Before a new financial architecture can be established in the wake of the financial crisis, the increasing importance of the global financial market channel must be fully understood. This importance was illustrated by the unexpectedly strong dampening effects of the financial crisis on the real...

Increasing global capital flows are principally beneficial for the improved international allocation of capital, credit and risks, but this process is not without risks for global financial stability. Expanded global monitoring of international capital flows should deepen our knowledge of the...

Die Finanzkrise hat gezeigt, dass Preisstabilität das vorrangige Ziel der Notenbanken bleibt, sie aber zunehmend die Stabilität des Finanzsystems in ihr Kalkül einbeziehen müssen. Eine asymmetrische Geldpolitik einer Notenbank, d.h. expansivere Maßnahmen in der Baisse-Phase an den...