The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...

This paper considers the economic and political drivers of sovereign default, focusing on countries rich enough to render sovereign default a ‘won’t pay’ rather than a ‘can’t pay’ phenomenon. Unlike many private contracts, sovereign debt contracts rely almost exclusively on...

AbstractThe following sections are included:The Rediscovery of Financial Stability by the Central Banking Community of the Advanced EconomiesFinancial Stability: What is It?PreventionRegulate Risky Behavior, Not InstitutionsRegulation and Resolution Need to be Global in ScopeMacroprudential...