This paper constructs a broad measure of financial conditions for the United States which suggests that since the onset of the credit crisis there has been a marked tightening in financial conditions, despite a substantial easing of policy rates and a depreciation of the dollar. This measure of...

This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Kupiec, Driscoll and Blundell-Wignall and Browne. It surveys recent work, both theoretical and empirical, on the question of market efficiency in various asset markets. A number of...

Since the crisis of 2001, an impressive package of fiscal consolidation and institutional reform has created a strong foundation for economic growth. As a result, GDP growth has been strong and stable, inflation has fallen, and the public debt burden has been significantly reduced. Yet the...

During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed...

Evaluating the importance of non-tariff measures (NTMs) affecting imports remains a major challenge. This study reports evidence on the prevalence of NTMs based on an inventory of business complaints. This data source has the advantage of drawing on experiences of economic agents that are...

This paper presents descriptive evidence of specialisation trends and investigates empirically their causes and consequences, analysing the role of policies in this process. Then, based on the insights from the backward looking analysis, it draws global trade and specialisation scenarios up to...

This paper aims at quantifying the macroeconomic and distributional impacts of product market reforms and additional public investment using a DSGE model. The model reflects specific features of the South African economy. Tradable and non-tradable product markets are modelled separately, and a...

Evaluating the importance of non-tariff measures (NTMs) affecting imports remains a major challenge. This study reports evidence on the prevalence of NTMs based on an inventory of business complaints. This data source has the advantage of drawing on experiences of economic agents that are...

This study investigates the relative importance of factors shaping banking and corporate landscapes in Thailand after 1997 through an empirical analysis of micro-data of Thai banks and firms. The results of the analysis of the bank data show that the deceleration of bank credit growth is mainly...