Central banks play a crucial role in promoting financial stability. They act as financial system stabilizers through their capacity to create liquidity and channel it to financial institutions and markets in times of stress - a role that has evolved and expanded substantially over the past 15...

This paper describes the ecology of automated market makers (AMMs), which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance. We use blockchain data to identify trends in user adoption and trading volumes of AMMs. Given the...

We use administrative credit registry data from Europe to study the impact of voluntary lender net zero commitments. We have two sets of findings. First, we find no evidence of lender divestment. Net zero banks neither reduce credit supply to the sectors they target for decarbonization nor do...

Using the green finance policies (GFPs) in China as a shock to capital allocation, we find that the implementation of GFPs improves audit quality for green firms. Specifically, green firms are likely to receive favorable audit opinions, pay lower audit fees, and generate higher-quality financial...

This paper explores how accounting disclosures can be combined with regulatory disclosures to refine existing concepts of free cash flows to equity (FCFE) for financial institutions. The resulting measure is designed to promote market discipline by helping investors distinguish among capital...

Subsequent to the 2008 global crisis, Basel III has proposed some major changes to the Basel II banking regulations, such as increases in Tier 1 capital, mandatory and discretionary capital buffers, and new liquidity ratios. In this paper we provide a comparative study of the Islamic versus...