Does international financial integration boost economic growth? The question has been discussed controversially for a long time. As of yet, robust evidence for a positive impact is lacking (Edison et al., 2002). However, there is substantial narrative evidence from economic history that...

This paper proposes to organize thinking about the opportunities for improving and extending financial markets and safety nets for the poor, by focusing on factors that may explain why the linkage of local financial networks and safety nets with the larger economy often fails or is incomplete....

Financial and economic crises repeat themselves at indefinite intervals. As in the Great Recession (also known as Subprime Crisis) of 2007/2008 there was a bundle of events and processes that preceded it and contributed to its emergence, whether it be economic, political, or ideological. Based...

This paper presents an extensive update to the Central Bank Independence - Extended (CBIE) index, originally developed in Romelli (2022), extending its coverage for 155 countries from 1923 to 2023. The update reveals a continued global trend towards enhancing central bank independence, which...

Capital flow and commodity cycles have long been connected with economic crises. Sparse historical data, however, has made it difficult to connect their timing. We date turning points in global capital flows and commodity prices across two centuries and provide estimates from alternative data...

This study estimates the impact of financial deregulation on top income shares. Using the novel econometric method of constructing synthetic control groups, we show that the "Big Bang"-deregulations in the United Kingdom in 1986 and Japan 1997-1999 increased the share of pre-tax incomes going to...

This paper uses Johansen's cointegration to test for the possibility of co-integration and Granger-causality to estimate the causal relationship between stock market index and monetary indicators (exchange rate and M2) before and during the global financial crisis for Nigeria, using monthly data...

This paper explores the impact of antiquity on capitalism through the finance-growth nexus. We define antiquity as the length of established statehood (i.e., state history) and agricultural years. We argue that extractive institutions and deeply entrenched interest groups may prevail in...

In January 2013, the Basel Committee on Banking Supervision issued 14 principles for effective risk data aggregation and risk reporting (BCBS 239) and outlined the paths to compliance for globally systemically important banks (G-SIBs) and domestic systemically important banks (D-SIBs).The Basel...