Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...

From the Publisher: A brilliantly original assessment of what caused the global crash-and a practical plan for investing accordingly. Supercycles, according to international economist and strategist, Arun Motianey, are the continuous, long waves of boom and bust that undulate through the global...