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An Overlooked Channel of International Business Cycle Transmission?
This paper shows that remittance flows significantly increase the business cycle synchronization between remittance-recipient countries and the rest o...
Can it Meet Multiple Macroeconomic Goals?
Using several recently available global datasets, this Staff Discussion Note examines macroeconomic effects of financial inclusion. It finds significa...
Stability and Growth in Emerging Markets
The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines fi...
Do All Countries Benefit Equally?
A large theoretical and empirical literature has focused on the impact of financial deepening on economic growth throughout the world. This paper cont...
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This paper examines the role of bank capital in decision-making by bank holding companies (BHCs) in the United States. Following Chami and Cosimano’...
We study the behavior of private pension funds as large depositors in a banking system. Using panel data analysis, we examine whether, and if so how, ...
The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Musli...
What to Expect? What Can Be Done?
This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds t...
Using a new dataset, we measure the large gap between the representation of men and women in leadership positions in banks and bank supervision agenci...
This paper identifies a remittances channel that transmits exogenous shocks, such as business cycles in remittance-sending countries, to the public fi...
Some Observations
This note analyzes recent trends in offshore US dollar funding markets and explores the drivers of dollar funding costs during the COVID-19 pandemic c...
"Financial development increases a country's resilience and boosts economic growth. It mobilizes savings, promotes information sharing, improves resou...
This paper introduces the concept of the financial possibility frontier as a constrained optimum level of financial development to gauge the relative ...
Given the large size of aggregate remittance flows (billions of dollars annually), they should be expected to have significant macroeconomic effects o...
This study analyzes foreign investment in Colombia’s financial system, chronicling major changes in legislation, describing how investment flows evo...
Costs, Financial Taxation, Market Power, and Loan Quality in the Colombian
This paper examines the determinants of the high intermediation spread observed in the Colombian banking sector for over two decades. A reduced-form e...
What's the Damage?
Using data on the distribution of migrants from Africa, GDP growth forecasts for host countries, and after estimating remittance multipliers in recipi...
Beyond the Usual Suspects
Dollarization of liabilities (DL) has emerged as a key factor in explaining the vulnerability of emerging markets to financial and currency crises. "U...