Within the last decade sizeable capital inflows from mature economies were accompanied by rapid financial deepening in the Western Balkans, Turkey and the CIS. Notwithstanding their considerably different initial positions most countries sustained financial stability in the first period of the...

Several European countries face challenges reminiscent of those faced by the emerging economies of Latin America. The economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and then the busts including Sudden Stops in capital...

Since the bursting of the bubble in the U.S. mortgage market in 2007, the financial turmoil has spread to a wide range of other markets and economies around the world, morphing into a global financial crisis. The five articles in this special issue of the Czech Journal of Economics and Finance...

The ongoing global financial turmoil has increased the importance of understanding the potential spillover effects brought about by financial interlinkages. This article focuses on such interlinkages within Europe and potential contagion channeled through these interlinkages. It discusses the...

The rise and fall of Argentina´s currency board illustrates the extent to which the advantages of hard pegs have been overstated. The currency board did provide nominal stability and boosted financial intermediation, at the cost of endogenous financial dollarization, but did not foster fiscal...

This paper investigates banking and sovereign distress in the Eurozone and the importance of direct and indirect financial exposures. We use BIS cross-border banking claims to link member states in a GVAR framework and jointly model sectoral CDS premia. Based on balance sheet positions of an...

2003 marks the 40th anniversary of the founding of SUERF. To mark this milestone, some time ago the Council of Management commissioned Professor Jean-Paul Abraham to write a commemorative report. His mandate was not to write a history of SUERF itself (that would be too self-indulgent) but to...

La crisis ha supuesto un incremento de la fragmentacion financiera y la constatacion de un vinculo entre los riesgos soberano y bancario nacionales, cuya persistencia en el tiempo seria incompatible con el euro. La solucion a estos problemas debe ser la union bancaria, que debe construirse a la...

The crisis has led to increased financial fragmentation and revealed the link between sovereign and national banking risks, whose persistence over time would be incompatible with the euro. The solution to these problems must be the banking union, which should be constructed at the same time as...

On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...