This paper complements macroeconomic indicators for macroprudential policy with information from microeconomic survey data from the Household Finance and Consumption Survey (HFCS), to identify pockets of risk in the Belgian mortgage market. It takes into account distributional aspects of debt...

Expectation anchors are price levels that traders use as indications of whether the market is over- or under-priced. I develop the theory behind this well-documented behavioral notion, leading to the class of periodic demand functions. With a large number of heterogeneous agents, prices become...

The emergency financial act introduced by President Park Chung-Hee of Korea in 1972 was a controversial policy that violated the free market principles by implementing substantial deduction of private debt. This interventionist measure, while pioneering, was based on authoritarianism and...

In this paper, we study how central bank transparency influences the formation of money market expectations in emerging markets. The sample covers 25 countries for the period from January 1998 to December 2009. We find, first, that transparency reduces the bias (the difference between the money...

In this paper, we study how central bank transparency influences the formation of money market expectations in emerging markets. The sample covers 25 countries for the period from January 1998 to December 2009. We find, first, that transparency reduces the bias (the difference between the money...

This study investigates the financial self-assessments and households' well-being using a national survey of 2,567 households in Turkey. We use Maslow's hierarchy of needs framework through households' views for their ability to meet current living expenses in the short-term as well as their...