We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres – the United Kingdom, Hong Kong and Ireland – we examine how NIRP in the economies where banks have...

We study the pattern of volatility of gross issuance in international capital markets since 1980. We find several short-lived episodes of high volatility. Over the long run, however, volatility has declined, suggesting that international financial integration has not made financial markets more...

Excessive financial secrecy facilitates illicit financial flows, which constitute a major developmental challenge for low-income economies and cause significant tax revenue losses for governments around the world. In this paper we estimate the semi-elasticity of cross-border financial assets to...

In February 2021 the Treasury Committee issued a call for written evidence on the broader question of the future of financial services in the UK. The timing of this call for evidence shows the urgency brought by two coinciding situations: one being the post-Brexit scenario and the attendant...

The thirty-first edition of the Global Financial Centres Index (GFCI 31) was published on 24 March 2022. GFCI 31 provides evaluations of future competitiveness and rankings for 119 financial centres around the world. The GFCI serves as a valuable reference for policy and investment...

In February 2021 the Treasury Committee issued a call for written evidence on the broader question of the future of financial services in the UK. The timing of this call for evidence shows the urgency brought by two coinciding situations: one being the post-Brexit scenario and the attendant...

London's preeminence as a foreign exchange trading center is of recent vintage. Before World War I, there was little demand for foreign currencies by British banks, firms and investors, which conducted the majority of their cross-border transactions in sterling. Foreign currency transactions...