We model a futures exchange's clearinghouse as a "bank" holding a portfolio of credit lines available to its clearing members and collateralized with clearing margins or, equivalently, a portfolio of short European put basket options. Consequently, the "bank" model measures the clearinghouse's...

Cover -- Title Page -- Copyright Page -- Contents -- Preface -- About the Authors -- Chapter 1 Introduction to Strategic Governance and Internal Governance Actors -- Internal Governance -- Purposes for Boards of Directors -- Board Structure and Process: Effective Board Strategic Control and...

The Greek financial system has remained resilient underpinned by strengthening banks' balance sheets, but still faces significant challenges ahead including the re-emergence of imbalances in the real estate market. Recognizing these imbalances, the authorities have recently introduced the...

The Greek government has provided substantial support to households to cope with the high cost of living in 2022-2023. This paper leverages on the rich micro-level data on household consumption in the Household Budget Survey to study the distributional impact of price increases. Policy...

Raising long-term growth and resilience and improving living standards and inclusion are the top economic policy priorities for countries in the Caucasus and Central Asia (CCA). The region responded strongly to the COVID shock, which unavoidably caused a contraction in output and an increase in...

This Selected Issues paper assesses risks in the Panamanian banking sector. The analysis suggests that Panama's banking system seems able to withstand reasonably severe shocks, while contagion risks stem primarily from foreign banks. Ample starting capital buffers and bank profitability prevent...

Over the next few decades, the world will experience significant demographic shifts, with material fiscal implications. In many advanced and emerging market economies, aging populations will lead to higher spending on pensions and health care. Moreover, projected population dynamics will...

Повышение долгосрочного роста и стойкости к потрясениям, а также повышение уровня жизни и инклюзивности - главные экономические приоритеты стран Кавказа и...