This paper examines how banks reallocate credit after the introduction of a more enforceable housing collateral contract in Brazil. This new contract greatly improved the repossession of real estate assets used as collateral for personal and business loans. We find opposing effects of this...

"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we assess the effect of EMU on structural reform and...

This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we assess the effect of EMU on structural reform and...