"Financial intermediaries borrow in order to lend. When credit is increasing rapidly, the traditional deposit funding (core liabilities) is supplemented with other funding (non-core liabilities). We explore the hypothesis that monetary aggregates reflect the size of non-core and core liabilities...

"When the BIS was established in 1930 it had two purposes. The most obvious practical concern was to handle a narrowly technical issue: to create a painless or crisis-minimising method for making the transfer of German postwar reparations payments. But the new institution also had a more...

The traditional approach to international finance is to view capital flows as the financial counterpart to savings and investment decisions, assuming further that the GDP boundary defines both the decision-making unit and the currency area. This "triple coincidence" of GDP area, decision-making...