We show that macroprudential regulation can considerably dampen the impact of globalfinancial shocks on emerging markets. More specifically, a tighter level of regulation reducesthe sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set ofmacroprudential tools contribute...

Using the U.S. Current Population Survey data, this paper compares the distributional impacts of the Pandemic Crisis and those of the Global Financial Crisis in terms of (i) worker characteristics, (ii) job characteristics-'social' (where individuals interact to consume goods), 'teleworkable'...

The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic...

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....

Using micro-data on six surveys the Gallup World Poll 2005-2023, the U.S. Behavioral Risk Factor Surveillance System, 1993-2022, Eurobarometer 1991-2022, the UK Covid Social Survey Panel, 2020-2022, the European Social Survey 2002-2020 and the IPSOS Happiness Survey 2018-2023 we show...

We develop a stylized balance sheet framework to help identify ‘quasi-fiscal’ components of central bank crisis interventions and show how sources of fiscal risk are created from both the new claims and how they are funded. Combining central bank balance sheet data with survey evidence from...

It is commonly argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of deep reforms declines as crises unravel structural problems that need to be urgently rectified and...

While Brazil's deep recession has been broad based, it has been marked by a particularlylarge fall in investment. Real investment fell by around 30 percent between the beginningof 2014 and the beginning of 2017. This paper finds that a variety of factors contributed tothe investment decline,...

This paper takes advantage of access to detailed matched bank-firm data to investigate whether and how employment decisions of SMEs have been affected by credit constraints in the wake of the Great Recession. Variability in banks' financial health following the 2008 crisis is used as an...

Using a sample that covers more than 100 countries over the 2000-2017 period, we assess the impact of macroprudential policies on financial stability. In particular, we examine whether the activation of macroprudential policies is conducive to a lower incidence of systemic banking crises. Our...