Die Finanzkrise hat die Politik mit der Aufgabe konfrontiert, Banken und internationale Finanzmärkte besser zu kontrollieren. Dies ist bisher nur unzureichend gelungen. An der Bankenregulierung wird deutlich, dass es für ein effizientes Funktionieren der Finanzmärkte erforderlich ist, die...

Im vergangenen Jahr haben die BRICS-Staaten (Brasilien, Russland, Indien, China und Südafrika) die New Development Bank und asiatische Staaten die Asian Infrastructure Investment Bank (AIIB) gegründet. Beide Entwicklungsbanken werden umfangreich vom chinesischen Staat finanziert. Sie stehen in...

What will be the future impact of the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB), two multilateral banks created in 2014 outside the established Bretton Woods system, on multilateral lending shares?

In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960–2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and...

Seit dem Sommer 2007 sind die Akteure auf den Finanzmärkten mit einer selbstverursachten Krise konfrontiert. Um eine Wiederholung in Zukunft zu vermeiden, haben die G20-Staaten am 15. November 2008 auf dem Finanzgipfel in Washington beschlossen, "alle Finanzmärkte, Finanzprodukte und...

Against the backdrop of the International Monetary Fund’s (IMF) increasing focus on crisis prevention measures and the G20’s discussion of “global safety nets”, this paper analyses the IMF’s tools for crisis prevention, with particular emphasis on the recently developed Flexible Credit...

The global economic and financial crisis affected countries all over the world. Although, poorer economies were on average less affected by the crisis, some developing countries still experienced considerable output losses. This paper shows that households living in developing countries were in...

This article makes the case for strengthening co-operation between regional financing arrangements (RFAs) and the International Monetary Fund (IMF), and examines ways to do so. It argues that ex ante co-operation between RFAs and the IMF is needed to reduce the risk of co-operation failing in...

The availability of trade finance can be an important driver for international trade. This paper analyses the effect of trade finance on the trade flows of industrialized, emerging and developing economies and focuses in particular on the role of trade openness. We use Berne Union data on export...