We analyze whether bank characteristics affect the impact of monetary policy on bank risk. We find that the insulation effects produced by capital and liquidity were lower for banks operating in countries with particularly low interest rates.

An analysis of fiscal consolidations in emerging market economies during 1970-2004 suggests that exchange rate depreciation raises the probability of a fiscal consolidation being successful, including when controlling for debt, growth, the composition of the consolidation, and degree of democracy.

Panel cointegration techniques applied to pooled data for 50 developed and developing economies for the period 1970-2000 indicate that savings and investment are non-stationary and cointegrated, that there are marked differences in saving-retention ratios between different country groups, and...

We estimate the impact of bank credit to the private sector on corruption, using indicators of a country’s legal origin as instrumental variables to assess causality. We find that bank credit to the private sector reduces corruption, with the result robust to instrumenting for bank credit and...

Unit root tests results suggest that inflation in Argentina for the period 1810-2005 is a stationary series when account is taken of structural breaks that coincide with bouts of hyperinflation. A GARCH (1,1) model of annual inflation suggests a positive short-run relation between the mean and...