Financial supervision focuses on the aggregate (macroprudential) in addition to the individual (microprudential). But an agreed framework for measuring and addressing financial imbalances is lacking. We propose a holistic approach for the financial system as a whole, beyond banking. Building on...

I study rollover risk in the wholesale funding market when intermediaries can hold liquidity ex ante and are subject to fire sales ex post. Precautionary liquidity restores multiple equilibria in a global rollover game. An intermediate liquidity level supports both the usual run equilibrium and...

Regulation of banks and financial institutions to avoid a crisis similar to the Financial Crisis of 2007-2008 has been a theme of financial regulation and much research. Much of the research has been explicitly designed to affect regulatory policy. In this article, I take a step back and...

The presentation describes the findings of the paper "The interaction between financial development, macroprudential policy and economic growth: a cross-country perspective" (joint with Maria Shchepeleva (HSE)) presented at the International Conference "The new global challenges and comparative...