We critically review the recent literature on currency unions and discuss the methodological
challenges posed by the empirical assessment of their costs and benefits. In the process, we …

In recent years, reporting under International Financial Reporting Standards (IFRS) became
mandatory in many countries. The capital-market effects around this change have been …

We identify the international credit channel by exploiting Mexican supervisory data sets and
foreign monetary policy shocks in a country with a large presence of European and US …

This study examines the effect of mandatory adoption of International Financial Reporting
Standards (IFRS) on both accrual-based and real earnings management. While prior …

Home bias is a perennial feature of international capital markets. We review various
explanations of this puzzling phenomenon highlighting recent developments in …

We examine the capital-market effects of changes in securities regulation in the European
Union aimed at reducing market abuse and increasing transparency. To estimate causal …

A framework for macroprudential regulation that defines systemic risk and macroprudential
policy, describes macroprudential tools, and surveys the effectiveness of existing …

The paper examines the extent to which current account imbalances of euro area countries
are related to intra-euro area factors and to external trade shocks. We argue that the …

We show that after the start of the euro area sovereign debt crisis, lending by non-GIIPS
European banks with sizeable holdings of GIIPS sovereign bonds declined relative to …

We study the effect of financial integration (through banks) on the transmission of
international business cycles. In a sample of 18/20 developed countries between 1978 and …