This article surveys the co-evolution of monetary policy and financial stability for a number of
countries from 1880 to the present. Historical evidence on the incidence, costs, and …

Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the
business cycle (JY Campbell). 20. Human behavior and the efficiency of the financial system …

Foreign currency debt is widely believed to increase risks of financial crisis, especially after
being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study …

We propose a measure of financial market integration based on a factor model of equity
returns computed back to the first era of financial globalization for 17 countries. Global …

The economic literature has been forceful on the role of fiscal institutions in attenuating
economic fluctuations. In particular, the implementation of fiscal rules has gained importance …

Interconnections between banking crises and fiscal crises have a long history. We document
the long-run evolution from classic banking panics toward modern banking crises where …

This paper explores the role of international reserves as a stabilizer of international capital
flows, in particular during periods of global financial stress. In contrast with previous …

New data documenting E uropean bond issues in major financial centres from 1919 to 1932
show that conditions in international capital markets and not just in borrowing countries are …

This paper examines the relationships of trade with economic growth and growth volatility
using the Chudik and Pesaran (2013) cross-sectionally augmented autoregressive …

We study the effects of news about future total factor productivity (TFP) in a small open
economy. We show that an open‐economy version of the neoclassical model produces a …