The resurgence of interest in currency boards prompts reconsideration of one of the Irish experience. The authors evaluate the institutional arrangements which underpinned the Irish pound for a half-century. While the regime did have a credibility which led to low interest rates and a degree of...

The resurgence of interest in currency boards prompts reconsideration of one of the Irish experience. The authors evaluate the institutional arrangements which underpinned the Irish pound for a half-century. While the regime did have a credibility which led to low interest rates and a degree of...

Contemporary views often support the idea that a high level of central bank independence, together with a clear mandate for it to restrain inflation, are important institutional devices for maintaining price stability. The meaning and policy implications of central bank independence are...

In the general context of controlling inflation, it is suggested that it may be useful to look back at how demand management worked in a small open economy. Trinidad and Tobago established a central bank in the middle of the 1960s and achieved some noteworthy initial successes with the new...

In the general context of controlling inflation, it is suggested that it may be useful to look back at how demand management worked in a small open economy. Trinidad and Tobago established a central bank in the middle of the 1960s and achieved some noteworthy initial successes with the new...

Mit den Beschlüssen zur europäischen Regulierung im Dezember 2012 hat die EU einen Schritt in Richtung Bankenunion gemacht. Nach Ansicht von Sabine Lautenschläger, Deutsche Bundesbank, braucht Europa Zeit, um eine europäische Bankenaufsicht und einen europäischen Abwicklungsmechanismus auf...

We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities...

We employ a model of leverage-induced explosive behavior in financial markets to develop a measure of financial market instability. Specifically, we derive a quantitative condition for how large levered investors can become relative to the whole market before the demand curve for securities...

We present a cross country analysis of credit growth and draw implications for Turkey. Similar credit deepening phases in many countries suggest a stable ratio of net credit use (change in credit stock) with respect to national income. To this end, we calculate an interval for this ratio in a...

This Time is Different : Eight Centuries of Financial Folly is an essential reading on the history of financial crises for anyone interested in economics and finance. Compiling an extensive new database of macroeconomics and financial time series for sixty-six countries in five continents for...