AbstractThe following sections are included:IntroductionFinance and Growth, Inequality, and PovertyBanks, growth, inequality, and the poorCross-country evidenceU.S. evidence on finance, growth, inequality, and the poorBanks, markets, and growthFinancial Innovation and GrowthConclusionsReferences

AbstractThe following sections are included:IntroductionWhy Interest Rates Affect House PricesThe user cost frameworkA dynamic user cost modelThe credit channelThe risk-taking channelEvidence on the Response of House Prices to Interest RatesExisting literatureResults from an error-correction...

AbstractThe following sections are included:IntroductionGraduating ClassGraduation and “Fear of Free Falling”Graduation and “Fear of Free Falling”— Regression AnalysisConclusionsReferencesAppendix 1. Definition of Variables and SourcesAppendix 2. Countries in the SampleAppendix 3. Data...

AbstractThe following sections are included:IntroductionCapital Flow Volatility in the 2000s: The Dominance of Events in Advanced EconomiesThe Capital Inflow Problem: A Common Concern Under Different Growth ModelsCentral Bank Responses in Emerging Markets: Can There be Enough Instruments in...

AbstractThe following sections are included:Overview of the Macroprudential ApproachIdentifying and Addressing Structural Forms of Systemic RiskIdentifying and Addressing Cyclical Forms of Systemic RiskCurrent ChallengesConclusion

AbstractThe Eurozone crisis of autumn 2011 is a sequel to the financial crisis of 2008–2009. It would have been much easier to contain and resolve had there been no global financial crisis, no deep recession in the advanced countries. It is therefore too facile, indeed wrong, to say that the...

In the present paper we undertake to link democracy with a set of indicators for economic freedom and financial crises, using panel data analysis. The sample covers annually the period 2000-2012 for the EU, the USA and Japan. The results point out, that political stability is positively related...

During the past decades the world community has witnessed an unprecedented rise of civil society in general and of organized civil society in particular. Indisputably, civil society has been the new keyword in issues ranging from governance to economic development. Likewise, the state has...

Stress testing has become an essential and very prominent tool in the analysis of financial sector stability and development of financial sector policy. Starting with 2010 stress test led by the Committee of European Banking Supervisors (CEBS), and reinforced by 2011 stress test and the bank...

Current financial crisis, branded as global, has severely affected economies of developed countries. Revenue drops, high deficits and debt forced actions taken in many countries to seek savings and changes of socio-economic structures. This paper concerns the issue of consequences of the...