several emerging market economies are said to have helped fuel the credit booms and risk-taking in the major advanced deficit … the build-up of unsustainable credit and asset price booms ("financial imbalances"). Credit creation, a defining feature …

This paper studies the choice between building liquidity buffers and raising funding ex post, to deal with liquidity … shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium. Agents typically choose to build smaller … liquidity buffers when they expect cheap funding. However, when agents hold smaller liquidity buffers, they can raise less …

dislocations associated with new credit risk transfer instruments, are arguably symptoms of more fundamental common causes. The …

inappropriate characterizations of monetary policy, as well as to ill-defined discussions of liquidity effects, the bank lending …

credit easing, and forward guidance – can be analysed in the context of conventional models of asset prices, with particular …

-based filters. We identify the financial cycle with the medium-term component in the joint fluctuations of credit and property …

ever before as measured by importance of credit in the economy. I term this long-run evolution "The Great Leveraging" and …

We examine the liquidity effects of the euro area sovereign debt crisis, including its effects on euro area banks as a … group, on intra-euro area financial flows, on the supply of and demand for collateral, and on international liquidity. The … deficit countries and its collateral policy. The euro crisis has also created international liquidity stresses. We find that …