The purpose of the article is to present the possible regimes of bank resolution in the euro system and to highlight open questions concerning additional capital buffers and the valuation of assets according to the Bank Recovery and Resolution Directive (BRRD). The bail-in tool is used to write...

This paper argues that investor reluctance to make long-term commitments to Latin American financial markets results from experience: in the 1980s while ex ante real interest rates on Latin American financial assets were usually high, ex post real interest rates wre often highly negative.

This paper focuses on the design of successful bank restructuring programs in Latin America-- a region where banking crises have been frequent in the past two decades.

Although nominal interest rates are constrained by the zero lower bound (ZLB), Central Banks can increase the monetary base (M0), e.g. by Quantitative Easing (QE). But the link, money multiplier, between M0 and the wider monetary aggregates has collapsed. Although QE was, nevertheless,...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

What is the optimum quantity of money in a society? This paper answers this question both from the perspective of a utility maximizing model with real balances in the utility function, and employing an inventory theoretic model which focuses attention on the costs of transacting in different...

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is...

This paper argues that the experiences with banking crises in Latin America have been different from those in the industrial world because of the peculiarities of Latin American financial system. Hence, applying the lessons from crisis resolution in the industrial world is not sufficient to deal...

This paper falls under the literature on weighted monetary aggregates that seeks to relax the assumption of perfect substitutability of assets implicit in the use of traditional monetary aggregates. Specifically, using the methodology recently proposed by Feldstein and Stock, an estimation is...