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cooperation. With the world facing the largest and most synchronized plunge in output of the postwar era, policy makers banded …
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This paper develops a framework for the short-term modelling of market risk and shock propagation in the investment funds sector, including bi-layer contagion effects through funds' cross-holdings and overlapping exposures. Our work tackles in particular climate risk, with a first-of-its-kind...
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Adverse effects of the global financial crisis on international trade include falling demand, increased trade protectionism, and drying up of trade finance. Much attention has focused on the impact of the crisis on goods trade; however literature on its impact on services trade is limited,...
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World trade growth was rapid in the two decades prior to the global financial crisis but has halved subsequently. There … world economy. Post the financial crisis global value chains started to unwind and, possibly associated with this, Chinese … global investment, as well as intra-euro area trade, both of which are trade intensive. The slowdown in world trade growth …
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Using a stress test framework, this paper examines what impact climate policy shocks might have on the Korean financial system. The results show that transition risks, the risks associated with low-carbon transition plans, have a negative impact on the economy and on the financial system over...
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