In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. In this paper, we provide a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international...

Following four years of relative stability at around $105 per barrel, oil prices have declined sharply since June 2014. This paper presents a comprehensive analysis of the sources of the recent decline in prices, and examines its macroeconomic, financial and policy implications. The recent drop...

Seit den frühen 2000er Jahren liegen die Leitzinssätze insgesamt meist unter den von der Taylor-Regel implizierten Niveaus, und zwar sowohl in fortgeschrittenen als auch in aufstrebenden Volkswirtschaften. Dieser Befund lässt darauf schliessen, dass die Geldpolitik in den letzten zehn Jahren...

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...