An Anglo-American regulatory ‘culture’ became associated with 30 years of worldwide economic reforms, global growth and monetary stability. American and British officials identified major sources of instability in their own financial markets before 2007 but remained non-interventionist,...

Although the US credit crisis precipitated it, the Irish credit crisis is an identifiably separate one, which might have occurred in the absence of the U.S. crash. The distinctive differences between them are notable. Almost all the apparent causal factors of the U.S. crisis are missing in the...

In the quarter-century since the Bank of England Monetary Policy Committee was established, the various financial operations of the Bank of England and of the Government have become more inter-dependent, as a result of the financial crisis, quantitative easing, the response to Covid, and...

This article reviews the impact of commercial real estate (CRE hereafter) on macro-financial stability and gives some ideas, how central banks could deal with the risk. First, we present the main features of the CRE market, explain its cycle and outline risks related to this market. Its relation...

In the backdrop of global financial crisis uncovering certain fundamental infirmities in the global financial system, the high priority task of renovating bank balance sheets while reinstating the regular flow of credit to the economy, the challenge is to make the banking systems more stable and...