We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...

We study the Chinese experience and provide evidence that central banks can play an active role in safeguarding financial stability. The narrative approach is used to disentangle macropudential policy actions from monetary actions. We show that reserve requirements, window guidance, supervisory...

This paper proposes a model of collateral policy to study the impact of the expansion of collateral scope by central banks on corporate financing costs. Based on the theoretical model and a quasi-natural experiment in China, this paper empirically tests the effect of the expansion of the...

We examine how the stock market returns react to the Fed's monetary policy in an environment where there are restrictive capital controls at the country level. Unlike the United States' higher returns on even weeks, we document an almost opposite stock return pattern in China over the Federal...