We study the role and the interaction of the quality of institutions and of counter-cyclical policies in leaning against the Global Financial Cycle (GFC) in Emerging Economies (EMEs). We show that heteroegeneity in institutional strength is a key determinant of the different effects of the GFC...

Global liquidity as a new trend in international capital flows -- Destination of Global Liquidity before the Global Financial Crisis: Role of Foreign Bank Presence and the EU Effect -- Global Liquidity and Reallocation of Domestic Credit -- Global Financial Crisis and Demand for the US Dollar as...