In light of the uncertainties about valuation highlighted by the 2007-2008 market turbulence, this paper provides an empirical examination of the potential procyclicality that fair value accounting (FVA) could introduce in bank balance sheets. The paper finds that, while weaknesses in the FVA...

This paper assesses the role of international commodity prices, cyclical fluctuations, and convergence in driving inflation in 18 European emerging economies. Country specific VARs and panel estimates indicate that international commodity price shocks have a significant impact on domestic...

In Someplace Like America, writer Dale Maharidge and photographer Michael S. Williamson take us to the working-class heart of America, bringing to life-through shoe leather reporting, memoir, vivid stories, stunning photographs, and thoughtful analysis-the deepening crises of poverty and...

Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Figures -- List of Tables -- Preface -- 1. Characteristics of Recessions -- Business Cycles and Recessions -- A Proposed New Definition of Economic Downturns -- Frequency of Recessions Since the...

Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to their prime broker to be used again as collateral by that prime broker for its own funding. In the United Kingdom, such use of a customer's assets by a prime broker can be for an unlimited amount of the...

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in...