We estimate a multivariate early-warning model to assess the usefulness of private credit and other macro-financial variables in predicting banking sector vulnerabilities. Using data for 23 European countries, we find that global variables and in particular global credit growth are strong...

Using a novel cross-European dataset on bank internationalization, the paper accounts for both organizational and geographic complexity and evaluates its impact on systemic risk and how both the 2008–09 global financial crisis and the 2010–11 European sovereign debt crisis might have...

Global liquidity provision is highly procyclical. The recent financial crisis has resulted in a flight to safety, with severe strains in key funding markets leading central banks to employ highly unconventional policies to avoid a systemic meltdown. Bagehot's advice to 'lend freely at high rates...

The global financial crisis triggered a vast number of new laws and regulations at international level, including initiatives that can be classified as "soft law". The legitimacy and efficacy of these new norms are subject to intensive academic and political debates. At the same time, soft law...

The article analyses the process and results of regulatory reforms in the European Union affected by general changes in financial markets, 2007-2008 Financial crisis and Eurozone crisis. Changes in regulation are tracked at national, global and supranational levels. Last decade shifts in...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

Digitalization is reshaping finance, opening new market and development opportunities, and bringing with it new risks. Digital finance, or ‘fintech', makes a difference by providing access to more, better and cheaper data, removing unnecessary intermediation, enhancing efficiency to reduce...

Six countries; Qatar, Indonesia, Saudi Arabia, Malaysia, the United Arab Emirates and Turkey (denoted by the acronym QISMUT) are considered the potential primary force of the future international development of Islamic finance. These countries, with both expertise and potential for growth in...

This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account liberalisation and internationalisation of the use of the renminbi. After a slowdown in reform momentum during the global financial crisis, there is a clear push towards reform,...