The past 25 years have witnessed unprecedented changes around the world - many of them for the better. Across the continents, many countries have embarked on a path of international integration, economic reform, technological modernization, and democratic participation. As a result, economies...

The heterogeneity of the United States (U.S.) financial markets and complex regulatory and supervisory institutional setup in the United States underscore the importance of enhancing systemic risk oversight and building effective macroprudential tools. An effective framework would encompass...