contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their … appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses …

with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long …

This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign … bank behavior and impact. It documents substantial increases in foreign bank presence, with many more home and host … countries. Current market shares of foreign banks average 20 percent in OECD countries and 50 percent elsewhere. Foreign banks …

increases in public debt). We also update our dating of sovereign debt and currency crises. The database includes all systemic … banking, currency, and sovereign debt crises during the period 1970-2011. The data show some striking differences in policy …We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent …

conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization …-capita GDP, real interest rates, and financial sector reform. It suggests that maintaining an upward momentum in monetization can … be an important policy objective, particularly for low-income countries, and that monetary and financia …

in real time. In this paper, systemic risk is defined as the conditional probability of a systemic banking crisis and …Successful implementation of macroprudential policy is contingent on the ability to identify and estimate systemic risk … and is designed for monitoring as the systemic risk forecasts only depend on data that are available in real time. Several …

countries, we identify fiscal shocks as residuals from an estimated spending rule and trace their macroeconomic impact under … different conditions regarding the exchange rate regime, public indebtedness, and health of the financial system. The … systematically across exchange rate regimes, as real appreciation and external deficits occur mainly under currency …

the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper … analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the …, where the institutional arrangements for monetary and financial policies can be classified in two distinct gr …

This paper presents a simple heuristic measure of tail risk, which is applied to individual bank stress tests and to … public debt. Stress testing can be seen as a first order test of the level of potential negative outcomes in response to tail … shocks. However, the results of stress testing can be misleading in the presence of model error and the uncertainty attending …