Looking at the evolution of financial integration over the past half‐century in the world economy, one might conclude that financial openness is an irresistible long-run trend, hailed by policymakers and academic economists alike. Both emerging markets and advanced economies have increasingly opened their borders to financial flows.
Dilemma not Trilemma: The global financial cycle and monetary policy independence
Hélène Rey, 31 August 2013
Curbing the credit cycle
David Aikman, Andrew G Haldane, Benjamin Nelson, 17 March 2011
Credit lies at the heart of crises. Credit booms sow the seeds of subsequent credit crunches. This is a key lesson of past financial crashes, manias and panics (See e.g. Minsky 1986, Kindleberger 1978, and Reinhart and Rogoff 2009). It was a lesson painfully re-taught to policymakers during the most recent financial crisis.
The governance of macro-prudential taxation
Enrico Perotti, 7 April 2010
This April, the G20 countries will seek to coordinate their bank taxation strategies. This time around the debate will focus on the best tax base.
The future of financial regulation
Jean-Charles Rochet, Pierre-François Weber, 2 April 2009
Editor-in-Chief’s Note: The Banque de France and the Toulouse School of Economics hosted a conference in January on “The Future of Financial Regulation”. This column is an opinionated offspring of that event.
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