's vulnerability to periods of heightened risk and uncertainty. This paper develops a framework to evaluate such vulnerabilities. It … and explore how they are affected by domestic and global risk. We apply this framework to ten OECD economies, showing the … Kingdom, show that a substantial degree of international risk sharing can occur through current accounts and international …

to estimate Growth at Risk as introduced in Adrian, Boyarchenko, and Giannone's (2019) seminal paper "Vulnerable Growth …

Geopolitical risk cannot be measured in a universal way. We develop new geopolitical risk indicators relying on local … newspaper coverage to account for different perceptions. Using Russia as a case study, we demonstrate that geopolitical risk … shocks identified from local news sources have significant adverse effects on the Russian economy, whereas geopolitical risk …

We discuss how cross-country unemployment insurance can be used to improve international risk sharing. We use a two … international risk sharing concerns enter the unemployment insurance trade-off. We calibrate our model to Eurozone data and find …

According to current regulation, European banks can apply zero risk weights to sovereign exposures in their balance … sheet, irrespective of the assigned rating. We show that a zero risk weighting of sovereign bonds has implications by … introduced via a penalty function that punishes banks if they deviate from the target capital ratio. We study the zero risk …