vulnerabilities are significantly greater under less flexible intermediate regimes—including hard pegs—as compared to floats … of more crisis prone regimes suggests no simple dividing line between safe floats and risky intermediate regimes. …

relationship between clarity and market volatility prior to and during the early stage of the global financial crisis. As the … crisis unfolded, there is no longer robust evidence of a negative connection. We conclude that reducing noise using clear … reports is possible but not without challenges, especially in times of crisis. …

nature of the crisis? Contrary to the commonly held view that foreign banks play a stabilizing role during domestic banking …

Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by … certainelements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for … constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case …