There is widespread agreement that, in the United States, higher house prices raise consumption via collateral or possibly wealth effects. The presence of similar channels in Canada would have important implications for monetary policy transmission. We trace the impact of shifts in non-price...

We examine the relationship between financial development and house prices in the Group of Seven (G7) countries over the period 1870 to 2016. We use parametric panel data models that incorporate interactive fixed effects and non-parametric models that allow us to examine non-linearities and the...

Turkey's risks and uncertainties are amplified when foreign investors calculate that Istanbul is located very near the North Anatolian Fault Zone that runs within less than a mile from the city through the Sea of Marmara. The discussion is then recalibrated to concerns regarding public...

Since the emergence of the virtual currency Bitcoin in 2009, a new, Internet-based way of recording entitlements and enforcing rights has increasingly captured the interest of businesses and governments. The technology is commonly called ‘blockchain' and is often associated with a closely...

This chapter considers the pre-modern common law rules on the identification of money in mixtures. It takes the decision of the Court of King's Bench in Banks v Whetson (1596) as a starting point for considering the legal structures which tended to ensure the perfect fungibility of commodity...

In this essay I present an interpretation of economic history through the prism of financial institutions, and analyze the blockchain technology in this context. The role of institutions has gone from defining and enforcing property rights to the more active role of preventing externalities and...

The 1998 State Street Bank case opened the door to patents for "business methods." One important category of business method patents covers financial products: securities, derivatives, futures contracts, and the like. This paper describes how State Street Bank emerged, unbidden by the financial...

Last decade's financial crisis sparked a flurry of new banking and finance regulation, highlighted by the Dodd–Frank Act and changes to housing finance. There is a growing realization among policy experts that that regulation has largely flopped, doing little to improve the financial system's...

Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a...

We identify the connections between financial institutions from different sectors of the financial industry based on joint extreme movements in credit default swap (CDS) spreads. First, we estimate pairwise co-crash probabilities (CCP) to identify significant connections among 193 international...