This article provides a critical review of the joint initiative undertaken by the Bank of England and the European Central Bank, to resuscitate the EU securitisation market in the wake of the global financial crisis. This article argues that, despite offering a valuable framework to define...

We analyze cyclical co-movement in credit, house prices, equity prices, and long-term interest rates across 17 advanced economies. Using a time-varying multi-level dynamic factor model and more than 130 years of data, we analyze the dynamics of co-movement at different levels of aggregation and...