This paper provides a unified theory to explain the onset of the financial crisis in 1998 and the striking economic recovery in Russia and the former Soviet Union afterwards. Before the crisis, the banking sector in these economies was stuck in a development trap in which the banking sector is...

This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007 - 2009: (1) the improved capital requirements intended to reduce the risk of bank failure ("Basel III"), (2) the improved recovery and resolution regimes for...

This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007 - 2009: (1) the improved capital requirements intended to reduce the risk of bank failure ("Basel III"), (2) the improved recovery and resolution regimes for...

This paper focuses on the relevance to emerging economies of three major financial reforms following the global financial crisis of 2007–2009: the improved capital requirements intended to reduce the risk of bank failure ('Basel III'), the improved recovery and resolution regimes for global...

We estimate a panel Bayesian vector autoregression model for a cross-section of seven advanced European economies and produce out-of-sample forecasts of GDP conditionally on observed developments of interest rates and credit. We show that by using a smooth transition version of the model and...

The intertwined global financial and economic crisis of 2008, unfolded the total exposure of the Albanian financial system in front of the systemic risk, by the Albanian banking system, as the absolute pillar of providing funding and intermediation in the economy. This cartel-like financing...

We estimate a panel Bayesian vector autoregression model for a cross-section of seven advanced European economies and produce out-of-sample forecasts of GDP conditionally on observed developments of interest rates and credit. We show that, by using a smooth transition version of the model and...

This paper analyses how financially included adults might become unbanked again. Agents of financial inclusion incorporate economic and social constraints in the delivery of formal financial services. These constraints limit the ability of poor banked adults to use basic financial services to...

The Term Securities Lending Facility (TSLF) lent $2.3 trillion worth of general collateral to eighteen investment houses in exchange for riskier securities. Treasury collateral was in high demand in 2008 and 2009 as repo markets shunned lower quality collateral. This paper finds a negative and...

There are few things more constant in life than the rise and fall of financial markets. When markets crash, however, we are forced to restore them while learning from our mistakes. In the wake of the recent subprime mortgage crisis, Congress has drastically but deservedly overhauled the...