Cross-country bank lending mushroomed over the past decade. This helped to spread risks but also meant that international banks were more vulnerable than previously to shocks from abroad including from each other. Following the outbreak of the US sub-prime crisis, and especially after the...

This article looks in detail at one aspect of global liquidity: cross-border credit provided by banks. Cross-border banking can potentially have considerable benefits, especially by diversifying the available sources of lending and borrowing, and by increasing banking competition. But such flows...

"This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve's actions with the...