Global liquidity refers to the volumes of financial flows-largely intermediated through global banks and non-bank financial institutions-that can move at relatively high frequencies across borders. The amplitude of responses to global conditions like risk sentiment, discussed in the context of...

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

The divergence between increasingly supranational financial markets on the one hand and still largely national supervisory structures on the other gives rise to tensions which reduce the effectiveness of the supervision. It lies in the interests of both the public and the private sector that the...

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...