characterizes the size and sign of its fiscal footprint, as well as the states of the world in which the temptation for fiscal goals …

dataset on economic crises after the Second World War. Results show that, in terms of the real economy, developing countries …

The sharp, secular decline in the world real interest rate of the past thirty years suggests that the surge in global … made the world economy more vulnerable to financial crises. These findings are the quantitative predictions of a two …

crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the …

market inflows, and openness to foreign bank entry are found to reduce the vulnerability to financial contagion. Finally …, vulnerability to international bank balance-sheet shocks is found to be lower in situations of abundant global liquidity …, underlining the importance of adequate central bank reactions in situations of financial turmoil …

done to strengthen our financial systems. As the world addresses the financial impact of the COVID-19 pandemic, the …

We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and … privatemarket and central bank security valuations - plays a key role in the propagation ofthe shock to lending and the real economy. …