This paper exploits a novel bank-level monthly dataset to assess the effects of global liquidity on the global flows of euro area banks. The period associated with the European sovereign debt crisis has witnessed increased growth in euro area bank claims on extra-euro area residents, against a...

Introduction : global market integration, financial crises and policy imperatives / Geoffrey R.D. Underhill and Xiaoke Zhang -- Reform of the international financial architecture : what has been written? / Jonathan Story -- Costs and benefits of financial globalisation : concepts, evidence and...

Currently financial stress test simulations that take into account multiple interacting contagion mechanisms are conditional on a specific, subjectively imposed stress-scenario. Eigenvalue-based approaches, in contrast, provide a scenario-independent measure of systemic stability, but only...