Since the 2008 global financial crisis, those East European countries that had partly privatized their pension systems in the 1990s or early 2000s increasingly scaled back their mandatory private retirement accounts and restored the role of public provision. What explains this wave of reversals...

This paper presents an in-depth analysis of developments in the microfinance sector beforeand after the Lehman Brothers collapse in 2008 by comparing them with developments intraditional banking sectors of emerging market economies and developing countries. Thefindings indicate that microfinance...

The drive towards radical reforms of financial regulation is weakening as financial firms seem to be returning to calmer waters. The proposals that now appear to be having a higher probability of adoption leave the financial structure and its regulation substantially unchanged. An analysis of...

We survey the literature on securitization and lay out a research program for its open questions. Securitization is the process by which loans, previously held to maturity on the balance sheets of financial intermediaries, are sold in capital markets. Securitization has grown from a small amount...

The United States has over 115 different state and federal government agencies regulating financial services, which encompasses banking, securities and insurance firms and products. Various commentators have noted that at least part of the blame for the financial crisis of 2007-2009 in the...

This paper reviews key policy messages and warnings about developments in the run-up to the global financial and economic crisis that began in mid-2007 which are contained in the main publications of the IMF, the OECD and the BIS and discuss issues relevant to strengthening their surveillance...

This paper while emphasising the importance of the concept of financial stability in wake of recent global financial crisis in particular and other (banking and financial) crises in general attempts to highlight the significance of the soundness of banking sector in emerging economies where...

Financial instability and liquidity management by banks is often the most debated topic in the area of monetary economics. This study examines an emerging economy's banking system and contributes to the evolving body of literature on the topic of banks' borrowing behaviour during financial...

Past and future regulation to prevent a systemic financial crisisUp to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital...

This study has two objectives. It first assesses the output and inflation effects of systemic risk-taking in the euro area banking sector using a factor-augmented vector autoregressive model that exploits a 519 time-series rich dataset, including coherent measures of systemic risk in all its...