We draw on a comprehensive set of data of all registered firms in Thailand to examine whether firm size affects the relation between leverage and operating performance during the global financial crisis of 2007–2009. From a data set of 496,430 firm-year observations of a sample of 170,013...

The recent economic and financial crisis does not call for a change in monetary policy strategy, but rather better integration of financial conditions and financial-crisis risks in the implementation of this strategy: this appears to be the main conclusion of a conference organised by the Banque...

For now, effective capital controls allows the Chinese authorities to retain regulated deposit and lending rates, quantitative credit guidance and bond-market rationing. Relaxing capital controls would put these policies at risk. Reserve requirements can be extended to bank inflows from the...

This paper investigates the transmission mechanism of mortgage premium to characterize the relationship between the housing market and business cycle for the U.S. We find that mortgage premium is crucial for the amplification and propagation of the model to match the main properties of U.S....

Money markets offer monetary services and short-term finance in the capital market with the credit support of institutional sponsors. Investors finance money market instruments at low interest because their salability on short notice confers an implicit monetary services yield. Low interest...

La récente crise économique et fi nancière appelle non pas une modification de la stratégie de politique monétaire, mais une meilleure prise en compte des conditions financières et du risque de crise fi nancière dans la mise en oeuvre de cette stratégie : telle semble être la principale...

The asset price channel focuses on the relative prices of a wide range of assets in the transmission of monetary impulses on the financial and real capital markets. If monetary impulses are already fading on the financial markets, then their effectiveness in terms of economic policy targets has...

Firms in emerging markets are exposed to severe financial frictions and credit constraints that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial...

The paper examined the interest rate operations and processes in Nigeria and examined the role of financial development in incentivizing central bank monetary policies from the monetary policy rate to the money market rates, lending rates, and deposit rates. The analysis covered the period from...

The authors review the challenges that the Romanian economy and society had to face in the European and global geoeconomic context. Starting from the perspectives advanced by the international economic fora, the risks the European economy will have to answer through counteracting and general...