Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …

In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of … public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first … analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main …

contagion analysis using data on fund flows and returns shows that Investment Grade (IG) corporate bonds funds, municipal bond …

investment fund: Multi-Sector Bond Funds (MSBFs). These investors have lacked adequate representation in the literature. This … further suggest that MSBFs exhibit opportunistic behavior (and more so than other investment funds). In periods of high risk …

While SWF investment objectives to some extent reflect inherent characteristics, notable differences in strategic asset …’s asset allocations in ways that may not be ideal or justified in all cases and that a review of investment objectives may be …