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed. Recent reforms have...

Following the crisis of 2007, regulatory authorities either are or should be engaging in a fundamental reconsideration of how they approach financial...

In a dramatic change from the euphoria in the early 2000s based on a widespread belief in the “success” of the partial independence of the Bank of...

Mainstream macro-models have assumed away financial frictions, in particular default. The minimum addition in order to introduce financial...

The lesson that regulation and supervision of banks and financial markets must improve has now at last become conventional wisdom among politicians in...