This paper surveys the literature to document the main stylized facts, risks, and policy
challenges related to the expansion of global nonfinancial corporate debt after the 2008–09 …

This contribution discusses the international aspect of financialization in developing and
emerging economies (DEEs). It argues that international financialization is more than just an …

We use a new data set on macroprudential foreign exchange (FX) regulations to evaluate
their effectiveness and unintended consequences. Our results support the predictions of a …

Abstract Modern Money Theory (MMT) has become very popular among some progressive
economists. Its basic argument is that budget deficits are usually not a constraint on …

We develop a quantitative model with imperfections in domestic and international financial
markets that generates strong effects of US monetary policy on emerging markets (EMs) …

We explore how the sources of shocks driving interest rates, country vulnerabilities, and
central bank communications affect the spillovers of US monetary policy changes to …

Global liquidity is a catch-all term that is used to denote the combination of easier financing
conditions, capital inflows, and exchange rate appreciation. An approach based on the …

The paper analyses the relation between premature deindustrialization in Latin America and
what is termed premature financialization. Premature financialization is defined as a turn to …

Abstract Since the Great Financial Crisis, emerging market economies have been more
active in FX markets. As rising dollar debt and increased exposure to global financing flows …

We quantify the causal link between exchange rate movements and sovereign risk of 16
major emerging market economies (EMEs) by means of structural vector autoregressive …