This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks,...

At the time of publication, this article provided the most in-depth critique of capital account liberalization in any U.S. law journal. The article stemmed from a paper presented by the author to the Seventh Annual Conference of the United States-Mexico Law Institute in Santa Fe, New Mexico on...

This article offers a critique of the deregulation of banking and finance that started with the breakdown of the Bretton Woods regime of fixed exchange rates during the Nixon administration, accelerated with interest rate deregulation during the Carter administration, and was deepened during the...

The market for fiat-referenced cryptoassets, commonly known as stablecoins, has expanded rapidly in recent years alongside the growth of the cryptoasset ecosystem. In fact, the market capitalization of stablecoins increased by more than 30 times since the beginning of 2020. What risks could...

The New Deal regulatory policies and institutions redesigned the U.S. financial structure and implicitly required the coordination between monetary policy and the regulatory framework; in that financial structure the Federal Reserve provided the reserves. The interest policy implicitly required...

We discuss the new Basel bank capital framework and the central bank's general approach to its practical implementation in the home-host context of Australia and New Zealand. Bank capital plays an important role in absorbing large financial losses, especially under severe downturn conditions....

The theory of endogenous money is the cornerstone of Post-Keynesian economics, which dates back to the pioneering writings of authors such as J. Robinson, Kaldor and Kalecki. Second generation Post-Keynesians such as Paul Davidson and Basil Moore have clearly drawn the boundaries of...

This study analyzes the efficiency of the banking industry in Ghana over the period of 2001-2010 using the data envelopment analysis. The study investigates the impact of size, capitalization, loan loss provision, inflation rate and GDP growth rate on Ghana's bank efficiency using both static...

We measure the systemic importance of all banks that issue publicly traded CDS contracts among the world’s biggest 150. Systemic importance is captured by the intensity of spillovers of daily CDS movements. Our new empirical tool uses Bayesian VAR to address the dimensionality problem and...

Using a DSGE model with nominal wage rigidity, we investigate two scenarios for the Italian economy. The first considers sustained policy commitment to reform. The results indicate the possibility of 'growing out of bad initial conditions', if fiscal consolidation is combined with a program for...