cycles with the U.S. during the recent 2007-2009 crisis. We then interpret these findings using a simple general equilibrium … between integration and synchronization depends on the type of shocks hitting the world economy, and that shocks to global … banks played an important role in triggering and spreading the 2007-2009 crisis …

to providing new insights on contagion during crisis periods, we document patterns through time in world and regional …

new proxy for innovations in perceived changes in sovereign risk based upon Google-search data. We find robust evidence …

finds that common shocks - key crisis events as well as changes to global liquidity and risk - have exerted a large effect …, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that …

allows banks in different regions to smooth local liquidity shocks by borrowing and lending on a world interbank market. We … second-best world, financial integration can increase the welfare benefits of liquidity requirements … show under which conditions financial integration induces banks to reduce their liquidity holdings and to shift their …

This paper considers the meaning of domestic and international systemic risk. It examines scenarios that have been … adduced as creating systemic risk both within countries and among them. It distinguishes between the concepts of real and … pseudo-systemic risk. We examine the history of episodes commonly viewed either as financial crises or as evidencing systemic …

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …