We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks’ international exposure for industrialized countries during 1978–2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral...

The current financial crisis has been characterized as a 'Minsky' moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the New Deal banking reforms of the 1930s. However, Minsky's theory was not one that dealt in moments but rather in...

The report assesses the macro-financial situation in Georgia. This study explores the private sector financing environment, in particular for the SMEs segment. It examines the needs and obstacles of SMEs in accessing finance as well as the institutional and legal environment they operate in. We...

This paper describes how the two most important clearing and settlement systems in Denmark, VP and the Sumclearing, function in practice. Furthermore, it analyses how the legal framework in the Securities Trading Act, STA, based on directive 98/26/EC on settlement finality in payment and...

The current financial crisis has been characterized as a “Minsky” moment, and as such provides the conditions required for a reregulation of the financial system similar to that of the New Deal banking reforms of the 1930s. However, Minsky’s theory was not one that dealt in moments but...

At the forefront of the economic consolidation of the euro area, banking integration came to a stall following the beginning of the 2008 crisis. Since then European banks started retrenching their asset holdings within national borders, effectively reducing the scale of their European...