We investigate the cyclical properties of non-bank credit and its relevance for financial stability. We construct a measure of non-bank credit for a large sample of countries and find that its cyclical properties differ from those of bank credit. Non-bank credit cycles are highly correlated with...

The rise of new forms of private money is reviving a long-standing debate on the appropriate balance between private and public interests in money and payments. The main aim of this paper is to explore an integrated policy analysis of various digital assets that may function as money: bank...

This paper draws lessons on the central bank underpinnings of money from the rise and fall of the Bank of Amsterdam (1609–1820). The Bank started out as a “stablecoin”: it issued deposits backed by silver and gold coins, and settled payments by transfers across deposits. Over time, it...

Central banks can operate with negative equity, and many have done so in history without undermining trust in fiat money. However, there are limits. How negative can central bank equity be before fiat money loses credibility? We address this question using a global games approach motivated by...

This paper evaluates adherence of EU member states to the agreed policy recommendations to (i) redirect public expenditure towards growth-enhancing items and (ii) to improve the efficiency and control of public expenditure. Results show that countries that have been at the forefront of...

We investigate the track record of multi-annual budgetary plans of EU Member States formulated in the Stability and Convergence Programmes and updates. The study is based on the analysis of an original database summarizing the main macroeconomic and budgetary variables projected by the Member...