This paper reviews literature on the empirical relationship between vulnerabilities in the
financial system and the macroeconomy, and how monetary policy affects that connection …

We study the relationship between credit expansions, macroeconomic fluctuations, and
financial crises using a novel database on the sectoral distribution of private credit for 117 …

" This Handbook adopts a traditional definition of the subject, and focuses primarily on the
explanation of international transactions in goods, services, and assets, and on the main …

We study trends and drivers of long-run stock market growth in 17 advanced economies.
Between 1870 and the 1980s, stock market capitalization grew in line with GDP. But over …

ABSTRACT A large literature focuses on the implications of the dollar for international risk
sharing. In contrast, we find evidence that most of the risk sharing associated with the dollar …

We provide a model connecting the global saving glut to productivity growth. The key feature
is that the tradable sector is the engine of growth of the economy. Capital flows from …

Handbook of International Economics, Fifth Edition provides a definitive reference and
teaching supplement for researchers and advanced graduate students. It includes self …

Does monetary policy affect funding vulnerabilities of the banking system? I show that
contractionary monetary policy shocks cause an aggregate outflow of retail deposits and an …

What is the sectoral composition of the market for safety, and does it matter for economic
stability? To address these questions, we construct a novel dataset of sectoral safe asset …

This paper uses newly digitized Balance of Payments data, covering 33 countries from 1923
to 1938, to study international capital flows and their economic implications in the interwar …