The purpose of our work is to explore contagious financial crises. To this end, we use simplified, thus numerically solvable, versions of our general model [Goodhart, Sunirand and Tsomocos (2003)]. The model incorporates heterogeneous agents, banks and endogenous default, thus allowing various...

This paper describes the Australian banking system, highlighting ways in which it differs from other major banking systems. It draws together themes from previous work conducted at the Reserve Bank of Australia (RBA), and outlines the role the banking system plays in the transmission of monetary...

The Bundesbank and the Banque de France held their third joint conference on 19 and 20 May 2011 in Hamburg. The conference was devoted to the challenges that macroeconomic policy – in the form of monetary, fi scal and tax policy – must address in the short and long run.

Is there any factor that is not analyzed in the literature but is important for preventing currency crises? What kind of shock is important as a trigger of a currency crisis? Given the same shock, how does the impact of a currency crisis differ across countries depending on the degree of each...

Academic research, government inquiries, and press accounts show extensive mortgage fraud during the housing boom of the mid-2000s. We explore a particular type of mortgage fraud: the overstatement of income on mortgage applications. We define “income overstatement” in a zip code as the...

In times of politically motivated low interest rates, many Credit Cooperatives are under pressure to increase productivity. This seems to be the only way in order to continue their business model in a profitable manner. The present study provides empirical results of the different parameters...

The study investigates the effect of interest rates on customer savings behavior in the Nigerian banking sector, after identifying a host of factors that are likely to influence customer confidence in commercial banks such as average income, commercial lending, legal rights strength, central...

Lobbying is a phenomenon which is already present in all political systems and it is not surprising if you consider the issue of lobbying within the formal structures of governance of financial markets and financial industry in the EU and Kosovo. However, the complex and inscrutable...

This paper arms central bank policy makers with ways to think about interactions between financial stability and monetary policy. We frame the issue of whether to integrate financial stability into monetary policy operating rules by appealing to the observation that in actual economies financial...

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...