This book offers a comprehensive overview of the financial systems of major industrialized countries using the statistical framework of the financial accounts. After a discussion of how economists agreed to create a framework to monitor the financial linkages between surplus and deficit sectors,...

This paper tests the hypothesis of liquidity hoarding in the Italian banking system during the 2007-2011 global financial crisis. According to this hypothesis, in periods of crisis, interbank markets stop working and central banks’ interventions are ineffective because banks hoard the...