Author/Editor: Ashok Vir Bhatia, Tamim Bayoumi.

Release Date: June, 2012

This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset more...

Author/Editor: Luc Laeven, Fabian Valencia.

Release Date: June, 2012

We update the widely used banking crises database by Laeven and Valencia (2008, 2010) with new information on recent and ongoing crises, including updated information on policy responses and outcomes more...

Author/Editor: Carlos Caceres, Anna Kochanova.

Release Date: May, 2012

This paper analyzes the linkages between governance quality and country stress events. It focuses on two types of events: fiscal and political stress events, for which two innovative stress more...

Author/Editor: Ralph De Haas, Yevgeniya Korniyenko, Elena Loukoianova, Alexander Pivovarsky.

Release Date: May, 2012

We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008–09 more...

Author/Editor: Alfredo Baldini, Jaromir Benes, Andrew Berg, Mai Dao, Rafael Portillo.

Release Date: April, 2012

We develop a DSGE model with a banking sector to analyze the impact of the financial crisis on Zambia and the role of the monetary policy response. We view the crisis as a combination of three more...

Author/Editor: Manmohan Singh, Peter Stella.

Release Date: April, 2012

Between 1980 and before the recent crisis, the ratio of financial market debt to liquid assets rose exponentially in the U.S. (and in other financial markets), reflecting in part the greater use of more...

Author/Editor: Vadim Khramov.

Release Date: April, 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral more...

Author/Editor: Lorenzo E. Bernal-Verdugo, Davide Furceri, Dominique M. Guillaume.

Release Date: March, 2012

Using a sample of 97 countries spanning the period 1980“2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears more...

Author/Editor: Damiano Sandri, Fabian Valencia.

Release Date: March, 2012

We develop a dynamic stochastic general equilibrium model with financial frictions on both financial intermediaries and goods-producing firms. In this context, due to high leverage of financial more...

Author/Editor: Driton Qehaja.

Release Date: March, 2012

External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: more...

Release Date: February, 2012

Release Date: January, 2012

Over the past decade, Indonesia has developed into an important regional and global economy, as well as an active participant in the G20. The chapters in this book document the substantial more...

Author/Editor: Harun Alp, Selim Elekdag, Subir Lall.

Release Date: January, 2012

Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the more...

Author/Editor: V. Crispolti, George C. Tsibouris.

Release Date: January, 2012

This paper provides a historical perspective on the role of international reserves in low-income countries as a cushion against large external shocks over the last three decades - including the more...

Author/Editor: Stijn Claessens, Neeltje van Horen.

Release Date: January, 2012

This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign bank behavior and impact. It documents substantial increases in foreign bank more...

Author/Editor: Francisco F. Vázquez, Pablo Federico.

Release Date: January, 2012

This paper analyzes the evolution of bank funding structures in the run up to the global financial crisis and studies the implications for financial stability, exploiting a bank-level dataset that more...

Author/Editor: Atish R. Ghosh, Jonathan David Ostry, Charalambos G. Tsangarides.

Release Date: January, 2012

Why have emerging market economies (EMEs) been stockpiling international reserves? We find that motives have varied over time”vulnerability to current account shocks was relatively important in the more...

Author/Editor: Harun Alp, Selim Elekdag, Subir Lall.

Release Date: January, 2012

Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange more...

Author/Editor: Sonali Das, Amadou N Sy.

Release Date: January, 2012

We study how investors account for the riskiness of banks' risk-weighted assets (RWA) by examining the determinants of stock returns and market measures of risk. We find that banks with higher RWA more...

Release Date: December, 2011