Technological innovation has greatly improved the safety and efficiency of securities post-trading over the last few decades and it holds the potential to resolve open issues, as well as to address new market and regulatory needs. This prompted the Advisory Group on Market Infrastructures for Se...
The EU is working to ensure the financial system remains strong and secure and that the single market offers consumers and businesses the financial products they need. Financial institutions and markets play a vital role in the stability and growth of the EU economy. They provide funding to hous...
We study the macroeconomic consequences of financial shocks and increase in economic risk using a quantile vector autoregression. Financial shocks have a negative, but asymmetric impact on the real economy: they substantially increase growth at risk, but have limited impact on upside potential. ...
This paper uses representative individual household data from Luxembourg to evaluate how severe economic conditions could affect bank exposure to the household sector. Information on household income, expenses and liquid assets are used to calculate household-specific probabilities of default (P...
This paper develops an early warning model of systemic banking crises that combines regression tree technology with a statistical algorithm to improve its accuracy and overcome some drawbacks of more standard models....
This paper provides a quantitative assessment of the relative importance of global structural shocks for changes in financial conditions across a sample of emerging market economies. We disentangle four key drivers of global financial markets (oil supply shocks, global economic news shocks, US-s...
The objective of this economic paper is to review issues and problems arising in the area of corporate governance from a broader economic perspective at a time when a series of major corporate accounting fraud scandals has renewed interest in the subject. The paper highlights the economic signif...
Both academic researchers and policymakers posit a unique role for the US in the international financial system. This paper investigates the characteristics and determinants of US cross-border financial flows and examines how these contrast with those of the rest of the world. We analyse the rel...
