The relatively new world of ESG indicators displays many similarities with the original markets for ratings and benchmarks but it also has some distinguishing features.
The discussion about central bank digital currencies (CBDCs) has gained impressive momentum.
Academics and regulators posit that mutual funds that engage in significant liquidity transformation can be systemically risky.
This paper first develops a theoretical model showing a concave impact of regulation on the probability of a crisis, and then tests this relationship by applying a non-linear Pro
Over-the-counter markets are at the centre of the global reform of the financial system.
The likelihood of severe contractions in an asset’s liquidity can feed back to the ex-ante risks faced by the individual providers of such liquidity.
The paper investigates the behaviour of credit rating agencies (CRAs) using a natural experiment in monetary policy.
The paper investigates the importance of having a sovereign credit rating for a country’s financial development.
The paper analyses euro area investors’ portfolio rebalancing during the ECB’s Asset Purchase Programme (APP) at the security level.
This paper provides the first detailed empirical analysis of the failure of a derivatives clearinghouse: the Caisse de Liquidation, which defaulted in Paris in 1974.
Contrary to conventional wisdom, this paper contends that the excessive development of capital market finance has been one of the catalysts behind the crises and scandals that ha
This paper contrasts the investment behaviour of different financial institutions in debt securities as a response to price changes.
