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Javier Bianchi

Citations

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Javier Bianchi, 2011. "Overborrowing and Systemic Externalities in the Business Cycle," American Economic Review, American Economic Association, vol. 101(7), pages 3400-3426, December.

    Mentioned in:

    1. Capital Controls, Currency Wars, and International Cooperation
      by Blog Author in Liberty Street Economics on 2013-05-13 16:00:00
    2. About overborrowing
      by Christian Zimmermann in NEP-DGE blog on 2009-11-01 08:26:03
  2. Javier Bianchi, 2009. "Overborrowing and systemic externalities in the business cycle," FRB Atlanta Working Paper 2009-24, Federal Reserve Bank of Atlanta.

    Mentioned in:

    1. Capital Controls, Currency Wars, and International Cooperation
      by Blog Author in Liberty Street Economics on 2013-05-13 16:00:00
    2. About overborrowing
      by Christian Zimmermann in NEP-DGE blog on 2009-11-01 08:26:03
  3. Javier Bianchi, 2016. "Efficient Bailouts?," Working Papers 730, Federal Reserve Bank of Minneapolis.

    Mentioned in:

    1. Efficient Bailouts?
      by Christian Zimmermann in NEP-DGE blog on 2016-03-15 23:35:00

Working papers

  1. Javier Bianchi & Louphou Coulibaly, 2025. "The Optimal Monetary Policy Response to Tariffs," Working Papers 810, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Ignatenko, Anna & Lashkaripour, Ahmad & Macedoni, Luca & Simonovska, Ina, 2025. "Making America great again? The economic impacts of Liberation Day tariffs," Journal of International Economics, Elsevier, vol. 157(C).
    2. Paul Bergin & Giancarlo Corsetti, 2025. "Exchange Rates and Monetary Stabilization of Tariff Shocks," NBER Working Papers 33845, National Bureau of Economic Research, Inc.
    3. Jouvanceau, Valentin & Darracq Pariès, Matthieu & Dieppe, Alistair & Kockerols, Thore, 2025. "Trade wars and global spillovers. A quantitative assessment with ECB-global," Working Paper Series 3117, European Central Bank.
    4. Mac Mullen, Marcos & Woo, Soo Kyung, 2025. "Real exchange rate and net trade dynamics: Financial and trade shocks," Journal of International Economics, Elsevier, vol. 157(C).
    5. Anantha Divakaruni & Peter Zimmerman, 2025. "Tariffs, Stablecoins, and the Demand for Dollars," Working Papers 25-21, Federal Reserve Bank of Cleveland.
    6. Luca Fornaro & Martin Wolf, 2025. "Tariffs and technological hegemony," Economics Working Papers 1925, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2026.
    7. Marcos Mac Mullen & Soo Kyung Woo, 2025. "Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks," International Finance Discussion Papers 1419, Board of Governors of the Federal Reserve System (U.S.).
    8. Darracq Pariès, Matthieu & Jouvanceau, Valentin & Eyquem, Aurélien, 2026. "The third-country effects of trade wars," Working Paper Series 3213, European Central Bank.
    9. Eduardo D‡vila & AndrŽs Rodr’guez-Clare & Andreas Schaab & Stacy Tan, 2025. "A Dynamic Theory of Optimal Tariffs," Cowles Foundation Discussion Papers 2444, Cowles Foundation for Research in Economics, Yale University.

  2. Mauricio Barbosa-Alves & Javier Bianchi & César Sosa-Padilla, 2024. "International Reserve Management under Rollover Crises," Working Papers 321, Red Nacional de Investigadores en Economía (RedNIE).

    Cited by:

    1. Maeng, F. S., 2024. "Default, Inflation Expectations, and the Currency Denomination of Sovereign Bonds," Cambridge Working Papers in Economics 2438, Faculty of Economics, University of Cambridge.

  3. Javier Bianchi & Alisdair McKay & Neil Mehrotra, 2024. "How Should Monetary Policy Respond to Housing Inflation?," Working Papers 808, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Daniel Albuquerque & Thomas Lazarowicz & Jamie Lenney, 2025. "Monetary transmission through the housing sector," Bank of England Staff Working Paper series 1115, Bank of England.
    2. Hedlund, Aaron & Larkin, Kieran & Mitman, Kurt & Ozkan, Serdar, 2025. "Mortgage Market Structure and the Transmission of Monetary Policy During the Great Inflation," IZA Discussion Papers 17971, IZA Network @ LISER.
    3. Joel P. Flynn & George Nikolakoudis & Karthik A. Sastry, 2026. "Pricing and Production Without the Invisible Hand," Cowles Foundation Discussion Papers 2501, Cowles Foundation for Research in Economics, Yale University.

  4. Javier Bianchi & Louphou Coulibaly, 2023. "A Theory of Fear of Floating," Working Papers 796, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Asif Ahmad & Richard Mcmanus & Gulcin Ozkan, 2024. "Does fear of floating shape monetary policy and does it matter?," Economics Bulletin, AccessEcon, vol. 44(3), pages 1055-1095.
    2. Jiao, Yang, 2024. "Financial crises, bailouts and monetary policy in open economies," Journal of International Economics, Elsevier, vol. 151(C).
    3. Mistak, Jakub & Ozkan, F. Gulcin, 2024. "Asymmetric monetary policy spillovers: the role of supply chains, credit networks and fear of floating," Working Paper Series 2995, European Central Bank.
    4. Jursa, Lukáš & Janků, Jan, 2025. "From the core to the European periphery: Spillover effects of financial cycles," Emerging Markets Review, Elsevier, vol. 68(C).
    5. Parra-Polanía, Julián & Sánchez-Jabba, Andrés & Sarmiento, Miguel, 2024. "Are FX communications effective? Evidence from emerging markets," Emerging Markets Review, Elsevier, vol. 59(C).

  5. Arce, Fernando & Bengui, Julien & Bianchi, Javier, 2023. "Overborrowing, Underborrowing, and Macroprudential Policy," CEPR Discussion Papers 18273, Centre for Economic Policy Research.

    Cited by:

    1. Bianchi, Javier & Coulibaly, Louphou, 2026. "A theory of fear of floating," Journal of Monetary Economics, Elsevier, vol. 157(C).
    2. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    3. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    4. Andreas Schabert, 2025. "Taxing versus subsidizing debt under financial frictions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 79(4), pages 1383-1420, June.

  6. Manuel Amador & Javier Bianchi, 2023. "Helicopter Drops and Liquidity Traps," Working Papers 797, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Benigno, Pierpaolo & Nisticò, Salvatore, 2025. "The economics of helicopter money," Journal of Monetary Economics, Elsevier, vol. 152(C).

  7. Javier Bianchi & Saki Bigio & Charles Engel, 2022. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 182, Peruvian Economic Association.

    Cited by:

    1. Carol C. Bertaut & Stephanie E. Curcuru & Ester Faia & Pierre-Olivier Gourinchas, 2024. "New Evidence on the US Excess Return on Foreign Portfolios," International Finance Discussion Papers 1398, Board of Governors of the Federal Reserve System (U.S.).
    2. Davis, J. Scott & Zlate, Andrei, 2023. "The global financial cycle and capital flows during the COVID-19 pandemic," European Economic Review, Elsevier, vol. 156(C).
    3. Park, Cheolbeom, 2025. "Liquidity returns, global risk, and exchange rates: An explanation based on scapegoat theory," Economic Modelling, Elsevier, vol. 153(C).
    4. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    5. Chaumont, Gaston & Gordon, Grey & Sultanum, Bruno & Tobin, Elliot, 2024. "Sovereign debt and credit default swaps," Journal of International Economics, Elsevier, vol. 150(C).
    6. Santiago Forero Alvarado, 2023. "Manejo de liquidez bancaria, prima de liquidez y pol√≠tica monetaria," Documentos CEDE 20305, Universidad de los Andes, Facultad de Economía, CEDE.
    7. Oleg Itskhoki & Dmitry Mukhin, 2022. "Sanctions and the Exchange Rate," Discussion Papers 2206, Centre for Macroeconomics (CFM).
    8. Zhengyang Jiang, 2024. "Exorbitant Privilege: A Safe-Asset View," CESifo Working Paper Series 11279, CESifo.
    9. Georgios Georgiadis & Gernot J. Müller & Ben Schumann, 2023. "Global Risk and the Dollar," Discussion Papers of DIW Berlin 2057, DIW Berlin, German Institute for Economic Research.
    10. Tao Liu & Dong Lu & Liang Wang, 2025. "Hegemony or Harmony? A Unified Framework for the International Monetary System," Working Papers 202504, University of Hawaii at Manoa, Department of Economics.
    11. de Boer, Jantke & Eichler, Stefan, 2024. "FX dealer constraints and external imbalances," Ruhr Economic Papers 1132, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    12. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    13. Ostry, D. A., 2023. "Tails of Foreign Exchange-at-Risk (FEaR)," Cambridge Working Papers in Economics 2343, Faculty of Economics, University of Cambridge.
    14. Ron Alquist & Karlye Dilts Stedman & R. Jay Kahn, 2022. "Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege," Research Working Paper RWP 22-08, Federal Reserve Bank of Kansas City.
    15. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.
    16. Bahaj, Saleem & Reis, Ricardo, 2022. "The economics of liquidity lines between central banks," LSE Research Online Documents on Economics 118127, London School of Economics and Political Science, LSE Library.
    17. Bazán-Palomino, Walter & Ortiz, Marco & Terrones, Marco E. & Winkelried, Diego, 2025. "The role of US bank liquidity and regulations in Covered Interest Parity deviations," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 102(C).
    18. Georgios Georgiadis & Gernot J. Müller & Ben Schumann, 2023. "Dollar Trinity and the Global Financial Cycle," Discussion Papers of DIW Berlin 2058, DIW Berlin, German Institute for Economic Research.
    19. Magnolia Miriam Sosa Castro & Maria Alejandra Cabello Rosales & Edgar Ortiz Calisto, 2025. "The Impacts of Monetary Policy Announcements and Derivatives Maturity on the Mexican Peso Exchange Rate Volatility: GARCH and OCHL Range Models," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 103, pages 47-75, June.

  8. Javier Bianchi & Cesar Sosa-Padilla, 2022. "On Wars, Sanctions and Sovereign Default," Working Papers 151, Red Nacional de Investigadores en Economía (RedNIE).

    Cited by:

    1. Wegener, Christoph & Basse, Tobias & Maiani, Stefano & Nguyen, Tam Huu, 2025. "Predictive power of oil prices on CDS spread dynamics of oil-producing countries," Accountancy, Economics, and Finance Working Papers 2025-02, Heriot-Watt University, Department of Accountancy, Economics, and Finance.
    2. Bondarenko, Yevheniia & Lewis, Vivien & Rottner, Matthias & Schüler, Yves, 2024. "Geopolitical risk perceptions," Journal of International Economics, Elsevier, vol. 152(C).
    3. Konstantin Egorov & Vasily Korovkin & Alexey Makarin & Dzhamilya Nigmatulina, 2025. "Trade Sanctions," Working Papers 1516, Barcelona School of Economics.
    4. Zhou, Jiaxin & Wang, Shihao & Duan, Haipeng, 2025. "The impact of trade sanctions on financial risk: Empirical evidence from global data," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
    5. Apeti, Ablam Estel & Edoh, Eyah Denise, 2024. "Economic sanctions and sovereign debt default," European Journal of Political Economy, Elsevier, vol. 85(C).
    6. Yuying Jin & Xue Meng, 2024. "Interdependence and multilateral economic sanctions," The World Economy, Wiley Blackwell, vol. 47(3), pages 983-1003, March.
    7. Spiro, Daniel & Wachtmeister, Henrik & Gars, Johan, 2025. "Assessing the impacts of oil sanctions on Russia," Energy Policy, Elsevier, vol. 206(C).
    8. Farah-Yacoub,Juan P. & Graf Von Luckner,Clemens Mathis Henrik & Ramalho,Rita & Reinhart,Carmen M., 2022. "The Social Costs of Sovereign Default," Policy Research Working Paper Series 10157, The World Bank.
    9. Douch, Mustapha & Wu, Yupei & Gao, Bo, 2025. "Impact of U.S. sanctions on Russian trade: Firm-level evidence from the NTR act," Journal of Economic Behavior & Organization, Elsevier, vol. 240(C).
    10. Corsetti, G. & Maeng, S. H., 2023. "The Theory of Reserve Accumulation, Revisited," Cambridge Working Papers in Economics 2370, Faculty of Economics, University of Cambridge.
    11. Ryan Chahrour & Rosen Valchev, 2024. "The Dollar in an Era of International Retrenchment," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 1042-1080, September.
    12. Becko, John Sturm, 2024. "A theory of economic sanctions as terms-of-trade manipulation," Journal of International Economics, Elsevier, vol. 150(C).
    13. Oleg Itskhoki & Dmitry Mukhin, 2022. "Sanctions and the Exchange Rate," Discussion Papers 2206, Centre for Macroeconomics (CFM).
    14. Yevheniia Bondarenko & Nayeon Kang & Vivien Lewis & Matthias Rottner & Yves Schueler, 2026. "Geopolitical risk in the euro area: measurement and transmission," BIS Working Papers 1348, Bank for International Settlements.
    15. Fabio Ghironi & Daisoon Kim & Galip Kemal Ozhan, 2024. "International Economic Sanctions and Third-Country Effects," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 611-652, June.
    16. Lewis, Vivien & Puangjit, Sirikorn, 2025. "A simple model of geopolitical risk and sanctions," Discussion Papers 32/2025, Deutsche Bundesbank.
    17. Mohamed M. Sraieb & Shahnawaz Muhammed & Vladimir Dženopoljac & Samet Gunay, 2025. "Determinants of Russia’s probability of default: evidence from domestic and global indicators," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(3), pages 854-882, September.
    18. Wegener, Christoph & Basse, Tobias & Maiani, Stefano & Nguyen, Tam Huu, 2025. "Predictive power of oil prices on CDS spread dynamics of oil-producing countries," Energy Economics, Elsevier, vol. 145(C).
    19. Ghironi, Fabio & Kim, Daisoon & Ozhan, Galip Kemal, 2025. "International trade and macroeconomic dynamics with sanctions," Journal of Monetary Economics, Elsevier, vol. 154(C).
    20. Wu, Sihong & Michailova, Snejina, 2025. "How trade sanctions impact MNE subsidiaries in Russia: Responses to legitimacy concerns and performance," Journal of World Business, Elsevier, vol. 60(5).
    21. Aleksandr Shirobokov, 2025. "Sanctions Induced Terms of Trade Shocks and the Role of Lean Against the Wind Policy," Annals of Finance, Springer, vol. 21(2), pages 211-242, June.
    22. Liu, Zhenhua & Wang, Yushu & Yuan, Xinting & Ding, Zhihua & Ji, Qiang, 2025. "Geopolitical risk and vulnerability of energy markets," Energy Economics, Elsevier, vol. 141(C).

  9. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Simon P. Lloyd & Emile A. Marin, 2023. "Capital Controls and Free-Trade Agreements," Discussion Papers 2306, Centre for Macroeconomics (CFM).
    2. Claeys, Grégory & Papioti, Chara & Tryphonides, Andreas, 2023. "Liquidity risk, market power and the informational effects of policy," Journal of International Economics, Elsevier, vol. 142(C).
    3. Choi, Woo Jin & Taylor, Alan M., 2022. "Precaution versus mercantilism: Reserve accumulation, capital controls, and the real exchange rate," Journal of International Economics, Elsevier, vol. 139(C).
    4. Thibault Laurentjoye, 2022. "Foreign exchange reserves, imperfect substitutability of financial assets and the monetary policy quadrilemma," Working Papers PKWP2222, Post Keynesian Economics Society (PKES).
    5. Ferrero, Andrea & Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2022. "Leaning against the global financial cycle," Working Paper Series 2763, European Central Bank.
    6. Hengxu Song & Pengfei Wang, 2023. "Can Monetary Policy Undo Asset‐freezing Sanctions?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(6), pages 33-55, November.
    7. Pflueger, Carolin, 2025. "Back to the 1980s or not? The drivers of inflation and real risks in Treasury bonds," Journal of Financial Economics, Elsevier, vol. 167(C).
    8. Santiago Camara & Maximo Sangiacomo, 2022. "Borrowing Constraints in Emerging Markets," Papers 2211.10864, arXiv.org.
    9. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    10. Bianchi, Javier & Coulibaly, Louphou, 2026. "A theory of fear of floating," Journal of Monetary Economics, Elsevier, vol. 157(C).
    11. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    12. Cavallino, Paolo & Sandri, Damiano, 2023. "The open-economy ELB: Contractionary monetary easing and the trilemma," Journal of International Economics, Elsevier, vol. 140(C).
    13. Clayton, Christopher & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2022. "Internationalizing Like China," SocArXiv r2msa, Center for Open Science.
    14. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    15. Javier Bianchi & César Sosa-Padilla, 2023. "International Sanctions and Dollar Dominance," Working Papers 227, Red Nacional de Investigadores en Economía (RedNIE).

  10. Manuel Amador & Javier Bianchi, 2021. "Bank Runs, Fragility, and Credit Easing," Working Papers 785, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Boissay, Frédéric & Collard, Fabrice & Galí, Jordi & Manea, Cristina, 2022. "Monetary policy and endogenous financial crises," Discussion Papers 21/2022, Deutsche Bundesbank.
    2. Mengus, Eric, 2023. "Asset purchase bailouts and endogenous implicit guarantees," Journal of International Economics, Elsevier, vol. 142(C).
    3. Priit Jeenas & Alberto Martin & Vladimir Asriyan, 2026. "Frost and Fire: A Tale of Two Crises," Working Papers 1567, Barcelona School of Economics.
    4. Benhabib, Jess & Dong, Feng & Wang, Pengfei & Xu, Zhenyang, 2025. "Aggregate demand externality and self-fulfilling default cycles," Journal of Monetary Economics, Elsevier, vol. 156(C).
    5. Sergio Correia & Stephan Luck & Emil Verner, 2025. "Failing Banks," Papers 2506.06082, arXiv.org.
    6. Arce, Fernando & Bengui, Julien & Bianchi, Javier, 2025. "Overborrowing, underborrowing, and macroprudential policy," Journal of Economic Theory, Elsevier, vol. 227(C).
    7. Christian Bittner & Rustam Jamilov & Farzad Saidi, 2025. "Assortative Matching, Interbank Markets, and Monetary Policy," CRC TR 224 Discussion Paper Series crctr224_2025_642, University of Bonn and University of Mannheim, Germany.
    8. Kaldorf, Matthias & Rottner, Matthias, 2024. "Climate Minsky Moments and endogenous financial crises," Discussion Papers 26/2024, Deutsche Bundesbank.
    9. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    10. Rottner, Matthias, 2023. "Financial crises and shadow banks: A quantitative analysis," Journal of Monetary Economics, Elsevier, vol. 139(C), pages 74-92.

  11. Javier Bianchi & Louphou Coulibaly, 2021. "Liquidity Traps, Prudential Policies, and International Spillovers," Working Papers 780, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Jeanne, Olivier, 2021. "Currency Wars, Trade Wars and Global Demand," Economics Working Paper Archive 66667, The Johns Hopkins University,Department of Economics.
    2. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    3. Daeha Cho & Kwang Hwan & Sukjoon Kim, 2023. "The Paradox of Price Flexibility in an Open Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 370-392, December.
    4. Kollmann, Robert, 2021. "Liquidity traps in a world economy," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    5. Zhao, Hong, 2022. "On the impacts of trend inflation in an open economy," Journal of International Economics, Elsevier, vol. 138(C).
    6. Suman S. Basu & Emine Boz & Gita Gopinath & Francisco Roch & D. Filiz Unsal, 2025. "Integrated Monetary and Financial Policies for Small Open Economies," Econometrica, Econometric Society, vol. 93(6), pages 2201-2234, November.
    7. Bengui, Julien & Bianchi, Javier, 2022. "Macroprudential policy with leakages," Journal of International Economics, Elsevier, vol. 139(C).
    8. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.

  12. Javier Bianchi & César Sosa Padilla, 2020. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," Working Papers 33, Red Nacional de Investigadores en Economía (RedNIE).

    Cited by:

    1. Alok Johri & Shahed Khan & Cesar Sosa-Padilla, 2020. "Interest Rate Uncertainty and Sovereign Default Risk," Department of Economics Working Papers 2020-13, McMaster University.
    2. César Sosa-Padilla & Federico Sturzenegger, 2021. "Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads," Working Papers 79, Red Nacional de Investigadores en Economía (RedNIE).
    3. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2023. "Sudden stops and reserve accumulation in the presence of international liquidity risk," Journal of International Economics, Elsevier, vol. 141(C).
    4. Alexander Mihailov, 2022. "Editorial – Recent Trends in International Reserves: Theory and Evidence," Open Economies Review, Springer, vol. 33(5), pages 807-815, November.
    5. Meneses, Oscar & Menna, Lorenzo & Tobal, Martin, 2025. "Argentina: The honor student—By merit and by mistake. A natural experiment on “information effects”," Journal of International Economics, Elsevier, vol. 158(C).
    6. Xiang Fang & Bryan Hardy & Karen Lewis, 2023. "Who holds sovereign debt and why it matters," BIS Working Papers 1099, Bank for International Settlements.
    7. Alexander Mihailov & Harun Nasir, 2022. "Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies," Open Economies Review, Springer, vol. 33(5), pages 825-851, November.
    8. Djedaiet, Aissa & Ayad, Hicham & Abdelkader, Salim Bourchid, 2025. "Bridging the divide: Exposing the intriguing link between international reserves and environmental status through the inverted U-shaped relationship," Research in Economics, Elsevier, vol. 79(1).
    9. Yang, Qiuju & Yu, Bo & Yang, Quan & Guan, Chao, 2025. "Taxation on cross-border capital flows, foreign exchange reserves rescue and risk prevention," International Review of Economics & Finance, Elsevier, vol. 99(C).
    10. Thibault Laurentjoye, 2022. "Foreign exchange reserves, imperfect substitutability of financial assets and the monetary policy quadrilemma," Working Papers PKWP2222, Post Keynesian Economics Society (PKES).
    11. Javier Bianchi & César Sosa-Padilla, 2022. "On Wars, Sanctions and Sovereign Default," Working Papers 792, Federal Reserve Bank of Minneapolis.
    12. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    13. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    14. Samano, Agustin, 2022. "International reserves and central bank independence," Journal of International Economics, Elsevier, vol. 139(C).
    15. Javier Bianchi & Jorge Mondragon, 2018. "Monetary Independence and Rollover Crises," NBER Working Papers 25340, National Bureau of Economic Research, Inc.
    16. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    17. Khan, Muhammad Tariq Iqbal & Anwar, Sofia, 2022. "Natural disasters and foreign exchange reserves: The role of renewable energy and human capital," Renewable Energy, Elsevier, vol. 192(C), pages 838-848.

  13. Javier Bianchi & Enrique G. Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," NBER Working Papers 26915, National Bureau of Economic Research, Inc.

    Cited by:

    1. Zhou, Ye & Zhang, Wenbo & Che, Jinfang & Ma, Sichao, 2025. "The impact of U.S. monetary policy uncertainty on abnormal cross-border capital flows," Finance Research Letters, Elsevier, vol. 86(PE).
    2. Mavrigiannakis, Konstantinos & Sakkas, Stelios, 2024. "EU sanctions on Russia and implications for a small open economy: the case of Cyprus," LSE Research Online Documents on Economics 125336, London School of Economics and Political Science, LSE Library.
    3. Gian Paulo Soave, 2023. "A panel threshold VAR with stochastic volatility-in-mean model: an application to the effects of financial and uncertainty shocks in emerging economies," Applied Economics, Taylor & Francis Journals, vol. 55(4), pages 397-431, January.
    4. Villalvazo, Sergio, 2024. "FDI flows and sudden stops in small open economies," Journal of Macroeconomics, Elsevier, vol. 79(C).
    5. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    6. Esquivel, Carlos, 2024. "Underinvestment and capital misallocation under sovereign risk," Journal of International Economics, Elsevier, vol. 151(C).
    7. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    8. Cho, Yujeong & He, Yintao & Huang, Yiping & Wang, Jieru & Yu, Changhua, 2025. "Exchange rate regime and optimal policy: The case of China," Journal of International Money and Finance, Elsevier, vol. 152(C).
    9. Villalvazo, Sergio, 2026. "Inequality and asset prices during Sudden Stops," Journal of Monetary Economics, Elsevier, vol. 157(C).
    10. Elbadawi, Ibrahim & Amin, Magdi & Elobaid, Amir & Alhelo, Alzaki & Osman, Abdelrahman & Suliman, Kabbashi, 2023. "Post-Conflict Reconstruction, Stabilization, And Growth Agenda For Sudan," FDL Policy Notes 2312, CEPREMAP.
    11. Lee, David, 2023. "Modeling Collateralization and Its Economic Significance," MPRA Paper 118678, University Library of Munich, Germany.
    12. Rui C. Mano & Silvia Sgherri, 2024. "One Shock, Many Policy Responses," Open Economies Review, Springer, vol. 35(2), pages 395-420, April.
    13. J. Scott Davis & Michael B. Devereux & Changhua Yu, 2020. "Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention," Globalization Institute Working Papers 405, Federal Reserve Bank of Dallas, revised 10 Sep 2021.
    14. Kónya, István & Váry, Miklós, 2024. "Which sectors go on when there is a sudden stop? An empirical analysis," Journal of International Money and Finance, Elsevier, vol. 146(C).
    15. Ottonello, Pablo & Perez, Diego J. & Varraso, Paolo, 2022. "Are collateral-constraint models ready for macroprudential policy design?," Journal of International Economics, Elsevier, vol. 139(C).
    16. Pierri, Damian Rene & Reffett, Kevin, 2021. "Memory, multiple equilibria and emerging market crises," UC3M Working papers. Economics 32871, Universidad Carlos III de Madrid. Departamento de Economía.
    17. Biljanovska, Nina & Vardoulakis, Alexandros P., 2024. "Sudden Stops and optimal policy in a two-agent economy," Journal of International Economics, Elsevier, vol. 148(C).
    18. Gelos, Gaston & Gornicka, Lucyna & Koepke, Robin & Sahay, Ratna & Sgherri, Silvia, 2021. "Capital Flows at Risk: Taming the Ebbs and Flows," CEPR Discussion Papers 15842, Centre for Economic Policy Research.
    19. Alexander Mihailov & Harun Nasir, 2022. "Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies," Open Economies Review, Springer, vol. 33(5), pages 825-851, November.
    20. Herreño, Juan & Rondón-Moreno, Carlos, 2025. "Overborrowing and systemic externalities in the business cycle under imperfect information," Journal of International Economics, Elsevier, vol. 157(C).
    21. Bengui, Julien & Bianchi, Javier, 2022. "Macroprudential policy with leakages," Journal of International Economics, Elsevier, vol. 139(C).
    22. Richa Jain & Amlendu Dubey, 2025. "Dynamic treatment effect of capital controls on macroeconomic and financial stability in emerging market economies," Empirical Economics, Springer, vol. 68(3), pages 963-999, March.
    23. Gemmi, Luca, 2024. "Rational overoptimism and limited liability," Journal of Monetary Economics, Elsevier, vol. 143(C).
    24. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    25. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    26. Chavleishvili, Sulkhan & Fahr, Stephan & Kremer, Manfred & Manganelli, Simone & Schwaab, Bernd, 2021. "A risk management perspective on macroprudential policy," Working Paper Series 2556, European Central Bank.
    27. Thomas Cooley & Vincenzo Quadrini, 2020. "The twenty-fifth anniversary of "Frontiers of business cycle research"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 1-7, August.
    28. Chen, Fengxian & Feng, Wenhua & Dong, Jingyi & Wang, Yuan, 2025. "The sudden stops of international capital flows and corporate financing constraints——An empirical analysis based on global listed companies," Journal of International Money and Finance, Elsevier, vol. 158(C).
    29. Juan Pablo Di Iorio & Javier García-Cicco, 2026. "Fiscal Theory of the Price Level in Small and Open Economies," Working Papers 179, Universidad de San Andres, Departamento de Economia, revised Feb 2026.
    30. Enrique G. Mendoza & Vincenzo Quadrini, "undated". "Unstable Prosperity:How Globalization Made the World Economy More Volatile," PIER Working Paper Archive 23-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    31. Vincenzo Quadrini & Enrique G. Mendoza, 2024. "Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves," PIER Working Paper Archive 24-038, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    32. Been-Lon Chen & Yunfang Hu & Kazuo Mino, 2020. "Capital Allocation and Wealth Distribution in a Global Economy with Financial Frictions," KIER Working Papers 1045, Kyoto University, Institute of Economic Research.
    33. Oskolkov, Aleksei & Sorá, Marcos, 2023. "Macroprudential policy for internal financial dollarization," Journal of International Economics, Elsevier, vol. 145(C).
    34. Nils M. Gornemann & Eugenio Rojas & Felipe Saffie, 2026. "Volatile Rates, Fragile Growth: Global Financial Risk and Productivity Dynamics," International Finance Discussion Papers 1434, Board of Governors of the Federal Reserve System (U.S.).
    35. Andrea Fabiani & Martha López & José-Luis Peydró & Paul E. Soto, 2023. "Capital Controls, Corporate Debt and Real Effects: Evidence from Boom and Crisis Times," Borradores de Economia 1244, Banco de la Republica de Colombia.
    36. Davis, J. Scott & Devereux, Michael B. & Yu, Changhua, 2023. "Sudden stops and optimal foreign exchange intervention," Journal of International Economics, Elsevier, vol. 141(C).
    37. Carlos Esteban Posada Posada, 2020. "Crecimiento y ciclos de la economía colombiana (2005 – 2019)," Documentos de Trabajo de Valor Público 18255, Universidad EAFIT.
    38. Andreasen, Eugenia & Bauducco, Sofía & Dardati, Evangelina, 2024. "Capital controls and firm performance," Journal of International Economics, Elsevier, vol. 150(C).

  14. Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2019. "Fiscal Stimulus Under Sovereign Risk," International Finance Discussion Papers 1257, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. Liu, Siming & Shen, Hewei & Wang, Wenya, 2025. "Persistent fiscal expansions in sudden-stop crises: The expectation channel," Economics Letters, Elsevier, vol. 257(C).
    2. Anzoategui, Diego, 2022. "Sovereign spreads and the effects of fiscal austerity," Journal of International Economics, Elsevier, vol. 139(C).
    3. Tamon Asonuma & Hyungseok Joo, 2023. "Sovereign Defaults and Debt Restructurings: Public Capital and Fiscal Constraint Tightness," School of Economics Discussion Papers 0323, School of Economics, University of Surrey.
    4. Benjamin Born & Gernot J. Müller & Johannes Pfeifer, 2020. "Does Austerity Pay Off?," The Review of Economics and Statistics, MIT Press, vol. 102(2), pages 323-338, May.
    5. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    6. Islamaj, Ergys & Samano Penaloza, Agustin & Sommers,Scott, 2024. "The Sovereign Spread Compressing Effect of Fiscal Rules during Global Crises," Policy Research Working Paper Series 10741, The World Bank.
    7. Christos Shiamptanis, 2024. "Tax Austerity: Does It Avert Solvency Crises?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(6), pages 1515-1543, September.
    8. Anusha Chari & Ryan Leary & Toan Phan, 2025. "The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(2), pages 556-595, June.
    9. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    10. Sebastian Andreas Horn & David Mihalyi & Nickol,Philipp & Sosa-Padilla,César, 2024. "Hidden Debt Revelations," Policy Research Working Paper Series 10907, The World Bank.
      • Sebastian Horn & David Mihalyi & Philipp Nickol & César Sosa-Padilla, 2024. "Hidden Debt Revelations," NBER Working Papers 32947, National Bureau of Economic Research, Inc.
      • Sebastián Horn & David Mihaly & Philipp Nickol & César Sosa-Padilla, 2024. "Hidden Debt Revelations," Working Papers 338, Red Nacional de Investigadores en Economía (RedNIE).
      • Horn, Sebastian & Mihalyi, David & Nickol, Philipp & Sosa Padilla, César, 2024. "Hidden debt revelations," Ruhr Economic Papers 1101, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    11. Zheng, Huanhuan, 2023. "Sovereign debt responses to the COVID-19 pandemic," Journal of International Economics, Elsevier, vol. 143(C).
    12. Prein, Timm, 2019. "Persistent Unemployment, Sovereign Debt Crises, and the Impact of Haircuts," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203654, Verein für Socialpolitik / German Economic Association, revised 2019.
    13. Joshua Aizenman & Yothin Jinjarak & Mark M. Spiegel, 2022. "Fiscal Capacity and Commercial Bank Lending Under COVID-19," NBER Working Papers 29882, National Bureau of Economic Research, Inc.
    14. Toan Phan & Felipe Schwartzman, 2023. "Climate Defaults and Financial Adaptation," Working Paper 23-06, Federal Reserve Bank of Richmond.
    15. Ricardo Alonzo Fern'andez Salguero, 2025. "The Crisis Simulator for Bolivia (KISr-p): An Empirically Grounded Modeling Framework," Papers 2510.16537, arXiv.org.
    16. Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan, 2020. "Manufacturing Risk-free Government Debt," NBER Working Papers 27786, National Bureau of Economic Research, Inc.
    17. Horn, Sebastian & Reinhart, Carmen M. & Trebesch, Christoph, 2025. "China's lending to developing countries: From boom to bust," Kiel Working Papers 2304, Kiel Institute for the World Economy.
    18. Eduardo da Silva Mattos, 2025. "The Judiciary as a fiscal policy tool? Budget stress and judicial decision-making in Brazil," Public Choice, Springer, vol. 205(3), pages 563-588, December.
    19. Tamon Asonuma & Hyungseok Joo, 2021. "Public Capital and Fiscal Constraint in Sovereign Debt Crises," School of Economics Discussion Papers 0621, School of Economics, University of Surrey.
    20. Siming Liu & Hewei Shen, 2022. "Fiscal Commitment and Sovereign Default Risk," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 98-123, October.
    21. Espino, Emilio César & Kozlowski, Julian & Martin, Fernando M. & Sánchez, Juan M., 2025. "Policy rules and large crises in emerging markets," Journal of International Economics, Elsevier, vol. 158(C).
    22. Carmiña O. Vargas & Julian A. Parra‐Polania, 2021. "Analysis of macro‐prudential and ex post financial crisis interventions: Relevance of the fiscal‐policy setup," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3759-3769, July.
    23. Maeng, F. S., 2024. "Default, Inflation Expectations, and the Currency Denomination of Sovereign Bonds," Cambridge Working Papers in Economics 2438, Faculty of Economics, University of Cambridge.
    24. Marjan Petreski, 2024. "The Fiscal Space And The Fiscal Stimulus During Crisis In The Western Balkans," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 69(242), pages 7-25, July – Se.
    25. Antonia Díaz & Luis A. Puch, 2021. "EU After COVID-19: An Opportunity for Policy Coordination," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(4), pages 197-200, July.
    26. Scholl, Almuth, 2024. "The politics of redistribution and sovereign default," Journal of International Economics, Elsevier, vol. 148(C).
    27. Matthieu Darracq Paries & Georg Muller & Niki Papadopoulou, 2022. "Fiscal Multipliers with Sovereign Risk and Fragile Banks," Working Papers 2022-5, Central Bank of Cyprus.
    28. Wolf, Martin, 2020. "Pecuniary externalities in economies with downward wage rigidity," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 219-235.
    29. Marina Azzimonti & Nirvana Mitra, 2026. "Clientelism, Institutions and Sovereign Default," Working Paper 26-06, Federal Reserve Bank of Richmond.
    30. Lydia Cox & Jiacheng Feng & Gernot J. Müller & Ernesto Pastén & Raphael Schoenle & Michael Weber, 2024. "Optimal Monetary and Fiscal Policies in Disaggregated Economies," Working Papers Central Bank of Chile 1024, Central Bank of Chile.
    31. Javier Bianchi & Jorge Mondragon, 2018. "Monetary Independence and Rollover Crises," Working Papers 755, Federal Reserve Bank of Minneapolis.
    32. Froemel, Maren & Paczos, Wojtek, 2024. "Imperfect financial markets and the cyclicality of social spending," European Economic Review, Elsevier, vol. 167(C).
    33. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2025. "Downward Nominal Wage Rigidity and Fiscal Policy in a Monetary Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(3), pages 988-1051, September.
    34. Farzana Alamgir & Johnny Cotoc & Alok Johri, 2022. "The Bribe Rate and Long Run Differences in Sovereign Borrowing Costs," Department of Economics Working Papers 2022-07, McMaster University.
    35. Rhea Choudhary, 2022. "AnalysingthespillovereffectsoftheSouthAfricanReserveBanksbondpurchaseprogramme," Working Papers 11039, South African Reserve Bank.
    36. Greppmair, Stefan & Jank, Stephan & Smajlbegovic, Esad, 2023. "On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 147(C).
    37. Patella, Valeria & Tancioni, Massimiliano, 2021. "Confidence Swings and Sovereign Risk Dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 195-206.
    38. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    39. Cusato Novelli, Antonio & Barcia, Giancarlo, 2021. "Sovereign Risk, Public Investment and the Fiscal Policy Stance," Journal of Macroeconomics, Elsevier, vol. 67(C).
    40. Esquivel, Carlos & Samano, Agustin, 2026. "Expansionary fiscal rules under sovereign risk," Journal of International Economics, Elsevier, vol. 159(C).
    41. Liu, Siming, 2022. "Government spending during sudden stop crises," Journal of International Economics, Elsevier, vol. 135(C).
    42. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2021. "Fiscal policy in a monetary union with downward nominal wage rigidity," Working Papers 2021-16, Swiss National Bank.
    43. Markus Kirchner & Malte Rieth, 2021. "Sovereign Default Risk, Macroeconomic Fluctuations and Monetary–Fiscal Stabilization," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 69(2), pages 391-426, June.
    44. Efraim Benmelech & Nitzan Tzur-Ilan, 2020. "The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis," NBER Working Papers 27461, National Bureau of Economic Research, Inc.
    45. Salamaliki, Paraskevi K., 2024. "Globalization and fiscal policy after financial crises," European Journal of Political Economy, Elsevier, vol. 85(C).
    46. Rhea Choudhary, 2022. "Analysing the spillover effects of the South African Reserve Banks bond purchase programme," Working Papers 11025, South African Reserve Bank.
    47. Andrius Montrimas & Jurgita Bruneckienė & Vaidas Gaidelys, 2021. "Beyond the Socio-Economic Impact of Transport Megaprojects," Sustainability, MDPI, vol. 13(15), pages 1-29, July.
    48. Andrés Fernández & Daniel Guzmán & Ruy E. Lama & Carlos A. Vegh, 2021. "Procyclical fiscal policy and asset market incompleteness," Working Papers Central Bank of Chile 925, Central Bank of Chile.
    49. Julien Acalin & Leonardo Martinez & Francisco Roch, 2025. "Fiscal Rules, Robust Correction Mechanisms, and Sovereign Spreads," Department of Economics Working Papers 2025_11, Universidad Torcuato Di Tella.
    50. Gomez-Gonzalez, Jose E. & Valencia, Oscar M. & Sánchez, Gustavo A., 2022. "How fiscal rules can reduce sovereign debt default risk," Emerging Markets Review, Elsevier, vol. 50(C).
    51. Farzana Alamgir & Alok Johri, 2022. "International Sovereign Spread Differences and the Poverty of Nations," Department of Economics Working Papers 2022-06, McMaster University.
    52. Phan, Toàn & Schwartzman, Felipe, 2024. "Climate defaults and financial adaptation," European Economic Review, Elsevier, vol. 170(C).

  15. Bengui, Julien & Bianchi, Javier, 2019. "Macroprudential Policy with Leakages," CEPR Discussion Papers 13951, Centre for Economic Policy Research.

    Cited by:

    1. Martin Farias & Javier Suarez, 2025. "A Model of Interacting Banks and Money Market Funds," Working Papers wp2025_2508, CEMFI.
    2. Dávila, Eduardo & Walther, Ansgar, 2022. "Corrective regulation with imperfect instruments," Working Paper Series 2723, European Central Bank.
    3. Ms. Juliana Dutra Araujo & Manasa Patnam & Ms. Adina Popescu & Mr. Fabian Valencia & Weijia Yao, 2020. "Effects of Macroprudential Policy: Evidence from Over 6,000 Estimates," IMF Working Papers 2020/067, International Monetary Fund.
    4. Altavilla, Carlo & Laeven, Luc & Peydró, José-Luis, 2021. "Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers," EconStor Preprints 232034, ZBW - Leibniz Information Centre for Economics.
    5. Fernando Arce & Julien Bengui & Javier Bianchi, 2019. "A Macroprudential Theory of Foreign Reserve Accumulation," NBER Working Papers 26236, National Bureau of Economic Research, Inc.
    6. Forbes, Kristin, 2020. "The International Aspects of Macroprudential Policy," CEPR Discussion Papers 15198, Centre for Economic Policy Research.
    7. Liu, Renliang & Sheng, Liugang & Wang, Jian, 2023. "Faking trade for capital control evasion: Evidence from dual exchange rate arbitrage in China," Journal of International Money and Finance, Elsevier, vol. 138(C).
    8. Johannes Matschke, 2021. "International Financial Regulation: The Role of Banking Sector Sizes," Research Working Paper RWP 21-13, Federal Reserve Bank of Kansas City, revised 14 May 2026.
    9. Santiago Mosquera & Federico Sturzenegger, 2021. "Cepo para principantes," Working Papers 151, Universidad de San Andres, Departamento de Economia, revised Apr 2021.
    10. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    11. Nadav Ben Zeev, 2019. "Asymmetric Business Cycles In Emerging Market Economies," Working Papers 1909, Ben-Gurion University of the Negev, Department of Economics.
    12. Pierre-Richard Agénor & Luiz A. Pereira da Silva, 2022. "Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination," International Economics and Economic Policy, Springer, vol. 19(1), pages 79-127, February.
    13. Kharroubi, Enisse, 2023. "Global lending conditions and international coordination of financial regulation policies," Journal of Financial Stability, Elsevier, vol. 69(C).
    14. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    15. Araujo, Juliana & Patnam, Manasa & Popescu, Adina & Valencia, Fabian & Yao, Weijia, 2024. "Effects of macroprudential policy: Evidence from over 6000 estimates," Journal of Banking & Finance, Elsevier, vol. 169(C).
    16. Sandri, Damiano & Bergant, Katharina & Grigoli, Francesco & Hansen, Niels-Jakob, 2020. "Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?," CEPR Discussion Papers 14948, Centre for Economic Policy Research.
    17. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    18. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    19. Boot, Arnoud & Hoffmann, Peter & Laeven, Luc & Ratnovski, Lev, 2021. "Fintech: what’s old, what’s new?," Journal of Financial Stability, Elsevier, vol. 53(C).
    20. Alessandro Rebucci & Chang Ma, 2019. "Capital Controls: A Survey of the New Literature," NBER Working Papers 26558, National Bureau of Economic Research, Inc.
    21. Pierre-Richard Agénor & Timothy Jackson & Luiz Awazu Pereira da Silva, 2022. "Cross-border regulatory spillovers and macroprudential policy coordination," BIS Working Papers 1007, Bank for International Settlements.
    22. Martin Hodula & Ngoc Anh Ngo, 2021. "Does Macroprudential Policy Leak? Evidence from Non-Bank Credit Intermediation in EU Countries," Working Papers 2021/5, Czech National Bank, Research and Statistics Department.
    23. Ugochi Emenogu & Brian Peterson, 2022. "Unregulated Lending, Mortgage Regulations and Monetary Policy," Staff Working Papers 22-28, Bank of Canada.
    24. Javier Bianchi & Enrique Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 254-283, August.
    25. Doriane Intungane, 2025. "Macroprudential Policies and Global Banking," Open Economies Review, Springer, vol. 36(3), pages 705-744, July.
    26. Arce, Fernando, 2021. "Private Overborrowing under Sovereign Risk," MPRA Paper 113176, University Library of Munich, Germany.
    27. Bhargava, Apoorv & Górnicka, Lucyna & Xie, Peichu, 2025. "Leakages from macroprudential regulations: The case of household-specific tools and corporate credit," Economic Modelling, Elsevier, vol. 153(C).
    28. Irina I. Yakovleva, 2025. "Restrictions on Cross-border Capital Flows: Evolution of the IMF’s Position and Key Trends," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 45-61, February.
    29. Anusha Chari & Karlye Dilts Stedman & Kristin J. Forbes, 2021. "Spillovers at the Extremes: The Macroprudential Stance and Vulnerability to the Global Financial Cycle," Research Working Paper RWP 21-16, Federal Reserve Bank of Kansas City.
    30. Daniel Ofori-Sasu & Elikplimi Komla Agbloyor & Emmanuel Sarpong-Kumankoma & Joshua Yindenaba Abor, 2024. "Threshold effect of bank governance on risk-taking behaviours of banks; the role of regulatory framework in Africa," SN Business & Economics, Springer, vol. 4(5), pages 1-32, May.
    31. Biljanovska, Nina & Vardoulakis, Alexandros P., 2024. "Sudden Stops and optimal policy in a two-agent economy," Journal of International Economics, Elsevier, vol. 148(C).
    32. Johannes Matschke, 2021. "Macroprudential Policy Interlinkages," Research Working Paper RWP 21-10, Federal Reserve Bank of Kansas City.
    33. Cordella, Tito & Pienknagura, Samuel, 2020. "Macroprudential policies from a microprudential angle: A note," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).

  16. Fernando Arce & Julien Bengui & Javier Bianchi, 2019. "A Macroprudential Theory of Foreign Reserve Accumulation," Staff Working Papers 19-43, Bank of Canada.

    Cited by:

    1. Suman Basu & Emine Boz & Gita Gopinath & Francisco Roch & Filiz Unsal, "undated". "Integrated Monetary and Financial Policies for Small Open Economies," Department of Economics Working Papers 2025-10, Universidad Torcuato Di Tella.
    2. Lama, Ruy & Medina, Juan Pablo, 2020. "Mundell meets Poole: Managing capital flows with multiple instruments in emerging economies," Journal of International Money and Finance, Elsevier, vol. 109(C).
    3. Fernando Arce & Julien Bengui & Javier Bianchi, 2023. "Overborrowing, Underborrowing, and Macroprudential Policy," Working Papers 798, Federal Reserve Bank of Minneapolis.
    4. Alessandro Rebucci & Chang Ma, 2019. "Capital Controls: A Survey of the New Literature," NBER Working Papers 26558, National Bureau of Economic Research, Inc.
    5. Bengui, Julien & Bianchi, Javier, 2019. "Macroprudential Policy with Leakages," CEPR Discussion Papers 13951, Centre for Economic Policy Research.
    6. César Sosa-Padilla & Federico Sturzenegger, 2021. "Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads," Working Papers 79, Red Nacional de Investigadores en Economía (RedNIE).
    7. Javier Bianchi & César Sosa-Padilla, 2020. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," NBER Working Papers 27323, National Bureau of Economic Research, Inc.
    8. Ballouk, Hossein & Ben Jabeur, Sami & Challita, Sandra & Chen, Chaomei, 2024. "Financial stability: A scientometric analysis and research agenda," Research in International Business and Finance, Elsevier, vol. 70(PA).
    9. J. Scott Davis & Michael B. Devereux & Changhua Yu, 2020. "Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention," Globalization Institute Working Papers 405, Federal Reserve Bank of Dallas, revised 10 Sep 2021.
    10. Javier Bianchi & Enrique Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 254-283, August.
    11. Claeys, Grégory & Papioti, Chara & Tryphonides, Andreas, 2023. "Liquidity risk, market power and the informational effects of policy," Journal of International Economics, Elsevier, vol. 142(C).
    12. Alexander Mihailov, 2022. "Editorial – Recent Trends in International Reserves: Theory and Evidence," Open Economies Review, Springer, vol. 33(5), pages 807-815, November.
    13. Cezar, Rafael & Monnet, Eric, 2023. "Capital controls and foreign reserves against external shocks: Combined or alone?," Journal of International Money and Finance, Elsevier, vol. 137(C).
    14. Chokri Zehri, 2020. "Capital controls to manage foreign exchange reserves and foreign debts," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 38(1), pages 271-294.
    15. Gianluca Benigno & Luca Fornaro & Martin Wolf, 2012. "Reserve accumulation, growth and financial crises," Economics Working Papers 1795, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2022.
    16. Hidehiko Matsumoto, 2021. "Monetary and Macroprudential Policies under Dollar-Denominated Foreign Debt," IMES Discussion Paper Series 21-E-04, Institute for Monetary and Economic Studies, Bank of Japan.
    17. Alexander Mihailov & Harun Nasir, 2022. "Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies," Open Economies Review, Springer, vol. 33(5), pages 825-851, November.
    18. Yang, Qiuju & Yu, Bo & Yang, Quan & Guan, Chao, 2025. "Taxation on cross-border capital flows, foreign exchange reserves rescue and risk prevention," International Review of Economics & Finance, Elsevier, vol. 99(C).
    19. Damián Pierri & Kevin Reffett, 2021. "Memory, Multiple Equilibria and Emerging Market Crises," Working Papers 154, Universidad de San Andres, Departamento de Economia, revised Aug 2021.
    20. Hidehiko Matsumoto, 2022. "Foreign Reserve Accumulation, Foreign Direct Investment, and Economic Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 241-262, January.
    21. Choi, Woo Jin & Taylor, Alan M., 2022. "Precaution versus mercantilism: Reserve accumulation, capital controls, and the real exchange rate," Journal of International Economics, Elsevier, vol. 139(C).
    22. Jeanne, Olivier & Sandri, Damiano, 2023. "Global financial cycle and liquidity management," Journal of International Economics, Elsevier, vol. 146(C).
    23. Boris Hofmann & Nikhil Patel & Steve Pak Yeung Wu, 2022. "Original sin redux: a model-based evaluation," BIS Working Papers 1004, Bank for International Settlements.
    24. Ferrero, Andrea & Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2022. "Leaning against the global financial cycle," Working Paper Series 2763, European Central Bank.
    25. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    26. Hengxu Song & Pengfei Wang, 2023. "Can Monetary Policy Undo Asset‐freezing Sanctions?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(6), pages 33-55, November.
    27. Cecchetti, Stephen G. & Narita, Machiko & Rawat, Umang & Sahay, Ratna, 2023. "Addressing Spillovers from Prolonged U.S. Monetary Policy Easing," Journal of Financial Stability, Elsevier, vol. 64(C).
    28. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    29. Jeanne, Olivier & Sandri, Damiano, 2020. "Optimal reserves in financially closed economies," Journal of International Money and Finance, Elsevier, vol. 104(C).
    30. Samano, Agustin, 2022. "International reserves and central bank independence," Journal of International Economics, Elsevier, vol. 139(C).
    31. Davis, J. Scott & Devereux, Michael B. & Yu, Changhua, 2023. "Sudden stops and optimal foreign exchange intervention," Journal of International Economics, Elsevier, vol. 141(C).
    32. Cavallo, Eduardo A. & Hernández, Juan M. & González Jaramillo, María José & Powell, Andrew, 2025. "The dog that didn't bite: Sudden Stops in Emerging and Developing Economies during COVID-19," Emerging Markets Review, Elsevier, vol. 65(C).

  17. Fernando Arce Munoz & Javier Bianchi & Julien Bengui, 2019. "A Macroprudential Theory of International Reserves," 2019 Meeting Papers 1569, Society for Economic Dynamics.

    Cited by:

    1. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2020. "Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224520, Verein für Socialpolitik / German Economic Association.
    2. Flora Lutz & Leopold Zessner-Spitzenberg, 2019. "Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk," Vienna Economics Papers vie1907, University of Vienna, Department of Economics.

  18. Javier Bianchi & Jorge Mondragon, 2018. "Rollover Crises and Currency Unions," 2018 Meeting Papers 1215, Society for Economic Dynamics.

    Cited by:

    1. de Ferra, Sergio & Mallucci, Enrico, 2025. "Avoiding sovereign default contagion: A normative analysis," Journal of International Economics, Elsevier, vol. 154(C).
    2. Philip R. Lane, 2019. "Macrofinancial Stability and the Euro," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 424-442, September.

  19. Javier Bianchi & Jorge Mondragon, 2018. "Monetary Independence and Rollover Crises," Working Papers 755, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Born, Benjamin & Müller, Gernot & Pfeifer, Johannes & Wellmann, Susanne, 2020. "Different no more: Country spreads in advanced and emerging economies," CEPR Discussion Papers 14392, Centre for Economic Policy Research.
    2. Giovanni Callegari & Ramon Marimon & Adrien Wicht & Luca Zavalloni, 2023. "On a Lender of Last Resort with a Central Bank and a Stability Fund," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 50, pages 106-130, October.
    3. Mengus, Eric, 2023. "Asset purchase bailouts and endogenous implicit guarantees," Journal of International Economics, Elsevier, vol. 142(C).
    4. Corsetti, G. & Maeng, S. H., 2020. "Debt Crises, Fast and Slow," Cambridge Working Papers in Economics 2009, Faculty of Economics, University of Cambridge.
    5. Galli, Carlo, 2021. "Self-fulfilling debt crises, fiscal policy and investment," Journal of International Economics, Elsevier, vol. 131(C).
    6. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2019. "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Department of Economics Working Papers 19-02-rev1, Stony Brook University, Department of Economics.
    7. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    8. Zheng, Huanhuan, 2023. "Sovereign debt responses to the COVID-19 pandemic," Journal of International Economics, Elsevier, vol. 143(C).
    9. Ioannis N. Kallianiotis & Iordanis Petsas, 2020. "The Effectiveness of the Single Mandate of the ECB and the Dual of the Fed," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(4), pages 1-11.
    10. Emilio Espino & Julian Kozlowski & Fernando M. Martin & Juan M. Sanchez, 2022. "Policy Rules and Large Crises in Emerging Markets," Working Papers 2022-018, Federal Reserve Bank of St. Louis, revised 12 Jun 2025.
    11. Heimberger, Philipp, 2023. "This time truly is different: The cyclical behaviour of fiscal policy during the Covid-19 crisis," Journal of Macroeconomics, Elsevier, vol. 76(C).
    12. Afonso, António & Gomes-Pereira, Francisco, 2025. "Does monetary policy influence euro area fiscal sustainability?," Economic Modelling, Elsevier, vol. 152(C).
    13. Philipp Heimberger & Andreas Lichtenberger, 2023. "RRF 2.0: A Permanent EU Investment Fund in the Context of the Energy Crisis, Climate Change and EU Fiscal Rules," wiiw Policy Notes 63, The Vienna Institute for International Economic Studies, wiiw.
    14. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    15. Sewon Hur & Illenin O. Kondo & Fabrizio Perri, 2018. "Real Interest Rates, Inflation, and Default," Staff Report 574, Federal Reserve Bank of Minneapolis.
    16. Maeng, F. S., 2024. "Default, Inflation Expectations, and the Currency Denomination of Sovereign Bonds," Cambridge Working Papers in Economics 2438, Faculty of Economics, University of Cambridge.
    17. Wolf, Martin, 2020. "Pecuniary externalities in economies with downward wage rigidity," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 219-235.
    18. Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2019. "Fiscal Stimulus under Sovereign Risk," NBER Working Papers 26307, National Bureau of Economic Research, Inc.
    19. Philipp Heimberger, 2022. "The Cyclical Behaviour of Fiscal Policy During the Covid-19 Crisis," wiiw Working Papers 220, The Vienna Institute for International Economic Studies, wiiw.
    20. Javier Bianchi & César Sosa-Padilla, 2020. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," NBER Working Papers 27323, National Bureau of Economic Research, Inc.
    21. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2025. "Downward Nominal Wage Rigidity and Fiscal Policy in a Monetary Union," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(3), pages 988-1051, September.
    22. Luca Fornaro & Christoph Grosse Steffen, 2024. "Fragmented Monetary Unions," Working papers 978, Banque de France.
    23. Bianchi, Javier & Coulibaly, Louphou, 2026. "A theory of fear of floating," Journal of Monetary Economics, Elsevier, vol. 157(C).
    24. Heimberger, Philipp, 2023. "Public debt and r-g risks in advanced economies: Eurozone versus stand-alone," Journal of International Money and Finance, Elsevier, vol. 136(C).
    25. Hari Venkatesh & Gourishankar S Hiremath, 2020. "Currency Mismatches in Emerging Market Economies: Is Winter Coming?," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 23(1), pages 25-54, April.
    26. Jiao, Yang, 2024. "Financial crises, bailouts and monetary policy in open economies," Journal of International Economics, Elsevier, vol. 151(C).
    27. Wenxin Du & Carolin E. Pflueger & Jesse Schreger, 2020. "Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy," Journal of Finance, American Finance Association, vol. 75(6), pages 3097-3138, December.
    28. Matthias Burgert & Philipp Pfeiffer & Werner Roeger, 2021. "Fiscal policy in a monetary union with downward nominal wage rigidity," Working Papers 2021-16, Swiss National Bank.
    29. Hari Venkatesh & Gourishankar S. Hiremath, 2021. "The resurgence of currency mismatches: Emerging market economies are not out of the woods yet?," International Economics and Economic Policy, Springer, vol. 18(4), pages 721-742, October.
    30. Michal Szkup, 2022. "Preventing Self-Fulfilling Debt Crises: A Global Games Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 22-55, January.
    31. Philip R. Lane, 2021. "The Resilience of the Euro," Journal of Economic Perspectives, American Economic Association, vol. 35(2), pages 3-22, Spring.
    32. Manuel Amador & Javier Bianchi, 2021. "Bank Runs, Fragility, and Credit Easing," Working Papers 785, Federal Reserve Bank of Minneapolis.
    33. Arce, Fernando, 2021. "Private Overborrowing under Sovereign Risk," MPRA Paper 113176, University Library of Munich, Germany.
    34. Giancarlo Corsetti & Seung Hyun Maeng, 2023. "The Theory of Reserve Accumulation, Revisited," RSCAS Working Papers 2013_53, European University Institute.
    35. Yasin K rsat nder & Enes Sunel, 2021. "Default of Depreciate," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1023, Ghent University, Faculty of Economics and Business Administration.

  20. Perri, Fabrizio & Amador, Manuel & Bocola, Luigi & Bianchi, Javier, 2017. "Exchange Rate Policies at the Zero Lower Bound," CEPR Discussion Papers 11928, Centre for Economic Policy Research.

    Cited by:

    1. Alexander Rodnyansky & Yannick Timmer & Naoki Yago, 2023. "Intervening against the Fed," CESifo Working Paper Series 10575, CESifo.
    2. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    3. Demetrescu, Matei & Rodrigues, Paulo MM & Taylor, AM Robert, 2022. "Transformed Regression-based Long-Horizon Predictability Tests," Essex Finance Centre Working Papers 30620, University of Essex, Essex Business School.
    4. Suman Basu & Emine Boz & Gita Gopinath & Francisco Roch & Filiz Unsal, "undated". "Integrated Monetary and Financial Policies for Small Open Economies," Department of Economics Working Papers 2025-10, Universidad Torcuato Di Tella.
    5. Javier Bianchi & Saki Bigio & Charles Engel, 2021. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," Working Papers 786, Federal Reserve Bank of Minneapolis.
    6. Hertrich, Markus & Nathan, Daniel, 2022. "Foreign exchange interventions and their impact on expectations: Evidence from the USD/ILS options market," Discussion Papers 20/2022, Deutsche Bundesbank.
    7. Kerstin Bernoth & Jürgen Von Hagen & Casper De Vries, 2022. "The Term Structure of Currency Futures' Risk Premia," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(1), pages 5-38, February.
    8. Mr. Eugenio M Cerutti & Mr. Maurice Obstfeld & Haonan Zhou, 2019. "Covered Interest Parity Deviations: Macrofinancial Determinants," IMF Working Papers 2019/014, International Monetary Fund.
    9. Guglielmo Maria Caporale & Luis Alberiko Gil-Alana & Oluwadare O. Ojo & Ruka O. Jimoh, 2026. "Inflation Persistence in the SCO Countries: A Fractional Integration Approach," CESifo Working Paper Series 12578, CESifo.
    10. Javier Bianchi & César Sosa-Padilla, 2020. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," NBER Working Papers 27323, National Bureau of Economic Research, Inc.
    11. Sergeyev, Dmitriy & Iovino, Luigi, 2018. "Central Bank Balance Sheet Policies Without Rational Expectations," CEPR Discussion Papers 13100, Centre for Economic Policy Research.
    12. Yakhin, Yossi, 2025. "Foreign exchange interventions in the New-Keynesian model: Policy, transmission, and welfare," Journal of Monetary Economics, Elsevier, vol. 151(C).
    13. Philippe Bacchetta & Kenza Benhima & Yannick Kalantzis & Maxime Phillot, 2026. "The International Transmission of Asset Market Shocks in Liquidity Traps," Working papers 1032, Banque de France.
    14. Giancarlo Corsetti & Keith Kuester & Gernot J. Müller, 2017. "Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession," Discussion Papers 1721, Centre for Macroeconomics (CFM).
    15. Matteo Maggiori, 2021. "FX policy when financial markets are imperfect," BIS Working Papers 942, Bank for International Settlements.
    16. Kim, Duhyeong, 2023. "International effects of quantitative easing and foreign exchange intervention," Journal of International Economics, Elsevier, vol. 145(C).
    17. Zhengyang Jiang & Arvind Krishnamurthy & Hanno Lustig, 2018. "Foreign Safe Asset Demand and the Dollar Exchange Rate," NBER Working Papers 24439, National Bureau of Economic Research, Inc.
    18. Müller, Gernot & Kuester, Keith & Corsetti, Giancarlo, 2016. "The Case for Flexible Exchange Rates in a Great Recession," CEPR Discussion Papers 11432, Centre for Economic Policy Research.
    19. Montoro, Carlos & Ortiz, Marco, 2023. "The portfolio balance channel of capital flows and foreign exchange intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 133(C).
    20. Gregor, Jiří & Melecký, Martin, 2018. "The pass-through of monetary policy rate to lending rates: The role of macro-financial factors," Economic Modelling, Elsevier, vol. 73(C), pages 71-88.
    21. Sebastián Fanelli & Ludwig Straub, 2020. "A Theory of Foreign Exchange Interventions," Working Papers wp2020_2019, CEMFI.
    22. Takáts, Előd & Temesvary, Judit, 2021. "How does the interaction of macroprudential and monetary policies affect cross-border bank lending?," Journal of International Economics, Elsevier, vol. 132(C).
    23. Boris Hofmann & Hyun Song Shin & Mauricio Villamizar-Villegas, 2019. "FX intervention and domestic credit: Evidence from high-frequency micro data," BIS Working Papers 774, Bank for International Settlements.
    24. Wenxin Du & Alexander Tepper & Adrien Verdelhan, 2017. "Deviations from Covered Interest Rate Parity," NBER Working Papers 23170, National Bureau of Economic Research, Inc.
    25. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    26. House, Christopher L. & Proebsting, Christian & Tesar, Linda L., 2020. "Austerity in the aftermath of the great recession," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 37-63.
    27. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    28. Raphael Auer & Ariel Burstein & Sarah M Lein, 2018. "Exchange rates and prices: evidence from the 2015 Swiss franc appreciation," BIS Working Papers 751, Bank for International Settlements.
    29. Cynthia Balloch & Yann Koby & Mauricio Ulate, 2022. "Making Sense of Negative Nominal Interest Rates," Working Paper Series 2022-12, Federal Reserve Bank of San Francisco.
    30. Bengui, Julien & Arce, Fernando & Bianchi, Javier, 2019. "A Macroprudential Theory of Foreign Reserve Accumulation," CEPR Discussion Papers 13952, Centre for Economic Policy Research.
    31. Ambrogio Cesa-Bianchi & Michael Kumhof & Andrej Sokol & Gregory Thwaites, 2019. "Towards a new monetary theory of exchange rate determination," Bank of England Staff Working Paper series 817, Bank of England.
    32. Yun, Youngjin, 2020. "Reserve accumulation and bank lending: Evidence from Korea," Journal of International Money and Finance, Elsevier, vol. 105(C).
    33. Romina Ruprecht, 2020. "Negative interest rates, capital flows and exchange rates," ECON - Working Papers 351, Department of Economics - University of Zurich.
    34. Oleg Itskhoki & Dmitry Mukhin, 2025. "Mussa Puzzle Redux," Econometrica, Econometric Society, vol. 93(1), pages 1-39, January.
    35. Mihov, Ilian & Heipertz, Jonas & Santacreu, Ana, 2017. "The Exchange Rate as an Instrument of Monetary Policy," CEPR Discussion Papers 12137, Centre for Economic Policy Research.
    36. Jara, Alejandro & Piña, Marco, 2023. "Exchange rate volatility and the effectiveness of FX interventions: The case of Chile," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(2).
    37. Jing Cynthia Wu & Yinxi Xie & Ji Zhang, 2024. "The Role of International Financial Integration in Monetary Policy Transmission," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 944-990, September.
    38. J. Scott Davis & Michael B. Devereux & Changhua Yu, 2020. "Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention," Globalization Institute Working Papers 405, Federal Reserve Bank of Dallas, revised 10 Sep 2021.
    39. Fang, Xiang & Liu, Yang, 2021. "Volatility, intermediaries, and exchange rates," Journal of Financial Economics, Elsevier, vol. 141(1), pages 217-233.
    40. Corsetti, G. & Maeng, S. H., 2023. "The Theory of Reserve Accumulation, Revisited," Cambridge Working Papers in Economics 2370, Faculty of Economics, University of Cambridge.
    41. Javier Bianchi & Louphou Coulibaly, 2021. "Liquidity Traps, Prudential Policies, and International Spillovers," Working Papers 780, Federal Reserve Bank of Minneapolis.
    42. Corsetti, Giancarlo & Kuester, Keith & Müller, Gernot J., 2017. "Fixed on flexible rethink exchange rate regimes after the Great Recession," LSE Research Online Documents on Economics 86154, London School of Economics and Political Science, LSE Library.
    43. Semyon Malamud & Andreas Schrimpf, 2018. "An intermediation-based model of exchange rates," BIS Working Papers 743, Bank for International Settlements.
    44. Finck, David & Hoffmann, Mathias & Hürtgen, Patrick, 2023. "On the empirical relevance of the exchange rate as a shock absorber at the zero lower bound," Discussion Papers 10/2023, Deutsche Bundesbank.
    45. Kolasa, Marcin & Wesołowski, Grzegorz, 2020. "International spillovers of quantitative easing," Journal of International Economics, Elsevier, vol. 126(C).
    46. Eduardo Dávila & Daniel Graves & Cecilia Parlatore, 2022. "The Value of Arbitrage," Cowles Foundation Discussion Papers 2322, Cowles Foundation for Research in Economics, Yale University.
    47. Christian Eufinger & Andrej Gill & Florian Hett, 2024. "Domestic financial conditions and MNCs’ global competitiveness: evidence from the Swiss franc shock," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(8), pages 1057-1068, October.
    48. Samano, Agustin, 2022. "International reserves and central bank independence," Journal of International Economics, Elsevier, vol. 139(C).
    49. Michael B. Devereux & Charles Engel & Steve Pak Yeung Wu, 2023. "Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles," NBER Working Papers 31164, National Bureau of Economic Research, Inc.
    50. Heipertz, Jonas & Mihov, Ilian & Santacreu, Ana Maria, 2022. "Managing macroeconomic fluctuations with flexible exchange rate targeting," Journal of Economic Dynamics and Control, Elsevier, vol. 135(C).
    51. David-Pur, Lior & Galil, Koresh & Rosenboim, Mosi & Shapir, Offer Moshe, 2023. "Cross-currency basis swap spreads and corporate dollar funding," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    52. Jun Wei, 2020. "Optimal Combination of Currency Assets and Algorithm Simulation under Exchange Rate Risk," Complexity, Hindawi, vol. 2020, pages 1-10, November.

  21. Pablo Ottonello & Ignacio Presno & Javier Bianchi, 2017. "Fiscal Policy, Sovereign Risk, and Unemployment," 2017 Meeting Papers 1382, Society for Economic Dynamics.

    Cited by:

    1. Jeon, Kiyoung & Kabukcuoglu, Zeynep, 2018. "Income inequality and sovereign default," Journal of Economic Dynamics and Control, Elsevier, vol. 95(C), pages 211-232.
    2. Cristina Arellano & Yan Bai & Gabriel Mihalache, 2019. "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Department of Economics Working Papers 19-02-rev1, Stony Brook University, Department of Economics.
    3. Javier Andres & Oscar Arce & Dominik Thaler & Carlos Thomas, 2020. "When Fiscal Consolidation Meets Private Deleveraging," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 214-233, July.
    4. Martin Wolf, 2019. "Pecuniary Externalities in Economies with Downward Wage Rigidity," Vienna Economics Papers vie1905, University of Vienna, Department of Economics.
    5. Michal Szkup, 2022. "Preventing Self-Fulfilling Debt Crises: A Global Games Approach," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 22-55, January.

  22. Julien Bengui & Javier Bianchi & Louphou Coulibaly, 2016. "Financial Safety Nets," Staff Report 535, Federal Reserve Bank of Minneapolis.
    • Julien Bengui & Javier Bianchi & Louphou Coulibaly, 2019. "Financial Safety Nets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(1), pages 105-132, February.

    Cited by:

    1. Mengus, Eric, 2023. "Asset purchase bailouts and endogenous implicit guarantees," Journal of International Economics, Elsevier, vol. 142(C).
    2. Bengui, Julien & Bianchi, Javier, 2019. "Macroprudential Policy with Leakages," CEPR Discussion Papers 13951, Centre for Economic Policy Research.
    3. Borys Grochulski & Yuzhe Zhang, 2019. "Optimal liquidity policy with shadow banking," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(4), pages 967-1015, November.

  23. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2016. "Reverse Speculative Attacks," Staff Report 528, Federal Reserve Bank of Minneapolis.

    Cited by:

    1. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2017. "Exchange Rate Policies at the Zero Lower Bound," Working Papers 740, Federal Reserve Bank of Minneapolis.
    2. Binding, Garret & Dibiasi, Andreas, 2017. "Exchange rate uncertainty and firm investment plans evidence from Swiss survey data," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 1-27.
    3. Michele Cavallo & Marco Del Negro & W. Scott Frame & Jamie Grasing & Benjamin A. Malin & Carlo Rosa, 2018. "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," Working Papers 747, Federal Reserve Bank of Minneapolis.
    4. Florian Balke & Andreas Barth & Arne Reichel & Mark Wahrenburg, 2024. "Peg Abandonment and Cross-Currency Contagion," Management Science, INFORMS, vol. 70(8), pages 5599-5606, August.
    5. Rey, Hélène & Gourinchas, Pierre-Olivier, 2016. "Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound," CEPR Discussion Papers 11503, Centre for Economic Policy Research.
    6. Berhold, Kerstin & Stadtmann, Georg, 2017. "Who put the holes in the Swiss cheese? Currency crisis under appreciation pressure," Discussion Papers 391, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
    7. Yu-Fu Chen & Michael Funke & Richhild Moessner, 2017. "Informal one-sided target zone model and the Swiss franc," BIS Working Papers 660, Bank for International Settlements.
    8. Pinter, Julien & Pourroy, Marc, 2023. "How can financial constraints force a central bank to exit a currency peg? An application to the Swiss franc peg," Journal of Macroeconomics, Elsevier, vol. 75(C).
    9. Markus Hertrich, 2022. "Foreign exchange interventions under a minimum exchange rate regime and the Swiss franc," Review of International Economics, Wiley Blackwell, vol. 30(2), pages 450-489, May.
    10. Jörg Bibow, 2018. "Unconventional monetary policies and central bank profits," IMK Studies 62-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    11. Lorena Keller, 2018. "Prudential Capital Controls and Risk Misallocation: Bank Lending Channel," 2018 Meeting Papers 129, Society for Economic Dynamics.
    12. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    13. Hertrich, Markus, 2020. "Foreign exchange interventions under a one-sided target zone regime and the Swiss franc," Discussion Papers 21/2020, Deutsche Bundesbank.
    14. Barry Eichengreen, 2023. "The Danish problem," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(3), pages 781-794, October.

  24. Enrique G. Mendoza & Javier Bianchi & Chenxin Liu, 2016. "Fundamentals News, Global Liquidity and Macroprudential Policy," PIER Working Paper Archive 15-043, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 05 Dec 2016.

    Cited by:

    1. Alok Johri & Shahed K. Khan & Cesar Sosa-Padilla, 2018. "Interest Rate Uncertainty and Sovereign Default Risk," Department of Economics Working Papers 2018-17, McMaster University.
    2. Li, Zhisheng & Lin, Bingxuan & Liu, Zhouyi & Yüksel, H. Zafer, 2025. "Unpacking the crisis: Impact of COVID-19 on global equity flows," Journal of Financial Stability, Elsevier, vol. 81(C).
    3. Rick Van der Ploeg & Fidel Perez-Sebastian & Ohad Raveh, 2019. "Oil Discoveries and Protectionism," Economics Series Working Papers 895, University of Oxford, Department of Economics.
    4. Villalvazo, Sergio, 2024. "FDI flows and sudden stops in small open economies," Journal of Macroeconomics, Elsevier, vol. 79(C).
    5. Flemming, Jean & L'Huillier, Jean-Paul & Piguillem, Facundo, 2019. "Macro-prudential taxation in good times," Journal of International Economics, Elsevier, vol. 121(C).
    6. Fidel Sebastian-Perez & Ohad Raveh & Rick van der Ploeg, 2021. "Oil discoveries and protectionism: role of news effects," Tinbergen Institute Discussion Papers 21-047/VIII, Tinbergen Institute.
    7. Ouyang, Alice Y. & Guo, Shen, 2019. "Macro-prudential policies, the global financial cycle and the real exchange rate," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 147-167.
    8. Jin Lau, 2026. "Sentiment volatility and financial constraints in stock returns," Review of Financial Economics, John Wiley & Sons, vol. 44(1), January.
    9. Enrique Mendoza, 2016. "Macroprudential Policy: Promise and Challenges," PIER Working Paper Archive 16-020, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 24 Oct 2016.
    10. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    11. Juan Herreño & Carlos Rondón-Moreno, 2022. "Overborrowing and Systemic Externalities in the Business Cycle Under Imperfect Information," Working Papers Central Bank of Chile 940, Central Bank of Chile.
    12. Seoane, Hernán D. & Yurdagul, Emircan, 2019. "Trend shocks and sudden stops," Journal of International Economics, Elsevier, vol. 121(C).
    13. Matthieu Darracq Paries & Jenny Korner & Niki Papadopoulou, 2019. "Empowering Central Bank Asset Purchases: The Role of Financial Policies," Working Papers 2019-1, Central Bank of Cyprus.
    14. Wang, Bo & Xiao, Yang, 2024. "Measuring spatial impacts and tracking cross-border risk," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 50-84.
    15. Akıncı, Özge & Chahrour, Ryan, 2018. "Good news is bad news: Leverage cycles and sudden stops," Journal of International Economics, Elsevier, vol. 114(C), pages 362-375.
    16. Juan M. Hernandez & Enrique G. Mendoza, 2017. "Optimal v. simple financial policy rules in a production economy with “liability dollarization”," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 35(82), pages 25-39.
    17. Rui C. Mano & Silvia Sgherri, 2024. "One Shock, Many Policy Responses," Open Economies Review, Springer, vol. 35(2), pages 395-420, April.
    18. Stephanie Schmitt-Grohé & Martín Uribe, 2017. "Is Optimal Capital Control Policy Countercyclical in Open Economy Models with Collateral Constraints?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(3), pages 498-527, August.
    19. Pierri, Damian Rene & Reffett, Kevin, 2021. "Memory, multiple equilibria and emerging market crises," UC3M Working papers. Economics 32871, Universidad Carlos III de Madrid. Departamento de Economía.
    20. Enrique Mendoza & Sergio Villalvazo, 2020. "FiPIt: A Simple, Fast Global Method for Solving Models with Two Endogenous States & Occasionally Binding Constraints," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 81-102, July.
    21. Enrique G. Mendoza, 2017. "Política macroprudencial: promesas y desafíos," Journal Econom a Chilena (The Chilean Economy), Central Bank of Chile, vol. 20(2), pages 042-088, August.
    22. Gelos, Gaston & Gornicka, Lucyna & Koepke, Robin & Sahay, Ratna & Sgherri, Silvia, 2021. "Capital Flows at Risk: Taming the Ebbs and Flows," CEPR Discussion Papers 15842, Centre for Economic Policy Research.
    23. Chen, Yang & Feng, Yun & Liu, Qing & Zhang, Zhipeng, 2025. "Does benchmark-driven investment amplify the impact of the global financial cycle on emerging markets?," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
    24. Bengui, Julien & Bianchi, Javier, 2019. "Macroprudential Policy with Leakages," CEPR Discussion Papers 13951, Centre for Economic Policy Research.
    25. Nie, Owen, 2022. "The information content of capital controls," Journal of International Money and Finance, Elsevier, vol. 127(C).
    26. Enrique G. Mendoza & Eugenio Rojas, 2019. "Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(1), pages 174-214, March.
    27. Akihiko Ikeda, 2020. "Currency Swap Agreements and Financial Crises in Small Open Economies," KIER Working Papers 1033, Kyoto University, Institute of Economic Research.
    28. Kolasa, Marcin & Wesołowski, Grzegorz, 2023. "Quantitative easing in the US and financial cycles in emerging markets," Journal of Economic Dynamics and Control, Elsevier, vol. 149(C).
    29. Rojas Alvarado,Luis Diego & Vegh,Carlos & Vuletin,Guillermo Javier, 2022. "The Macroeconomic Effects of Macroprudential Policy : Evidence from a Narrative Approach," Policy Research Working Paper Series 10145, The World Bank.
    30. Wang, Bo & Xiao, Yang, 2023. "The term effect of financial cycle variables on GDP growth," Journal of International Money and Finance, Elsevier, vol. 139(C).
    31. Ricardo Reyes-Heroles & Gabriel Tenorio, 2019. "Macroprudential Policy in the Presence of External Risks," 2019 Meeting Papers 1138, Society for Economic Dynamics.
    32. Ballouk, Hossein & Ben Jabeur, Sami & Challita, Sandra & Chen, Chaomei, 2024. "Financial stability: A scientometric analysis and research agenda," Research in International Business and Finance, Elsevier, vol. 70(PA).
    33. Nie,Owen, 2020. "The Information Content of Capital Controls," Policy Research Working Paper Series 9343, The World Bank.
    34. Javier Bianchi & Enrique Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 254-283, August.
    35. Bassanin, Marzio & Faia, Ester & Patella, Valeria, 2021. "Ambiguity attitudes and the leverage cycle," Journal of International Economics, Elsevier, vol. 129(C).
    36. Wong, Siu Kei & Cheung, Ka Shing & Deng, Kuang Kuang & Chau, Kwong Wing, 2021. "Policy responses to an overheated housing market: Credit tightening versus transaction taxes," Journal of Asian Economics, Elsevier, vol. 75(C).
    37. Ali, Amjad, 2022. "Determining Pakistan's Financial Dependency: The Role of Financial Globalization and Corruption," MPRA Paper 116097, University Library of Munich, Germany.
    38. Ikeda, Akihiko, 2017. "Trade balance volatility and consumption structures in small open economies," Economics Letters, Elsevier, vol. 156(C), pages 114-117.
    39. Ricardo M. Reyes-Heroles & Gabriel Tenorio, 2017. "Managing Capital Flows in the Presence of External Risks," International Finance Discussion Papers 1213, Board of Governors of the Federal Reserve System (U.S.).
    40. Oskolkov, Aleksei & Sorá, Marcos, 2023. "Macroprudential policy for internal financial dollarization," Journal of International Economics, Elsevier, vol. 145(C).
    41. Gete, Pedro & Melkadze, Givi, 2020. "A quantitative model of international lending of last resort," Journal of International Economics, Elsevier, vol. 123(C).

  25. Luigi Bocola & Javier Bianchi & Fabrizio Perri & Manuel Amador, 2016. "Sustainable Exchange Rates," 2016 Meeting Papers 1396, Society for Economic Dynamics.

    Cited by:

    1. Nwaogwugwu, Chii & Evans, Olaniyi, 2019. "What are the Short-run and Long-run Drivers of Human Capital Development in Nigeria?," MPRA Paper 97130, University Library of Munich, Germany.
    2. Bartels, Bernd & Weder di Mauro, Beatrice & Eichengreen, Barry, 2017. "No Smoking Gun: Private Shareholders, Governance Rules and Central Bank Financial Behavior," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168251, Verein für Socialpolitik / German Economic Association.

  26. Javier Bianchi & Enrique G. Mendoza, 2015. "Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy," BIS Working Papers 505, Bank for International Settlements.

    Cited by:

    1. Indrani Manna, 2018. "Can We Still Lean Against the Wind?," Open Economies Review, Springer, vol. 29(2), pages 223-259, April.
    2. Pozo, Jorge, 2019. "Capital Flows and Bank Risk-Taking," Working Papers 2019-017, Banco Central de Reserva del Perú.
    3. Stelios Arvanitis & Alexandros Louka, 2015. "Martingale Transforms with Mixed Stable Limits and the QMLE for Conditionally Heteroskedastic Models," Working Papers 201508, Athens University Of Economics and Business, Department of Economics.
    4. Jhuvesh Sobrun & Philip Turner, 2015. "Bond markets and monetary policy dilemmas for the emerging markets," BIS Working Papers 508, Bank for International Settlements.
    5. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 201607, Athens University Of Economics and Business, Department of Economics.
    6. Pozo, Jorge, 2024. "Excessive bank risk-taking in an infinite horizon economy," Journal of Financial Stability, Elsevier, vol. 73(C).

  27. Javier Bianchi & Enrique G Mendoza, 2015. "Optimal time-consistent macroprudential policy," BIS Working Papers 516, Bank for International Settlements.

    Cited by:

    1. Li, Meng, 2023. "Loss aversion and inefficient general equilibrium over the business cycle," Economic Modelling, Elsevier, vol. 118(C).
    2. Correia, Isabel & De Fiore, Fiorella & Teles, Pedro & Tristani, Oreste, 2016. "Credit subsidies," Working Paper Series 1877, European Central Bank.
    3. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Bank credit, inflation, and default risks over an infinite horizon," Journal of Financial Stability, Elsevier, vol. 67(C).
    4. Jiequn Han & Yucheng Yang & Weinan E, 2021. "DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks," Papers 2112.14377, arXiv.org, revised Feb 2022.
    5. Parimoo, Suneil, 2024. "Cycles and self-fulfilling crises in open economies with stock collateral constraints under impatience," Journal of Mathematical Economics, Elsevier, vol. 112(C).
    6. Mircea Epure & Irina Mihai & Camelia Minoiu & José-Luis Peydró, 2017. "Global financial cycle, household credit, and macroprudential policies," Economics Working Papers 1590, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2023.
    7. Wolf, Martin, 2020. "Pecuniary externalities in economies with downward wage rigidity," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 219-235.
    8. Manuel Bachmann, 2018. "The Impact of Ex Ante Regulations and Ex Post Interventions on Bank Lending and Solvency," Department of Economics Working Papers wuwp269, Vienna University of Economics and Business, Department of Economics.
    9. Federica Romei & Luca Fornaro, 2018. "The Paradox of Global Thrift (Plus Appendix)," Working Papers 1039, Barcelona School of Economics.
    10. Liu, Siming & Shen, Hewei & Wang, Wenya, 2025. "Persistent fiscal expansions in sudden-stop crises: The expectation channel," Economics Letters, Elsevier, vol. 257(C).
    11. Miguel Acosta-Henao & Laura Alfaro & Andrés Fernández, 2020. "Sticky Capital Controls," Working Papers Central Bank of Chile 877, Central Bank of Chile.
    12. José A. Carrasco-Gallego, 2020. "Real Estate, Economic Stability and the New Macro-Financial Policies," Sustainability, MDPI, vol. 13(1), pages 1-19, December.
    13. Matyska, Branka, 2021. "Salience, systemic risk and spectral risk measures as capital requirements," Journal of Economic Dynamics and Control, Elsevier, vol. 125(C).
    14. Chang Ma & Shang-Jin Wei, 2020. "International Equity and Debt Flows: Composition, Crisis, and Controls," NBER Working Papers 27129, National Bureau of Economic Research, Inc.
    15. Beatrice Scheubel & Livio Stracca & Cédric Tille, 2025. "The global financial cycle and capital flows: Taking stock," Journal of Economic Surveys, Wiley Blackwell, vol. 39(3), pages 779-805, July.
    16. Ricardo J. Caballero & Alp Simsek, 2017. "A Risk-centric Model of Demand Recessions and Speculation," NBER Working Papers 23614, National Bureau of Economic Research, Inc.
    17. Muñoz, Manuel A., 2020. "Macroprudential policy and the role of institutional investors in housing markets," Working Paper Series 2454, European Central Bank.
    18. Mikkelsen, Jakob & Poeschl, Johannes, 2019. "Banking Panic Risk and Macroeconomic Uncertainty," MPRA Paper 94729, University Library of Munich, Germany.
    19. Mokas, Dimitris & Giuliodori, Massimo, 2023. "Effects of LTV announcements in EU economies," Journal of International Money and Finance, Elsevier, vol. 133(C).
    20. Kuzman, Tanja & Lazarevic, Jelisaveta & Nedeljkovic, Milan, 2022. "Capital flows liberalisation and macroprudential policies: The effects on credit cycles in emerging economies," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 602-619.
    21. Shah, Rohan, 2024. "Financial crises with different collateral types," Journal of Economic Dynamics and Control, Elsevier, vol. 166(C).
    22. de Groot, Oliver & Durdu, C. Bora & Mendoza, Enrique G., 2025. "Why global and local solutions of open-economy models with incomplete markets differ and why it matters," Journal of International Economics, Elsevier, vol. 158(C).
    23. Giuzio, Margherita & Kapadia, Sujit & Kaufmann, Christoph & Storz, Manuela & Weistroffer, Christian, 2025. "Macroprudential policy, monetary policy and non-bank financial intermediation," Working Paper Series 3130, European Central Bank.
    24. Poeschl, Johannes & Zhang, Xue, 2019. "Bank Capital Regulation and Endogenous Shadow Banking Crises," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203520, Verein für Socialpolitik / German Economic Association.
    25. Andreasen, Eugenia & Nuguer, Victoria, 2025. "Managing capital inflows in a partially dollarized economy: The role of reserve requirements," Journal of International Money and Finance, Elsevier, vol. 159(C).
    26. Luca Fornaro & Federica Romei, 2019. "The Paradox of Global Thrift," American Economic Review, American Economic Association, vol. 109(11), pages 3745-3779, November.
    27. Darracq Pariès, Matthieu & Körner, Jenny & Papadopoulou, Niki, 2019. "Empowering central bank asset purchases: The role of financial policies," Working Paper Series 2237, European Central Bank.
    28. Villalvazo, Sergio, 2024. "FDI flows and sudden stops in small open economies," Journal of Macroeconomics, Elsevier, vol. 79(C).
    29. Forbes, Kristin, 2020. "The International Aspects of Macroprudential Policy," CEPR Discussion Papers 15198, Centre for Economic Policy Research.
    30. Quadrini, Vincenzo, 2017. "Bank liabilities channel," Journal of Monetary Economics, Elsevier, vol. 89(C), pages 25-44.
    31. Martin Hodula & Ngoc Anh Ngo, 2022. "Finance, growth and (macro)prudential policy: European evidence," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 49(2), pages 537-571, May.
    32. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2023. "Sudden stops and reserve accumulation in the presence of international liquidity risk," Journal of International Economics, Elsevier, vol. 141(C).
    33. Ebrahimi Kahou, Mahdi & Lehar, Alfred, 2017. "Macroprudential policy: A review," Journal of Financial Stability, Elsevier, vol. 29(C), pages 92-105.
    34. Cesa-Bianchi, Ambrogio & Rebucci, Alessandro, 2017. "Does easing monetary policy increase financial instability?," Journal of Financial Stability, Elsevier, vol. 30(C), pages 111-125.
    35. Dávila, Eduardo & Walther, Ansgar, 2020. "Does size matter? Bailouts with large and small banks," Journal of Financial Economics, Elsevier, vol. 136(1), pages 1-22.
    36. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2020. "Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224520, Verein für Socialpolitik / German Economic Association.
    37. Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "Capital Controls: Myth and Reality--A Portfolio Balance Approach," CEMA Working Papers 608, China Economics and Management Academy, Central University of Finance and Economics.
    38. Nadav Ben Zeev, 2017. "Exchange Rate Regimes And Sudden Stops," Working Papers 1712, Ben-Gurion University of the Negev, Department of Economics.
    39. Martin, Alberto & Mendicino, Caterina & Van der Ghote, Alejandro, 2022. "Systemic risk and policy interventions: monetary and macroprudential policy," Research Bulletin, European Central Bank, vol. 97.
    40. Hodula, Martin & Ngo, Ngoc Anh, 2024. "Does macroprudential policy leak? Evidence from shadow bank lending in EU countries," Economic Modelling, Elsevier, vol. 132(C).
    41. Javier Bianchi, 2016. "Efficient Bailouts?," Working Papers 730, Federal Reserve Bank of Minneapolis.
    42. Norring, Anni, 2022. "Taming the tides of capital: Review of capital controls and macroprudential policy in emerging economies," BoF Economics Review 1/2022, Bank of Finland.
    43. Julio A. Carrillo & Enrique G. Mendoza & Victoria Nuguer & Jessica Roldán-Peña, 2017. "Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies," NBER Working Papers 23151, National Bureau of Economic Research, Inc.
    44. Croicu Andreea-Elena & Călin Adrian Cantemir, 2024. "Reconceptualizing Stability: Dynamics of Shadow Banking in Financial Markets," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 1385-1397.
    45. Nadav Ben Zeev, 2019. "Asymmetric Business Cycles In Emerging Market Economies," Working Papers 1909, Ben-Gurion University of the Negev, Department of Economics.
    46. Ozge Akinci & Ryan Chahrour, 2014. "Good News is Bad News: Leverage Cycles and Sudden Stops," Boston College Working Papers in Economics 866, Boston College Department of Economics, revised 30 Apr 2015.
    47. Lorenzo Burlon & Manuel A. Muñoz & Frank Smets, 2024. "The Optimal Quantity of CBDC in a Bank-Based Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(4), pages 172-217, October.
    48. Donato Masciandaro, 2014. "Macroeconomic Ideas, Business Cycles and Economic Policies: One Size Doesn’t Fit All - A Primer," BAFFI CAREFIN Working Papers 14161, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    49. Malmierca, María, 2023. "Optimal macroprudential and fiscal policy in a monetary union," Economic Modelling, Elsevier, vol. 122(C).
    50. Bianchi, Javier & Liu, Chenxin & Mendoza, Enrique G., 2016. "Fundamentals news, global liquidity and macroprudential policy," Journal of International Economics, Elsevier, vol. 99(S1), pages 2-15.
    51. Van Nieuwerburgh, Stijn & Landvoigt, Tim & Elenev, Vadim, 2017. "A Macroeconomic Model with Financially Constrained Producers and Intermediaries," CEPR Discussion Papers 12282, Centre for Economic Policy Research.
    52. Enrique G. Mendoza & Eugenio Rojas, 2019. "Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(1), pages 174-214, March.
    53. Garbers, Chris & Liu, Guangling, 2018. "Macroprudential policy and foreign interest rate shocks: A comparison of loan-to-value and capital requirements," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 683-698.
    54. Diego J. Perez, 2015. "Sovereign Debt, Domestic Banks and the Provision of Public Liquidity," Discussion Papers 15-016, Stanford Institute for Economic Policy Research.
    55. Bingbing Dong & Jieran Wu & Eric Young, 2023. "The Role of Collateral in Sudden Stop Models," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(6), pages 79-110, November.
    56. Herreño, Juan & Rondón-Moreno, Carlos, 2025. "Overborrowing and systemic externalities in the business cycle under imperfect information," Journal of International Economics, Elsevier, vol. 157(C).
    57. Akihiko Ikeda, 2020. "Currency Swap Agreements and Financial Crises in Small Open Economies," KIER Working Papers 1033, Kyoto University, Institute of Economic Research.
    58. Janosch Brenzel-Weiss & Winfried Koeniger & Arnau Valladares-Esteban, 2026. "Tax Incentives, Portfolio Choice, and Macroprudential Risks," CESifo Working Paper Series 12436, CESifo.
    59. Martin Ellison & Charles Brendon, 2018. "Time-Consistently Undominated Policies," Economics Series Working Papers 844, University of Oxford, Department of Economics.
    60. Altavilla, Carlo & Laeven, Luc & Peydró, José-Luis, 2020. "Monetary and Macroprudential Policy Complementarities: evidence from European credit registers," CEPR Discussion Papers 15539, Centre for Economic Policy Research.
    61. Ricardo M. Reyes-Heroles & Gabriel Tenorio, 2017. "Interest Rate Volatility and Sudden Stops : An Empirical Investigation," International Finance Discussion Papers 1209, Board of Governors of the Federal Reserve System (U.S.).
    62. Bengui, Julien & Bianchi, Javier, 2022. "Macroprudential policy with leakages," Journal of International Economics, Elsevier, vol. 139(C).
    63. Luck, Stephan & Schempp, Paul, 2023. "Inefficient liquidity creation," Journal of Financial Intermediation, Elsevier, vol. 53(C).
    64. Pei, Yun & Xie, Zoe, 2021. "A quantitative theory of time-consistent unemployment insurance," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 848-870.
    65. Jose Garcia Revelo & Grégory Levieuge, 2022. "When Could Macroprudential and Monetary Policies Be in Conflict?," Working papers 871, Banque de France.
    66. Mr. Tobias Adrian & Andrea Deghi & Mitsuru Katagiri & Mr. Sohaib Shahid & Nico Valckx, 2020. "Predicting Downside Risks to House Prices and Macro-Financial Stability," IMF Working Papers 2020/011, International Monetary Fund.
    67. Damián Pierri, 2021. "Memory, multiple equilibria and emerging market crises," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2021-62, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    68. Mateane, Lebogang, 2023. "Risk preferences, global market conditions and foreign debt: Is there any role for the currency composition of FX reserves?," Research in Economics, Elsevier, vol. 77(3), pages 402-418.
    69. Devereux, Michael B. & Young, Eric R. & Yu, Changhua, 2019. "Capital controls and monetary policy in sudden-stop economies," Journal of Monetary Economics, Elsevier, vol. 103(C), pages 52-74.
    70. Chris Garbers & Guangling Liu, 2017. "Flow specific capital controls for emerging markets," Working Papers 12/2017, Stellenbosch University, Department of Economics.
    71. Rojas Alvarado,Luis Diego & Vegh,Carlos & Vuletin,Guillermo Javier, 2022. "The Macroeconomic Effects of Macroprudential Policy : Evidence from a Narrative Approach," Policy Research Working Paper Series 10145, The World Bank.
    72. Esquivel, Carlos, 2024. "Underinvestment and capital misallocation under sovereign risk," Journal of International Economics, Elsevier, vol. 151(C).
    73. Ozge Akinci & Albert Queraltó, 2014. "Banks, Capital Flows and Financial Crises," International Finance Discussion Papers 1121, Board of Governors of the Federal Reserve System (U.S.).
    74. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    75. Oliver de Groot & Alexander Haas, 2022. "The Signalling Channel of Negative Interest Rates," Discussion Papers of DIW Berlin 1990, DIW Berlin, German Institute for Economic Research.
    76. Takáts, Előd & Temesvary, Judit, 2021. "How does the interaction of macroprudential and monetary policies affect cross-border bank lending?," Journal of International Economics, Elsevier, vol. 132(C).
    77. Gianluca Benigno & Andrew T. Foerster & Christopher Otrok & Alessandro Rebucci, 2020. "Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach," Staff Reports 944, Federal Reserve Bank of New York.
    78. Muñoz, Manuel A., 2019. "Rethinking capital regulation: the case for a dividend prudential target," ESRB Working Paper Series 97, European Systemic Risk Board.
    79. Pierri, Damián & Montes-Rojas, Gabriel & Mira-Llambi, Pablo, 2023. "Persistent external deficits and balance of payments crises," European Economic Review, Elsevier, vol. 159(C).
    80. Cho, Yujeong & He, Yintao & Huang, Yiping & Wang, Jieru & Yu, Changhua, 2025. "Exchange rate regime and optimal policy: The case of China," Journal of International Money and Finance, Elsevier, vol. 152(C).
    81. Lanteri, Andrea & Rampini, Adriano A., 2022. "Constrained-Efficient Capital Reallocation," CEPR Discussion Papers 15690, Centre for Economic Policy Research.
    82. Ma, Chang, 2020. "Financial stability, growth and macroprudential policy," Journal of International Economics, Elsevier, vol. 122(C).
    83. J. Scott Davis & Ignacio Presno, 2017. "Capital Controls and Monetary Policy Autonomy in a Small Open Economy," International Finance Discussion Papers 1190, Board of Governors of the Federal Reserve System (U.S.).
    84. Benguria, Felipe & Matsumoto, Hidehiko & Saffie, Felipe, 2022. "Productivity and trade dynamics in sudden stops," Journal of International Economics, Elsevier, vol. 139(C).
    85. Florian Schuster & Marco Wysietzki & Jonas Zdrzalek, 2023. "How Heterogeneous Beliefs Trigger Financial Crises," ECONtribute Discussion Papers Series 238, University of Bonn and University of Cologne, Germany.
    86. Javier Bianchi, 2022. "The Research Agenda: Javier Bianchi on Financial Crises and Prudential Policies," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 23(1), April.
    87. Villalvazo, Sergio, 2026. "Inequality and asset prices during Sudden Stops," Journal of Monetary Economics, Elsevier, vol. 157(C).
    88. Martin Wolf, 2018. "Optimal Prudential Policy in Economies with Downward Wage Rigidity," Vienna Economics Papers vie1804, University of Vienna, Department of Economics.
    89. Chari, Anusha & Dilts-Stedman, Karlye & Forbes, Kristin, 2022. "Spillovers at the extremes: The macroprudential stance and vulnerability to the global financial cycle," Journal of International Economics, Elsevier, vol. 136(C).
    90. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    91. Marcel Fratzscher & Tobias Heidland & Lukas Menkhoff & Lucio Sarno & Maik Schmeling, 2020. "Foreign Exchange Intervention: A New Database," Discussion Papers of DIW Berlin 1915, DIW Berlin, German Institute for Economic Research.
    92. Stéphane Lhuissier & Fabien Tripier, 2016. "Do Uncertainty Shocks Always Matter for Business Cycles?," Working Papers 2016-19, CEPII research center.
    93. Liu, Siming, 2022. "Government spending during sudden stop crises," Journal of International Economics, Elsevier, vol. 135(C).
    94. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    95. Fendoğlu, Salih, 2017. "Credit cycles and capital flows: Effectiveness of the macroprudential policy framework in emerging market economies," Journal of Banking & Finance, Elsevier, vol. 79(C), pages 110-128.
    96. Christian Friedrich & Pierre Guérin & Danilo Leiva-Leon, 2020. "Monetary Policy Independence and the Strength of the Global Financial Cycle," Staff Working Papers 20-25, Bank of Canada.
    97. Malherbe, Frederic, 2015. "Optimal capital requirements over the business and financial cycles," Working Paper Series 1830, European Central Bank.
    98. Damián Pierri & Gabriel Montes Rojas & Pablo Mira Lambi, 2019. "The Empirical Dimension of Overborrowing," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2019-45, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    99. Alper, Koray & Baskaya, Soner & Shi, Shuren, 2025. "How do macroprudential policies affect corporate investment? Insights from EIBIS data," EIB Working Papers 2025/02, European Investment Bank (EIB).
    100. Claudio Battiati, 2017. "R&D, growth, and macroprudential policy in an economy undergoing boom-bust cycles," Bank of Lithuania Working Paper Series 48, Bank of Lithuania.
    101. Alfaro, Laura & Chari, Anusha & Kanczuk, Fabio, 2017. "The real effects of capital controls: Firm-level evidence from a policy experiment," Journal of International Economics, Elsevier, vol. 108(C), pages 191-210.
    102. Ernesto Pasten, 2020. "Prudential Policies and Bailouts: A Delicate Interaction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 181-197, October.
    103. Jiao, Yang, 2024. "Financial crises, bailouts and monetary policy in open economies," Journal of International Economics, Elsevier, vol. 151(C).
    104. Hao Jin & Hewei Shen, 2020. "Foreign Asset Accumulation among Emerging Market Economies: a Case for Coordination," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 54-73, January.
    105. Bachmann, Manuel, 2018. "The Impact of Ex Ante Regulations and Ex Post Interventions on Bank Lending and Solvency," Department of Economics Working Paper Series 269, WU Vienna University of Economics and Business.
    106. Koetter, Michael & Noth, Felix & Wöbbeking, Carl Fabian, 2025. "Contractionary macroprudential policy, collateral valuation, and risk-shifting in EU banking," IWH Discussion Papers 4/2025, Halle Institute for Economic Research (IWH), revised 2025.
    107. Cristian Badarinza, 2019. "Mortgage Debt and Social Externalities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 34, pages 43-60, October.
    108. Donato Masciandaro, 2018. "Central Banking and Macroeconomic Ideas: Economics, Politics and History," BAFFI CAREFIN Working Papers 1858, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    109. J. Scott Davis & Michael B. Devereux, 2019. "Capital Controls as Macro-prudential Policy in a Large Open Economy," Globalization Institute Working Papers 358, Federal Reserve Bank of Dallas.
    110. Dimitris Mokas & Massimo Giuliodori, 2021. "Effects of LTV announcements in EU economies," Working Papers 704, DNB.
    111. Schroth, Josef, 2021. "Macroprudential policy with capital buffers," Journal of Monetary Economics, Elsevier, vol. 118(C), pages 296-311.
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    113. Jude, Cristina & Levieuge, Grégory, 2025. "Doubling down: The synergy of CCyB release and monetary policy easing," Journal of International Money and Finance, Elsevier, vol. 155(C).
    114. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 2016_17, Business School - Economics, University of Glasgow.
    115. Acharya, Viral & Bhadury, Soumya & Surti, Jay, 2020. "Financial Vulnerability and Risks to Growth in Emerging Markets," CEPR Discussion Papers 14962, Centre for Economic Policy Research.
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    117. Wang, Jian & Wu, Jason, 2021. "Is capital flow management effective? Evidence based on U.S. monetary policy shocks," Journal of International Money and Finance, Elsevier, vol. 118(C).
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    119. Daisuke Ikeda & Hidehiko Matsumoto, 2021. "Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs," IMES Discussion Paper Series 21-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
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    1. Christine Parlour, 2017. "Making Money: Commercial Banks, Liquidity Transformation and the Payment System," 2017 Meeting Papers 388, Society for Economic Dynamics.
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    4. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Bank credit, inflation, and default risks over an infinite horizon," Journal of Financial Stability, Elsevier, vol. 67(C).
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    7. Butt, Nick & Churm, Rohan & McMahon, Michael & Morotz, Arpad & Schanz, Jochen, 2015. "QE and the Bank Lending Channel in the United Kingdom," CAGE Online Working Paper Series 244, Competitive Advantage in the Global Economy (CAGE).
    8. Xuezhao Chen & Chenyi Kang & Haochang Yang & Zhenya Zhang & Shijia Kang, 2025. "The Impact of Monetary Policy on Household Leverage: Does Financial Literacy Matter?," SAGE Open, , vol. 15(2), pages 21582440251, June.
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    33. Christian Bittner & Rustam Jamilov & Farzad Saidi, 2025. "Assortative Matching, Interbank Markets, and Monetary Policy," CRC TR 224 Discussion Paper Series crctr224_2025_642, University of Bonn and University of Mannheim, Germany.
    34. Antonis Kotidis & Dimitris Malliaropulos & Elias Papaioannou, 2022. "Public and private liquidity during crises times: evidence from Emergency Liquidity Assistance (ELA) to Greek banks," Working Papers 304, Bank of Greece.
    35. Böhl, Gregor, 2022. "Endogenous Money, Excess Reserves and Unconventional Monetary Policy," VfS Annual Conference 2022 (Basel): Big Data in Economics 264141, Verein für Socialpolitik / German Economic Association.
    36. Sodokin, Koffi & Kouwonou, Yao & Kodjovi Couchoro, Mawuli & Amadou, Akilou, 2024. "Monetary policy, threshold of profitability and dynamics of private investment in the West African Economic and Monetary Union," Journal of International Money and Finance, Elsevier, vol. 143(C).
    37. Chaumont, Gaston & Gordon, Grey & Sultanum, Bruno & Tobin, Elliot, 2024. "Sovereign debt and credit default swaps," Journal of International Economics, Elsevier, vol. 150(C).
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    41. Juliane Begenau & Jeremy Majerovitz & Saki Bigio, 2018. "Data Lessons on Bank Behavior," 2018 Meeting Papers 161, Society for Economic Dynamics.
    42. Piazzesi, Monika & Lenel, Moritz & Schneider, Martin, 2019. "The Short Rate Disconnect in a Monetary Economy," CEPR Discussion Papers 13947, Centre for Economic Policy Research.
    43. Pejman Peykani & Mostafa Sargolzaei & Amir Takaloo & Shahla Valizadeh, 2023. "The Effects of Monetary Policy on Macroeconomic Variables through Credit and Balance Sheet Channels: A Dynamic Stochastic General Equilibrium Approach," Sustainability, MDPI, vol. 15(5), pages 1-21, March.
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    45. Kaiji Chen & Jue Ren & Tao Zha, 2016. "What we learn from China's rising shadow banking: exploring the nexus of monetary tightening and banks' role in entrusted lending," FRB Atlanta Working Paper 2016-1, Federal Reserve Bank of Atlanta.
    46. Christian Bittner & Rustam Jamilov & Farzad Saidi, 2025. "Assortative Matching, Interbank Markets, and Monetary Policy," ECONtribute Discussion Papers Series 353, University of Bonn and University of Cologne, Germany.
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    50. Marcelo Rezende & Mary-Frances Styczynski & Cindy M. Vojtech, 2016. "The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations," Finance and Economics Discussion Series 2016-090, Board of Governors of the Federal Reserve System (U.S.).
    51. Laura Andrade-Pardo & Oscar Valencia-Arana & Diego V�squez-Escobar & Mauricio Villamizar-Villegas, 2016. "Uncovering the portfolio balance channel with the use of sovereign credit ratings," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 34(81), pages 191-205.
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    60. Jane E. Ihrig & Edward Kim & Ashish Kumbhat & Cindy M. Vojtech & Gretchen C. Weinbach, 2017. "How Have Banks Been Managing the Composition of High-Quality Liquid Assets?," Finance and Economics Discussion Series 2017-092, Board of Governors of the Federal Reserve System (U.S.).
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    68. Hugo Rodríguez Mendizábal, 2017. "Narrow Banking with Modern Depository Institutions: Is there a Reason to Panic?," Working Papers 955, Barcelona School of Economics.
    69. Adrien d’Avernas & Baiyang Han & Quentin Vandeweyer, 2025. "Intraday Liquidity and Money Market Dislocations," Management Science, INFORMS, vol. 71(12), pages 10740-10752, December.
    70. Dirk Niepelt, 2024. "Money and Banking with Reserves and CBDC," Journal of Finance, American Finance Association, vol. 79(4), pages 2505-2552, August.
    71. Pablo D'Erasmo & Dean Corbae, 2018. "Capital Requirements in a Quantitative Model of Banking Industry Dynamics," 2018 Meeting Papers 1221, Society for Economic Dynamics.
    72. Darmouni, Olivier & Geisecke, Oliver & Rodnyanky, Alexander, 2019. "The Bond Lending Channel of Monetary Policy," MPRA Paper 95141, University Library of Munich, Germany.
    73. Barattieri, Alessandro & Moretti, Laura & Quadrini, Vincenzo, 2021. "Banks funding, leverage, and investment," Journal of Financial Economics, Elsevier, vol. 141(1), pages 148-171.
    74. Pejman Peykani & Mostafa Sargolzaei & Amir Takaloo & Negin Sanadgol, 2023. "Investigating the monetary policy risk channel based on the dynamic stochastic general equilibrium model: Empirical evidence from Iran," PLOS ONE, Public Library of Science, vol. 18(10), pages 1-28, October.
    75. Tao Zha & Kaiji Chen, 2017. "The Asymmetric Transmission of China's Monetary Policy," 2017 Meeting Papers 516, Society for Economic Dynamics.
    76. Stefan Nagel, 2014. "The Liquidity Premium of Near-Money Assets," NBER Working Papers 20265, National Bureau of Economic Research, Inc.
    77. Paolo Varraso, 2025. "Banks’ Maturity Choices and the Transmission of Interest-Rate Risk," CEIS Research Paper 616, Tor Vergata University, CEIS, revised 11 Oct 2025.
    78. Manuel Amador & Javier Bianchi, 2023. "Helicopter Drops and Liquidity Traps," Working Papers 797, Federal Reserve Bank of Minneapolis.
    79. David M. Arseneau & David E. Rappoport & Alexandros Vardoulakis, 2017. "Private and Public Liquidity Provision in Over-the-Counter Markets," Finance and Economics Discussion Series 2017-033, Board of Governors of the Federal Reserve System (U.S.).
    80. Soedarmono, Wahyoe & Gunadi, Iman & Pambudi, Sudiro & Nurhayati, Tika, 2023. "Monetary policy, funding liquidity, and undisbursed loans in Indonesia: The bank lending channel revisited," Journal of Economics and Business, Elsevier, vol. 127(C).
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    85. Monika Piazzesi & Martin Schneider, 2018. "Payments, credit and asset prices," BIS Working Papers 734, Bank for International Settlements.
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  29. Javier Bianchi & Juan Carlos Hatchondo, 2013. "International reserves and rollover risk," Globalization Institute Working Papers 151, Federal Reserve Bank of Dallas.

    Cited by:

    1. McCully Tuuli, 2024. "Drivers of Portfolio Flows into Chinese Debt Securities Amidst China’s Bond Market Development," China Finance and Economic Review, De Gruyter, vol. 13(3), pages 64-82.
    2. Javid Suleymanli, 2022. "Differences in the Determinants of National Reserves across G7 and Rising Power Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 12(2), pages 431-443, March.
    3. César Sosa-Padilla & Federico Sturzenegger, 2021. "Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads," Working Papers 79, Red Nacional de Investigadores en Economía (RedNIE).
    4. Segura, Anatoli & Suarez, Javier, 2016. "How excessive is banks’ maturity transformation?," ESRB Working Paper Series 3, European Systemic Risk Board.
    5. Cheng, G., 2013. "A Growth Perspective on Foreign Reserve Accumulation," Working papers 443, Banque de France.
    6. Wang, Lirong & Zhou, Jinnan & Hueng, C. James, 2022. "Dynamics of gross capital flows and financial stress in China," Finance Research Letters, Elsevier, vol. 44(C).
    7. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2023. "Sudden stops and reserve accumulation in the presence of international liquidity risk," Journal of International Economics, Elsevier, vol. 141(C).
    8. Yan Bai & Seon Tae Kim & Gabriel P. Mihalache, 2015. "The Maturity and Payment Schedule of Sovereign Debt," NBER Working Papers 20896, National Bureau of Economic Research, Inc.
    9. Lutz, Flora & Zessner-Spitzenberg, Leopold, 2020. "Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224520, Verein für Socialpolitik / German Economic Association.
    10. Leonardo Martinez & Juan Hatchondo, 2017. "Sovereign Cocos and the Reprofiling of Debt Payments," 2017 Meeting Papers 1435, Society for Economic Dynamics.
    11. Ma, Long & Xu, Sichuang, 2026. "Long-term debt and the efficiency of crisis-contingent policies: Taming overborrowing externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 184(C).
    12. George Mawili Makusa & Dr. Tobias Olweny & Prof. Willy Muturi, 2026. "Exchange Rate Growth and Sovereign Treasury Bond Yield Curve Movements in Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 10(1), pages 6291-6301, January.
    13. Javier Bianchi & Cesar Sosa-Padilla, 2018. "Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk," 2018 Meeting Papers 1166, Society for Economic Dynamics.
    14. Gianluca Benigno & Luca Fornaro & Martin Wolf, 2012. "Reserve accumulation, growth and financial crises," Economics Working Papers 1795, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2022.
    15. Keiichiro KOBAYASHI & Kozo Ueda, 2020. "Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis," CIGS Working Paper Series 20-008E, The Canon Institute for Global Studies.
    16. Joao Ayres & Gaston Navarro & Juan Pablo Nicolini & Pedro Teles, 2019. "Self-Fulfilling Debt Crises with Long Stagnations," Working Papers 757, Federal Reserve Bank of Minneapolis.
    17. Steiner, Andreas, 2014. "Reserve accumulation and financial crises: From individual protection to systemic risk," European Economic Review, Elsevier, vol. 70(C), pages 126-144.
    18. Choi, Woo Jin & Taylor, Alan M., 2022. "Precaution versus mercantilism: Reserve accumulation, capital controls, and the real exchange rate," Journal of International Economics, Elsevier, vol. 139(C).
    19. Bianchi, Javier & Sosa-Padilla, César, 2024. "On wars, sanctions, and sovereign default," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 62-70.
    20. ,, 2018. "Financial Policy," CEPR Discussion Papers 12755, Centre for Economic Policy Research.
    21. Corneli, Flavia & Tarantino, Emanuele, 2016. "Sovereign debt and reserves with liquidity and productivity crises," Journal of International Money and Finance, Elsevier, vol. 65(C), pages 166-194.
    22. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    23. Juan M. Sanchez & Horacio Sapriza & Emircan Yurdagul, 2014. "Sovereign Default and the Choice of Maturity," Working Papers 2014-31, Federal Reserve Bank of St. Louis.
    24. Tavares, Tiago, 2015. "The Role of International Reserves in Sovereign Debt Restructuring under Fiscal Adjustment," MPRA Paper 87423, University Library of Munich, Germany.
    25. Prein, Timm, 2019. "Persistent Unemployment, Sovereign Debt Crises, and the Impact of Haircuts," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203654, Verein für Socialpolitik / German Economic Association, revised 2019.
    26. Harashima, Taiji, 2021. "The Root Cause of Sovereign Default," MPRA Paper 110010, University Library of Munich, Germany.
    27. Bengui, Julien & Arce, Fernando & Bianchi, Javier, 2019. "A Macroprudential Theory of Foreign Reserve Accumulation," CEPR Discussion Papers 13952, Centre for Economic Policy Research.
    28. Lee, Sang Seok & Luk, Paul, 2018. "The Asian Financial Crisis and international reserve accumulation: A robust control approach," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 284-309.
    29. Hur, Sewon & Kondo, Illenin O., 2016. "A theory of rollover risk, sudden stops, and foreign reserves," Journal of International Economics, Elsevier, vol. 103(C), pages 44-63.
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    31. Fatum, Rasmus & Hattori, Takahiro & Yamamoto, Yohei, 2023. "Reserves and risk: Evidence from China," Journal of International Money and Finance, Elsevier, vol. 134(C).
    32. Chokri Zehri & David McMillan, 2020. "Restrictive policy impacts in emerging economies," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1815979-181, January.
    33. Juan Carlos Hatchondo & Leonardo Martinez & Yasin K rsat nder & Francisco Roch, 2024. "Sovereign CoCos and debt forgiveness," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 24/1096, Ghent University, Faculty of Economics and Business Administration.
    34. Feldkircher, Martin, 2014. "The determinants of vulnerability to the global financial crisis 2008 to 2009: Credit growth and other sources of risk," Journal of International Money and Finance, Elsevier, vol. 43(C), pages 19-49.
    35. Franz Hamann & Juan Camilo Mendez-Vizcaino & Enrique G. Mendoza & Paulina Restrepo-Echavarria, 2023. "Natural Resources and Sovereign Risk in Emerging Economies: A Curse and a Blessing," PIER Working Paper Archive 23-004, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    36. Juan Passadore & Juan Xandri, 2019. "Robust Predictions in Dynamic Policy Games," 2019 Meeting Papers 1345, Society for Economic Dynamics.
    37. J. Scott Davis & Michael B. Devereux & Changhua Yu, 2020. "Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention," Globalization Institute Working Papers 405, Federal Reserve Bank of Dallas, revised 10 Sep 2021.
    38. Siming Liu & Hewei Shen, 2022. "Fiscal Commitment and Sovereign Default Risk," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 98-123, October.
    39. Antonio Cusato Novelli, 2021. "Sovereign default, political instability and political fragmentation," Review of International Economics, Wiley Blackwell, vol. 29(4), pages 732-755, September.
    40. Latha Sreeram & Samie Ahmed Sayed, 2023. "Factors Associated with Growth in India’s International Reserves: VECM Analysis," Foreign Trade Review, , vol. 58(3), pages 386-400, August.
    41. Kieran Walsh, 2014. "Portfolio Choice and Partial Default in Emerging Markets: a quantitative analysis," 2014 Meeting Papers 789, Society for Economic Dynamics.
    42. Matthieu Bussière & G. Cheng & M. Chinn & N. Lisack, 2015. "For a Few Dollars More: Reserves and Growth in Times of Crises," Working papers 550, Banque de France.
    43. Yasin Kür¸sat Önder & Mauricio Villamizar-Villegas & Jose Villegas, 2023. "Debt Moratorium: Theory and Evidence," Borradores de Economia 1253, Banco de la Republica de Colombia.
    44. J. Scott Davis, 2015. "The cyclicality of (bilateral) capital inflows and outflows," Globalization Institute Working Papers 247, Federal Reserve Bank of Dallas.
    45. Giancarlo Corsetti, 2023. "Debt crises, fast and slow Giancarlo," RSCAS Working Papers 2023/15, European University Institute.
    46. Maeng, F. S., 2024. "Default, Inflation Expectations, and the Currency Denomination of Sovereign Bonds," Cambridge Working Papers in Economics 2438, Faculty of Economics, University of Cambridge.
    47. Juan Carlos Hatchondo & Leonardo Martinez & Francisco Roch, 2015. "Fiscal rules and the Sovereign Default Premium," CAEPR Working Papers 2015-010, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    48. Jeanne, Olivier & Sandri, Damiano, 2020. "Optimal reserves in financially closed economies," Journal of International Money and Finance, Elsevier, vol. 104(C).
    49. Yasin Kursat Onder, 2023. "Optimal GDP-indexed Bonds," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 747-777, December.
    50. Fogli, Alessandra & Perri, Fabrizio, 2015. "Macroeconomic volatility and external imbalances," Journal of Monetary Economics, Elsevier, vol. 69(C), pages 1-15.
    51. Samano, Agustin, 2022. "International reserves and central bank independence," Journal of International Economics, Elsevier, vol. 139(C).
    52. Cerdeiro, Diego A. & Komaromi, Andras, 2021. "Financial openness and capital inflows to emerging markets: In search of robust evidence," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 444-458.
    53. Cheng, Gong, 2015. "Balance sheet effects, foreign reserves and public policies," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 146-165.
    54. Mihalache, Gabriel, 2020. "Sovereign default resolution through maturity extension," Journal of International Economics, Elsevier, vol. 125(C).
    55. Chee-Hong Law, 2023. "The Impacts of International Reserves on Monetary Independence in Emerging Countries: An Asymmetric Analysis," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 15(1), pages 53-71, January.
    56. Yasin K rsat nder, 2021. "Liquidity Crises, Liquidity Lines and Sovereign Risk," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 21/1029, Ghent University, Faculty of Economics and Business Administration.
    57. Flora Lutz & Leopold Zessner-Spitzenberg, 2019. "Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk," Vienna Economics Papers vie1907, University of Vienna, Department of Economics.
    58. Chokri Abdelmajid Zehri, 2020. "Capital Restrictions Policies, Currency Appreciation and Foreign Debts," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 16(3), pages 149-159.
    59. Lorenzoni, Guido, 2014. "International Financial Crises," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 689-740, Elsevier.
    60. Abdullah Alhassan & Sue Brake & Mr. Michael G. Papaioannou & Martin Skancke, 2018. "Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet," IMF Working Papers 2018/026, International Monetary Fund.
    61. Stefan Niemann & Paul Pichler, 2020. "Optimal fiscal policy and sovereign debt crises," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 234-254, July.
    62. GBANDI, Tchapo, 2016. "Ratios d’adéquation et fonction de demande des réserves de change dans les pays de l’UEMOA [Title: Foreign reserve adequacy ratios and reserve demand function in WAEMU countries]," MPRA Paper 82145, University Library of Munich, Germany, revised 25 Jun 2016.
    63. Varela, Liliana & Salomao, Juliana, 2018. "Exchange Rate Exposure and Firm Dynamics," CEPR Discussion Papers 12654, Centre for Economic Policy Research.
    64. Darmouni, Olivier & Siani, Kerry Y., 2025. "Bond market stimulus: Firm-level evidence," Journal of Monetary Economics, Elsevier, vol. 151(C).
    65. David Moreno, 2018. "Institutional Quality and Sovereign Flows," Working Papers Central Bank of Chile 816, Central Bank of Chile.
    66. Sebastian Fanelli & Ludwig Straub, 2018. "A Theory of Foreign Exchange Interventions," 2018 Meeting Papers 1270, Society for Economic Dynamics.
    67. Mihalache, Gabriel, 2024. "Comment on “On Wars, Sanctions, and Sovereign Default” by Javier Bianchi and César Sosa-Padilla," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 71-73.
    68. Javier Bianchi & Jorge Mondragon, 2018. "Monetary Independence and Rollover Crises," Working Papers 755, Federal Reserve Bank of Minneapolis.
    69. Maximiliano Dvorkin & Juan M. Sanchez & Horacio Sapriza & Emircan Yurdagul, 2018. "News, sovereign debt maturity, and default risk," Working Papers 2018-033, Federal Reserve Bank of St. Louis, revised 18 May 2020.
    70. Joshua Aizenman & Yothin Jinjarak, 2020. "Hoarding for stormy days—Test of international reserves adjustment providing financial buffer stock services," Review of International Economics, Wiley Blackwell, vol. 28(3), pages 656-675, August.
    71. McCully, Tuuli, 2023. "Drivers of portfolio flows into Chinese debt securities amidst China's bond market development," BOFIT Discussion Papers 8/2023, Bank of Finland Institute for Emerging Economies (BOFIT).
    72. Juan Carlos Hatchondo & Mr. Leonardo Martinez, 2013. "Sudden stops, time inconsistency, and the duration of sovereign debt," IMF Working Papers 2013/174, International Monetary Fund.
    73. Ricardo Sabbadini, 2017. "Overcoming the Original Sin: Gains from Local Currency External Debt," Working Papers, Department of Economics 2017_27, University of São Paulo (FEA-USP).
    74. Alexander Mihailov & Harun Nasir, 2022. "Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies," Open Economies Review, Springer, vol. 33(5), pages 825-851, November.
    75. Stavros A. Zenios & Andrea Consiglio & Marialena Athanasopoulou & Edmund Moshammer & Angel Gavilan & Aitor Erce, 2021. "Risk Management for Sustainable Sovereign Debt Financing," Operations Research, INFORMS, vol. 69(3), pages 755-773, May.
    76. Nada Azmy Elberry & Frank Naert & Stijn Goeminne, 2023. "Optimal public debt composition during debt crises: A review of theoretical literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 351-376, April.
    77. Audrey Sallenave & Jean-Pierre Allegret & Tolga Omay, 2024. "Can governments sleep more soundly when holding international reserves? A banking and financial vulnerabilities perspective," Post-Print hal-03945433, HAL.
    78. Hidehiko Matsumoto, 2022. "Foreign Reserve Accumulation, Foreign Direct Investment, and Economic Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 241-262, January.
    79. Yuanchen Cai & Pablo Guerron-Quintana, 2025. "Lopsided Interest Rates in International Borrowing Markets," Boston College Working Papers in Economics 1088, Boston College Department of Economics.
    80. Presbitero, Andrea & Mihalyi, David, 2021. "Borrowing Costs after Sovereign Debt Relief," CEPR Discussion Papers 15832, Centre for Economic Policy Research.
    81. Juan Hatchondo & Francisco Roch & Leonardo Martinez, 2019. "Constrained efficient borrowing with sovereign default risk," 2019 Meeting Papers 899, Society for Economic Dynamics.
    82. Qian, Xingwang & Steiner, Andreas, 2017. "International reserves and the maturity of external debt," Journal of International Money and Finance, Elsevier, vol. 73(PB), pages 399-418.
    83. Davis, J. Scott & Van Wincoop, Eric, 2018. "Globalization and the increasing correlation between capital inflows and outflows," Journal of Monetary Economics, Elsevier, vol. 100(C), pages 83-100.
    84. Ms. Camila Henao Arbelaez & Nelson Sobrinho, 2017. "Government Financial Assets and Debt Sustainability," IMF Working Papers 2017/173, International Monetary Fund.
    85. Mr. Yan Carriere-Swallow & Mr. Luis Ignacio Jácome & Mr. Nicolas E Magud & Alejandro M. Werner, 2016. "Central Banking in Latin America: The Way Forward," IMF Working Papers 2016/197, International Monetary Fund.
    86. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    87. Chokri Zehri, 2020. "The Domestic Impacts And Spillovers Of Capital Controls," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(227), pages 31-66, October –.
    88. Passadore, Juan & Xu, Yu, 2022. "Illiquidity in sovereign debt markets," Journal of International Economics, Elsevier, vol. 137(C).
    89. Bocola, Luigi & Bornstein, Gideon & Dovis, Alessandro, 2019. "Quantitative sovereign default models and the European debt crisis," Journal of International Economics, Elsevier, vol. 118(C), pages 20-30.
    90. Javier Bianchi, 2012. "Comment on "Capital Account Policies and the Real Exchange Rate"," NBER Chapters, in: NBER International Seminar on Macroeconomics 2012, pages 43-48, National Bureau of Economic Research, Inc.
    91. Laura Alfaro & Fabio Kanczuk, 2019. "Debt Redemption and Reserve Accumulation," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(2), pages 261-287, June.
    92. Dongwon Lee, 2023. "International cooperation in foreign reserve policies in the presence of competitive hoarding," Review of International Economics, Wiley Blackwell, vol. 31(2), pages 389-412, May.
    93. Broner, Fernando & Didier, Tatiana & Erce, Aitor & Schmukler, Sergio L., 2013. "Gross capital flows: Dynamics and crises," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 113-133.
    94. Mark Aguiar & Manuel Amador, 2013. "Sovereign Debt: A Review," NBER Working Papers 19388, National Bureau of Economic Research, Inc.
    95. Kaldorf, Matthias & Röttger, Joost, 2025. "Convenient but risky government bonds," European Economic Review, Elsevier, vol. 180(C).
    96. Paul Pichler & Flora Lutz, 2017. "Liquidity risk and financial stability regulation," Vienna Economics Papers vie1701, University of Vienna, Department of Economics.
    97. Juan Passadore, 2015. "Illiquidity in Sovereign Debt Markets," 2015 Meeting Papers 191, Society for Economic Dynamics.
    98. Alexander Mihailov, 2022. "Editorial – Recent Trends in International Reserves: Theory and Evidence," Open Economies Review, Springer, vol. 33(5), pages 807-815, November.
    99. Ryan Chahrour & Rosen Valchev, 2024. "The Dollar in an Era of International Retrenchment," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 1042-1080, September.
    100. Arce, Fernando, 2021. "Private Overborrowing under Sovereign Risk," MPRA Paper 113176, University Library of Munich, Germany.
    101. Vincenzo Quadrini & Enrique G. Mendoza, 2024. "Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves," PIER Working Paper Archive 24-038, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    102. Roettger, Joost, 2019. "Discretionary monetary and fiscal policy with endogenous sovereign risk," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 44-66.
    103. César M. Ciappa & Eduardo Levy Yeyati & Franco M. Vazquez, 2026. "Reserves as Insurance: International Buffers and Inward FDI in Emerging Markets," School of Government Working Papers wp_gob_2026_08, Universidad Torcuato Di Tella.
    104. Xiang Fang & Bryan Hardy & Karen Lewis, 2023. "Who holds sovereign debt and why it matters," BIS Working Papers 1099, Bank for International Settlements.
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    106. Radoslaw Paluszynski & Georgios Stefanidis, 2023. "Borrowing into debt crises," Quantitative Economics, Econometric Society, vol. 14(1), pages 277-308, January.
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  30. Javier Bianchi & Ms. Emine Boz & Mr. Enrique G. Mendoza, 2012. "Macro-prudential Policy in a Fisherian Model of Financial Innovation," IMF Working Papers 2012/181, International Monetary Fund.

    Cited by:

    1. Philip R. Lane & Peter McQuade, 2014. "Domestic Credit Growth and International Capital Flows," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 218-252, January.
    2. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2019. "Capital Controls: Theory and Evidence," NBER Working Papers 26447, National Bureau of Economic Research, Inc.
    3. Wei Xiong & Alp Simsek & Markus Brunnermeier, 2014. "A Welfare Criterion for Models with Distorted Beliefs," 2014 Meeting Papers 1418, Society for Economic Dynamics.
    4. Scheubel, Beatrice & Stracca, Livio & Tille, Cédric, 2019. "The global financial cycle and capital flow episodes: a wobbly link?," Working Paper Series 2337, European Central Bank.
    5. Emine Boz & Enrique G. Mendoza, 2010. "Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis," NBER Working Papers 16020, National Bureau of Economic Research, Inc.
    6. Ebrahimi Kahou, Mahdi & Lehar, Alfred, 2017. "Macroprudential policy: A review," Journal of Financial Stability, Elsevier, vol. 29(C), pages 92-105.
    7. Lambertini, Luisa & Mendicino, Caterina & Teresa Punzi, Maria, 2013. "Leaning against boom–bust cycles in credit and housing prices," Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1500-1522.
    8. Michael T. Kiley & Jae W. Sim, 2015. "Optimal Monetary and Macroprudential Policies: Gains and Pitfalls in a Model of Financial Intermediation," Finance and Economics Discussion Series 2015-78, Board of Governors of the Federal Reserve System (U.S.).
    9. Pozo, Jorge, 2019. "Bank Risk-Taking in a Small Open Economy," Working Papers 2019-016, Banco Central de Reserva del Perú.
    10. Bianchi, Javier & Liu, Chenxin & Mendoza, Enrique G., 2016. "Fundamentals news, global liquidity and macroprudential policy," Journal of International Economics, Elsevier, vol. 99(S1), pages 2-15.
    11. Başkaya, Yusuf Soner & Shim, Ilhyock & Turner, Philip, 2025. "Financial development and the effectiveness of macroprudential and capital flow management measures," Journal of Banking & Finance, Elsevier, vol. 178(C).
    12. Basak, Deepal & Murray, Alexander & Zhao, Yunhui, 2017. "Does Financial Tranquility Call for More Stringent Regulation?," MPRA Paper 81373, University Library of Munich, Germany.
    13. Michael Funke & Rongrong Sun & Linxu Zhu, 2018. "The Credit Risk of Chinese Households – A Micro-Level Assessment," CFDS Discussion Paper Series 2018/3, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    14. Dávila, Eduardo & Walther, Ansgar, 2021. "Prudential policy with distorted beliefs," ESRB Working Paper Series 130, European Systemic Risk Board.
    15. Bennett, Federico & Montamat, Giselle & Roch, Francisco, 2023. "Robust optimal macroprudential policy," Journal of International Economics, Elsevier, vol. 141(C).
    16. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    17. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    18. Fagan, Gabriel & McNelis, Paul D., 2020. "Sudden stops in the Euro Area: Does monetary union matter?," Journal of International Money and Finance, Elsevier, vol. 108(C).
    19. Tack Yun, 2012. "Recent Issues in Emerging-Economies Macroeconomics," CAEPR Working Papers 2013-001, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    20. Yi, Xingjian & Liu, Sheng & Wu, Zhouheng, 2022. "What drives credit expansion worldwide?——An empirical investigation with long-term cross-country panel data," International Review of Economics & Finance, Elsevier, vol. 80(C), pages 225-242.
    21. McNelis, Paul D., 2016. "Optimal policy rules at home, crisis and quantitative easing abroad," BOFIT Discussion Papers 15/2016, Bank of Finland Institute for Emerging Economies (BOFIT).
    22. Bengui, Julien & Bianchi, Javier, 2019. "Macroprudential Policy with Leakages," CEPR Discussion Papers 13951, Centre for Economic Policy Research.
    23. Oliver de Groot & C. Bora Durdu & Enrique G. Mendoza, 2019. "Global v. Local Methods in the Analysis of Open-Economy Models with Incomplete Markets," Working Papers 201916, University of Liverpool, Department of Economics.
    24. Herreño, Juan & Rondón-Moreno, Carlos, 2025. "Overborrowing and systemic externalities in the business cycle under imperfect information," Journal of International Economics, Elsevier, vol. 157(C).
    25. Rojas Alvarado,Luis Diego & Vegh,Carlos & Vuletin,Guillermo Javier, 2022. "The Macroeconomic Effects of Macroprudential Policy : Evidence from a Narrative Approach," Policy Research Working Paper Series 10145, The World Bank.
    26. Takáts, Előd & Temesvary, Judit, 2021. "How does the interaction of macroprudential and monetary policies affect cross-border bank lending?," Journal of International Economics, Elsevier, vol. 132(C).
    27. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.
    28. Oliver de Groot & Bora Durdu & Enrique G. Mendoza, 2020. "Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets," Finance and Economics Discussion Series 2020-006, Board of Governors of the Federal Reserve System (U.S.).
    29. Gabriel Fagan & Paul McNelis, 2014. "TARGET Balances and Macroeconomic Adjustment to Sudden Stops in the Euro Area," The Institute for International Integration Studies Discussion Paper Series iiisdp465, IIIS, revised Dec 2014.
    30. Deepal Basak & Mr. Yunhui Zhao, 2018. "Does Financial Tranquility Call for Stringent Regulation?," IMF Working Papers 2018/123, International Monetary Fund.
    31. Gabriele Galati & Richhild Moessner, 2018. "What Do We Know About the Effects of Macroprudential Policy?," Economica, London School of Economics and Political Science, vol. 85(340), pages 735-770, October.
    32. Doriane Intungane, 2025. "Macroprudential Policies and Global Banking," Open Economies Review, Springer, vol. 36(3), pages 705-744, July.
    33. Stefan Avdjiev & Bryan Hardy & Sebnem Kalemli-Özcan & Luis Servén, 2020. "Gross Capital Flows by Banks, Corporates and Sovereigns," Working Papers wp2020_2020, CEMFI.
    34. Reyes-Heroles, Ricardo & Tenorio, Gabriel, 2020. "Macroprudential policy in the presence of external risks," Journal of International Economics, Elsevier, vol. 126(C).
    35. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    36. Cordella, Tito & Pienknagura, Samuel, 2013. "Macro prudential policies from a micro prudential angle," Policy Research Working Paper Series 6721, The World Bank.
    37. Javier Bianchi & Enrique G. Mendoza, 2013. "Optimal Time-Consistent Macroprudential Policy," NBER Working Papers 19704, National Bureau of Economic Research, Inc.
    38. de la Torre, Augusto & Ize, Alain, 2013. "The foundations of macroprudential regulation : a conceptual roadmap," Policy Research Working Paper Series 6575, The World Bank.
    39. Juan Pablo Medina Guzman & Mr. Jorge Roldos, 2014. "Monetary and Macroprudential Policies to Manage Capital Flows," IMF Working Papers 2014/030, International Monetary Fund.
    40. Cordella, Tito & Pienknagura, Samuel, 2020. "Macroprudential policies from a microprudential angle: A note," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).

  31. Javier Bianchi, 2012. "Efficient bailouts?," Globalization Institute Working Papers 133, Federal Reserve Bank of Dallas.

    Cited by:

    1. Goodhart, Charles A.E. & Tsomocos, Dimitrios P. & Wang, Xuan, 2023. "Bank credit, inflation, and default risks over an infinite horizon," Journal of Financial Stability, Elsevier, vol. 67(C).
    2. Si Guo & Yun Pei & Zoe Xie, 2019. "Decentralization and Overborrowing in a Fiscal Federation," 2019 Meeting Papers 1229, Society for Economic Dynamics.
    3. Pancrazi, Roberto & Seoane, Hernán D. & Vukotić, Marija, 2020. "Welfare gains of bailouts in a sovereign default model," Journal of Economic Dynamics and Control, Elsevier, vol. 113(C).
    4. Vincenzo Cuciniello & Federico M. Signoretti, 2014. "Large banks, loan rate markup and monetary policy," Temi di discussione (Economic working papers) 987, Bank of Italy, Economic Research and International Relations Area.
    5. Mengus, Eric, 2023. "Asset purchase bailouts and endogenous implicit guarantees," Journal of International Economics, Elsevier, vol. 142(C).
    6. Levent Altinoglu & Joseph E. Stiglitz, 2020. "Collective Moral Hazard and the Interbank Market," Finance and Economics Discussion Series 2020-098, Board of Governors of the Federal Reserve System (U.S.).
    7. Nistor, Simona & Fărcaș, Ioana Georgiana, 2025. "Does national culture affect macroprudential policy? An international investigation of regulatory behavior on macroprudential interventions," Journal of Behavioral and Experimental Finance, Elsevier, vol. 45(C).
    8. Ma, Long & Xu, Sichuang, 2026. "Long-term debt and the efficiency of crisis-contingent policies: Taming overborrowing externalities," Journal of Economic Dynamics and Control, Elsevier, vol. 184(C).
    9. Todd Keister & Vijay Narasiman, 2016. "Expectations vs. Fundamentals- driven Bank Runs: When Should Bailouts be Permitted?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 21, pages 89-104, July.
    10. Nadav Ben Zeev, 2019. "Asymmetric Business Cycles In Emerging Market Economies," Working Papers 1909, Ben-Gurion University of the Negev, Department of Economics.
    11. Cai, Zhifeng, 2021. "Secular stagnation, financial frictions, and land prices," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 66-90.
    12. Adler, Nicole & Andreana, Gianmarco, 2024. "Aiding airlines for the benefit of whom? An applied game-theoretic approach," European Journal of Operational Research, Elsevier, vol. 314(2), pages 552-564.
    13. Emmanuel Farhi & Jean Tirole, 2017. "Deadly Embrace - Sovereign and Financial Balance Sheets Doom Loops," EconPol Working Paper 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    14. Liu, Ying & Wang, Xi, 2026. "Has CRMW lowered the cost of corporate debt? A structural credit risk model," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    15. Julien Bengui & Javier Bianchi & Louphou Coulibaly, 2016. "Financial Safety Nets," Staff Report 535, Federal Reserve Bank of Minneapolis.
    16. Kollmann, Robert & Ratto, Marco & Roeger, Werner & in′t Veld, Jan, 2013. "Fiscal policy, banks and the financial crisis," Journal of Economic Dynamics and Control, Elsevier, vol. 37(2), pages 387-403.
    17. Christiaan van der Kwaak & Joao Madeira & Nuno Palma, 2021. "The Long-Run Effects of Risk: An Equilibrium Approach," Economics Discussion Paper Series 2104, Economics, The University of Manchester, revised Jan 2023.
    18. Varraso, Paolo, 2025. "Fiscal policy design in collateral-constraint economies: The role of commitment," Journal of International Economics, Elsevier, vol. 158(C).
    19. Dávila, Eduardo & Walther, Ansgar, 2021. "Prudential policy with distorted beliefs," ESRB Working Paper Series 130, European Systemic Risk Board.
    20. Villalvazo, Sergio, 2026. "Inequality and asset prices during Sudden Stops," Journal of Monetary Economics, Elsevier, vol. 157(C).
    21. Maximiliano Dvorkin & Juan M. Sanchez & Horacio Sapriza & Emircan Yurdagul, 2018. "Sovereign Debt Restructurings," Working Papers 2018-13, Federal Reserve Bank of St. Louis.
    22. Sim, Khai Zhi, 2024. "Bank bailouts: Moral hazard and commitment," Journal of Mathematical Economics, Elsevier, vol. 111(C).
    23. Sewon Hur & C sar Sosa-Padilla & Zeynep Yom, 2021. "Optimal Bailouts in Banking and Sovereign Crises," Villanova School of Business Department of Economics and Statistics Working Paper Series 49, Villanova School of Business Department of Economics and Statistics.
    24. Ernesto Pasten, 2020. "Prudential Policies and Bailouts: A Delicate Interaction," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 38, pages 181-197, October.
    25. Allen, Franklin & Barbalau, Adelina, 2024. "Security design: A review," Journal of Financial Intermediation, Elsevier, vol. 60(C).
    26. de Ferra, Sergio & Mallucci, Enrico, 2025. "Avoiding sovereign default contagion: A normative analysis," Journal of International Economics, Elsevier, vol. 154(C).
    27. Schroth, Josef, 2021. "Macroprudential policy with capital buffers," Journal of Monetary Economics, Elsevier, vol. 118(C), pages 296-311.
    28. Luca Fornaro, 2014. "Financial crises and exchange rate policy," Economics Working Papers 1431, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2014.
    29. Drechsel, Thomas & Kim, Seho, 2024. "Macroprudential policy with earnings-based borrowing constraints," Journal of Monetary Economics, Elsevier, vol. 147(C).
    30. Pierpaolo GIANNOCCOLO & José Manuel MANSILLA-FERNÁNDEZ, 2017. "Bank Restructuring, Competition, and Lending Supply: Evidence from the Spanish Banking Sector," Departmental Working Papers 2017-16, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    31. Keister, Todd & Mitkov, Yuliyan, 2023. "Allocating losses: Bail-ins, bailouts and bank regulation," Journal of Economic Theory, Elsevier, vol. 210(C).
    32. Suarez, Javier & Mendicino, Caterina & Nikolov, Kalin & Rubio-Ramírez, Juan Francisco & Supera, Dominik, 2020. "Twin Defaults and Bank Capital Requirements," CEPR Discussion Papers 14427, Centre for Economic Policy Research.
    33. Maximiliano Dvorkin & Emircan Yurdagul & Horacio Sapriza & Juan Sanchez, 2018. "Sovereign Debt Restructuring: A Dynamic Discrete Choice Approach," 2018 Meeting Papers 1273, Society for Economic Dynamics.
    34. Josef Schroth, 2021. "On the Distributional Effects of Bank Bailouts," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 40, pages 252-277, April.
    35. Olivier Jeanne & Anton Korinek, 2013. "Macroprudential Regulation Versus Mopping Up After the Crash," NBER Working Papers 18675, National Bureau of Economic Research, Inc.
    36. Dong, Feng & Xu, Zhiwei, 2022. "Bubbly bailout," Journal of Economic Theory, Elsevier, vol. 202(C).
    37. Biljanovska, Nina & Vardoulakis, Alexandros P., 2019. "Capital taxation with heterogeneous discounting and collateralized borrowing," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 97-109.
    38. Biljanovska, Nina & Vardoulakis, Alexandros P., 2024. "Sudden Stops and optimal policy in a two-agent economy," Journal of International Economics, Elsevier, vol. 148(C).
    39. Mitsuru Katagiri & Ryo Kato & Takayuki Tsuruga, 2017. "Prudential capital controls or bailouts? The impact of different collateral constraint assumptions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(4), pages 943-960, April.
    40. Keiichiro Kobayashi & Tomoyuki Nakajima, 2014. "A macroeconomic model of liquidity crises," CIGS Working Paper Series 14-003E, The Canon Institute for Global Studies.
    41. Arce, Fernando & Bengui, Julien & Bianchi, Javier, 2025. "Overborrowing, underborrowing, and macroprudential policy," Journal of Economic Theory, Elsevier, vol. 227(C).
    42. White, Lucy & Walther, Ansgar, 2019. "Rules versus Discretion in Bank Resolution," CEPR Discussion Papers 14048, Centre for Economic Policy Research.
    43. Borovicka, J. & Hansen, L.P., 2016. "Term Structure of Uncertainty in the Macroeconomy," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1641-1696, Elsevier.
    44. Papageorgiou, Stylianos, 2022. "Bank levy and household risk-aversion," Journal of Banking & Finance, Elsevier, vol. 138(C).
    45. Matteo Benetton, 2021. "Leverage Regulation and Market Structure: A Structural Model of the U.K. Mortgage Market," Journal of Finance, American Finance Association, vol. 76(6), pages 2997-3053, December.
    46. Zhang, Tongbin, 2021. "Stock prices and the risk-free rate: An internal rationality approach," Journal of Economic Dynamics and Control, Elsevier, vol. 127(C).
    47. Nosal, Jaromir B. & Ordoñez, Guillermo, 2016. "Uncertainty as commitment," Journal of Monetary Economics, Elsevier, vol. 80(C), pages 124-140.
    48. Johannes Matschke, 2021. "Macroprudential Policy Interlinkages," Research Working Paper RWP 21-10, Federal Reserve Bank of Kansas City.
    49. Wolf, Martin, 2020. "Pecuniary externalities in economies with downward wage rigidity," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 219-235.
    50. Zhang, Ran & Li, Yifei & Tian, Yuan, 2022. "Corporate bonds with implicit government guarantees," Pacific-Basin Finance Journal, Elsevier, vol. 71(C).
    51. Feng, Xu & Lütkebohmert, Eva & Xiao, Yajun, 2022. "Wealth management products, banking competition, and stability: Evidence from China," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    52. Dávila, Eduardo & Walther, Ansgar, 2020. "Does size matter? Bailouts with large and small banks," Journal of Financial Economics, Elsevier, vol. 136(1), pages 1-22.
    53. Si Guo & Yun Pei & Zoe Xie, 2018. "Fiscal Decentralization, Intergovernmental Transfer, and Overborrowing," 2018 Meeting Papers 975, Society for Economic Dynamics.
    54. Casiraghi, Marco, 2020. "Bailouts, sovereign risk and bank portfolio choices," Journal of Banking & Finance, Elsevier, vol. 119(C).
    55. Opp, Marcus & Harris, Milton & Opp, Christian, 2020. "The aggregate demand for bank capital," CEPR Discussion Papers 14524, Centre for Economic Policy Research.
    56. Mark A. Carlson & David C. Wheelock, 2018. "Furnishing an “Elastic Currency”: The Founding of the Fed and the Liquidity of the U.S. Banking System," Review, Federal Reserve Bank of St. Louis, vol. 100(1), pages 17-44.
    57. Patrick Kehoe & Pierlauro Lopez & Virgiliu Midrigan & Elena Pastorino, 2020. "On the Importance of Household versus Firm Credit Frictions in the Great Recession," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 34-67, August.
    58. Hidehiko Matsumoto, 2022. "Foreign Reserve Accumulation, Foreign Direct Investment, and Economic Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 241-262, January.
    59. Marina Azzimonti & Vincenzo Quadrini, 2019. "International Spillovers and Bailouts," Department of Economics Working Papers 19-06, Stony Brook University, Department of Economics.
    60. Martin Wolf, 2018. "Optimal Prudential Policy in Economies with Downward Wage Rigidity," Vienna Economics Papers vie1804, University of Vienna, Department of Economics.
    61. Shy, Oz & Stenbacka, Rune, 2017. "An overlapping generations model of taxpayer bailouts of banks," Journal of Financial Stability, Elsevier, vol. 33(C), pages 71-80.
    62. Javier Bianchi & Jorge Mondragon, 2018. "Monetary Independence and Rollover Crises," NBER Working Papers 25340, National Bureau of Economic Research, Inc.
    63. Marina Azzimonti & Vincenzo Quadrini, 2019. "International spillovers and `ex-ante' efficient bailouts," 2019 Meeting Papers 318, Society for Economic Dynamics.
    64. Jiao, Yang, 2024. "Financial crises, bailouts and monetary policy in open economies," Journal of International Economics, Elsevier, vol. 151(C).
    65. Glocker, Christian & Url, Thomas, 2022. "Financial sector rescue programs: Domestic and cross border effects," Journal of International Money and Finance, Elsevier, vol. 127(C).
    66. Miguel Faria-e-Castro, 2017. "Fiscal Multipliers and Financial Crises," 2017 Meeting Papers 300, Society for Economic Dynamics.
    67. Dvorkin, Maximiliano & Sánchez, Juan M. & Sapriza, Horacio & Yurdagul, Emircan, 2022. "Improving sovereign debt restructurings," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    68. Javier Bianchi & Enrique Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 254-283, August.
    69. Mitkov, Yuliyan, 2020. "Inequality and financial fragility," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 233-248.
    70. Bental, Benjamin & Demougin, Dominique, 2016. "Privatizing profits and socializing losses with smoothly operating capital markets," European Journal of Political Economy, Elsevier, vol. 44(C), pages 179-194.
    71. Chang Ma, 2020. "Self-regulation versus government regulation: an externality view," Journal of Regulatory Economics, Springer, vol. 58(2), pages 166-183, December.
    72. Suarez, Javier & Sánchez Serrano, Antonio, 2018. "Approaching non-performing loans from a macroprudential angle," Report of the Advisory Scientific Committee 7, European Systemic Risk Board.
    73. Antic, Nemanja & Hu, Tai-Wei, 2024. "Optimal banking with delegated monitoring," Journal of Economic Theory, Elsevier, vol. 222(C).
    74. Caterina Mendicino & Kalin Nikolov & Juan Rubio-Ramirez & Javier Suarez & Dominik Supera, 2020. "Twin Default Crises," Working Papers wp2020_2006, CEMFI.
    75. Martin, Reiner & O’Brien, Edward & Peiris, M. Udara & Tsomocos, Dimitrios P., 2026. "Stabilizing credit when nonperforming loans surge: The role of asset management companies," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    76. Gete, Pedro & Melkadze, Givi, 2020. "A quantitative model of international lending of last resort," Journal of International Economics, Elsevier, vol. 123(C).
    77. Nicolas Caramp, 2021. "Sowing the Seeds of Financial Crises: Endogenous Asset Creation and Adverse Selection," Working Papers 342, University of California, Davis, Department of Economics.

  32. Mr. Enrique G. Mendoza & Javier Bianchi, 2011. "Overborrowing, Financial Crises and ‘Macro-prudential’ Policy," IMF Working Papers 2011/024, International Monetary Fund.

    Cited by:

    1. Natalie Tiernan & Pedro Gete, 2014. "Overlending and Macroprudential Tools," 2014 Meeting Papers 379, Society for Economic Dynamics.
    2. Suarez, Javier & Mendicino, Caterina & Nikolov, Kalin & Supera, Dominik, 2018. "Bank Capital in the Short and in the Long Run," CEPR Discussion Papers 13152, Centre for Economic Policy Research.
    3. Angelini, P. & Laurent Clerc & C rdia, V. & Leonardo Gambacorta & Gerali, A. & Locarno, A. & Motto, R. & Roeger, W. & Van den Heuvel, S. & Vlcek, J., 2011. "BASEL III: Long-term impact on economic performance and fluctuations," Working papers 323, Banque de France.
    4. De La Peña, Rogelio, 2021. "Should monetary policy lean against the wind in a small-open economy? Revisiting the Tinbergen rule," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(1).
    5. Caterina Mendicino & Kalin Nikolov & Juan Rubio-Ramirez & Javier Suarez, 2020. "Twin Default Crises," Working Papers 2020-01, FEDEA.
    6. Pozo, Jorge, 2019. "Bank Risk-Taking in a Small Open Economy," Working Papers 2019-016, Banco Central de Reserva del Perú.
    7. Nicolas E. Magud & Carmen M. Reinhart & Kenneth S. Rogoff, 2018. "Capital Controls: Myth and Reality--A Portfolio Balance Approach," Annals of Economics and Finance, Society for AEF, vol. 19(1), pages 1-47, May.
    8. Tommaso Trani, 2012. "Countercyclical Capital Regulation and Bank Ownership Structure," IHEID Working Papers 14-2012, Economics Section, The Graduate Institute of International Studies.
    9. Ashima Goyal & Akhilesh K. Verma, 2020. "Cross border flows, financial Intermediation and interactions of policy rules in a small open economy model," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2020-008, Indira Gandhi Institute of Development Research, Mumbai, India.
    10. Zhiguo, He & Kondor, Peter, 2016. "Inefficient investment waves," LSE Research Online Documents on Economics 64412, London School of Economics and Political Science, LSE Library.
    11. Ahmet Aysan & Salih Fendoglu & Mustafa Kilinc, 2014. "Managing short-term capital flows in new central banking: unconventional monetary policy framework in Turkey," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 4(1), pages 45-69, June.
    12. Kalin Nikolov & Javier Suarez & Dominik Supera & Caterina Mendicino, 2017. "Optimal Dynamic Capital Requirements," 2017 Meeting Papers 1216, Society for Economic Dynamics.
    13. Josef Schroth, 2019. "Macroprudential policy with capital buffers," BIS Working Papers 771, Bank for International Settlements.
    14. Crespo Cuaresma, Jesus & von Schweinitz, Gregor & Wendt, Katharina, 2019. "On the empirics of reserve requirements and economic growth," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 253-274.
    15. De Chiara, Alessandro & Livio, Luca & Ponce, Jorge, 2018. "Flexible and mandatory banking supervision," Journal of Financial Stability, Elsevier, vol. 34(C), pages 86-104.
    16. Ikeda, Daisuke & Saito, Masashi, 2014. "The effects of demographic changes on the real interest rate in Japan," Japan and the World Economy, Elsevier, vol. 32(C), pages 37-48.
    17. Paolo Angelini & Stefano Neri & Fabio Panetta, 2011. "Monetary and macroprudential policies," Temi di discussione (Economic working papers) 801, Bank of Italy, Economic Research and International Relations Area.
    18. Mădălin Viziniuc, 2017. "Potential Gains from Cooperation Between Monetary and Macroprudential Policies: The Case of an Emerging Economy," Eastern European Economics, Taylor & Francis Journals, vol. 55(5), pages 420-452, September.
    19. Lorenzoni, Guido, 2014. "International Financial Crises," Handbook of International Economics, in: Gopinath, G. & Helpman, . & Rogoff, K. (ed.), Handbook of International Economics, edition 1, volume 4, chapter 0, pages 689-740, Elsevier.
    20. Battiati, Claudio, 2019. "R&D, growth, and macroprudential policy in an economy undergoing boom-bust cycles," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 299-324.
    21. V. Filipe Martins-Da-Rocha & Toan Phan & Yiannis Vailakis, 2022. "Pecuniary Externalities in Competitive Economies with Limited Pledgeability," Working Papers hal-03909596, HAL.
    22. Tobias Adrian & Nina Boyarchenko & Hyun Song Shin, 2015. "On the scale of financial intermediaries," Staff Reports 743, Federal Reserve Bank of New York.
    23. Adrian, Tobias & Boyarchenko, Nina, 2018. "Liquidity policies and systemic risk," Journal of Financial Intermediation, Elsevier, vol. 35(PB), pages 45-60.
    24. Matteo F. Ghilardi & Shanaka J. Peiris, 2016. "Capital Flows, Financial Intermediation and Macroprudential Policies," Open Economies Review, Springer, vol. 27(4), pages 721-746, September.
    25. Mr. Dominic Quint & Mr. Pau Rabanal, 2013. "Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area," IMF Working Papers 2013/209, International Monetary Fund.
    26. Mr. Anton Korinek, 2011. "The New Economics of Capital Controls Imposed for Prudential Reasons+L4888," IMF Working Papers 2011/298, International Monetary Fund.
    27. De la Peña Rogelio, 2021. "Should monetary policy lean against the wind in a small-open economy? Revisiting the Tinbergen rule," Working Papers 2021-01, Banco de México.
    28. Michael B. Devereux & James Yetman, 2013. "Capital Controls, Global Liquidity Traps and the International Policy Trilemma," NBER Working Papers 19091, National Bureau of Economic Research, Inc.
    29. Tobias Adrian & Daniel M. Covitz & J. Nellie Liang, 2013. "Financial stability monitoring," Staff Reports 601, Federal Reserve Bank of New York.
    30. Siming Liu, 2018. "Government Spending during Sudden Stop Crises," CAEPR Working Papers 2018-002, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    31. Siming Liu, 2018. "Spending Multiplier during Sudden Stop Crises," 2018 Meeting Papers 226, Society for Economic Dynamics.
    32. Tobias Adrian & Nina Boyarchenko, 2012. "Intermediary leverage cycles and financial stability," Staff Reports 567, Federal Reserve Bank of New York.
    33. Ricardo M. Reyes-Heroles & Gabriel Tenorio, 2017. "Managing Capital Flows in the Presence of External Risks," International Finance Discussion Papers 1213, Board of Governors of the Federal Reserve System (U.S.).
    34. Arana, Rumile & Ramirez, Francisco A. & Wright, Allan, 2017. "Credit Risks and Monetary Policy within Caribbean Economies," IDB Publications (Working Papers) 8268, Inter-American Development Bank.

  33. Javier Bianchi & Enrique G. Mendoza, 2010. "Overborrowing, Financial Crises and 'Macro-prudential' Taxes," NBER Working Papers 16091, National Bureau of Economic Research, Inc.

    Cited by:

    1. Gianluca Benigno, 2014. "The Never-Ending Debate on Capital Flows," International Finance, Wiley Blackwell, vol. 17(1), pages 121-134, March.
    2. Javier Bianchi, 2012. "Efficient Bailouts?," Documentos de Trabajo (working papers) 2012, Department of Economics - dECON.
    3. Miguel Acosta-Henao & Laura Alfaro & Andrés Fernández, 2020. "Sticky Capital Controls," Working Papers Central Bank of Chile 877, Central Bank of Chile.
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    5. Chris Bloor & Rebecca Craigie & Anella Munro, 2012. "The macroeconomic effects of a stable funding requirement," Reserve Bank of New Zealand Discussion Paper Series DP2012/05, Reserve Bank of New Zealand.
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Articles

  1. Bianchi, Javier & Coulibaly, Louphou, 2026. "A theory of fear of floating," Journal of Monetary Economics, Elsevier, vol. 157(C).
    See citations under working paper version above.
  2. Arce, Fernando & Bengui, Julien & Bianchi, Javier, 2025. "Overborrowing, underborrowing, and macroprudential policy," Journal of Economic Theory, Elsevier, vol. 227(C).
    See citations under working paper version above.
  3. Manuel Amador & Javier Bianchi, 2024. "Bank Runs, Fragility, and Credit Easing," American Economic Review, American Economic Association, vol. 114(7), pages 2073-2110, July.
    See citations under working paper version above.
  4. Bianchi, Javier & Sosa-Padilla, César, 2024. "On wars, sanctions, and sovereign default," Journal of Monetary Economics, Elsevier, vol. 141(C), pages 62-70.
    See citations under working paper version above.
  5. Javier Bianchi & César Sosa-Padilla, 2024. "Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 91(4), pages 2053-2103.
    See citations under working paper version above.
  6. Javier Bianchi & Pablo Ottonello & Ignacio Presno, 2023. "Fiscal Stimulus under Sovereign Risk," Journal of Political Economy, University of Chicago Press, vol. 131(9), pages 2328-2369.
    See citations under working paper version above.
  7. Javier Bianchi & Cesar Sosa-Padilla, 2023. "The Macroeconomic Consequences of International Financial Sanctions," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 29-32, May.

    Cited by:

    1. Bondarenko, Yevheniia & Lewis, Vivien & Rottner, Matthias & Schüler, Yves, 2024. "Geopolitical risk perceptions," Journal of International Economics, Elsevier, vol. 152(C).
    2. Jonathan Benchimol & Luigi Palumbo, 2024. "Sanctions and Russian online prices," Temi di discussione (Economic working papers) 1468, Bank of Italy, Economic Research and International Relations Area.
    3. Bernstein, Martin & Meyer, Josefin & O'Rourke, Kevin Hjortshøj & Schularick, Moritz, 2025. "Economic insecurity: Trade dependencies and their weaponization in history," Kiel Working Papers 2295, Kiel Institute for the World Economy.

  8. Bengui, Julien & Bianchi, Javier, 2022. "Macroprudential policy with leakages," Journal of International Economics, Elsevier, vol. 139(C).
    See citations under working paper version above.
  9. Javier Bianchi & Saki Bigio, 2022. "Banks, Liquidity Management, and Monetary Policy," Econometrica, Econometric Society, vol. 90(1), pages 391-454, January.
    See citations under working paper version above.
  10. Javier Bianchi & Jorge Mondragon, 2022. "Monetary Independence and Rollover Crises," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 137(1), pages 435-491.
    See citations under working paper version above.
  11. Javier Bianchi & Enrique Mendoza, 2020. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 254-283, August.
    See citations under working paper version above.
  12. Manuel Amador & Javier Bianchi & Luigi Bocola & Fabrizio Perri, 2020. "Exchange Rate Policies at the Zero Lower Bound," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 87(4), pages 1605-1645.
    See citations under working paper version above.
  13. Julien Bengui & Javier Bianchi & Louphou Coulibaly, 2019. "Financial Safety Nets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 60(1), pages 105-132, February.
    See citations under working paper version above.
  14. Javier Bianchi & Enrique G. Mendoza, 2018. "Optimal Time-Consistent Macroprudential Policy," Journal of Political Economy, University of Chicago Press, vol. 126(2), pages 588-634.
    See citations under working paper version above.
  15. Javier Bianchi & Juan Carlos Hatchondo & Leonardo Martinez, 2018. "International Reserves and Rollover Risk," American Economic Review, American Economic Association, vol. 108(9), pages 2629-2670, September.
    See citations under working paper version above.
  16. Javier Bianchi, 2016. "Efficient Bailouts?," American Economic Review, American Economic Association, vol. 106(12), pages 3607-3659, December.
    See citations under working paper version above.
  17. Amador, Manuel & Bianchi, Javier & Bocola, Luigi & Perri, Fabrizio, 2016. "Reverse speculative attacks," Journal of Economic Dynamics and Control, Elsevier, vol. 72(C), pages 125-137.
    See citations under working paper version above.
  18. Bianchi, Javier & Liu, Chenxin & Mendoza, Enrique G., 2016. "Fundamentals news, global liquidity and macroprudential policy," Journal of International Economics, Elsevier, vol. 99(S1), pages 2-15.
    See citations under working paper version above.
  19. Javier Bianchi & Emine Boz & Enrique Gabriel Mendoza, 2012. "Macroprudential Policy in a Fisherian Model of Financial Innovation," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 60(2), pages 223-269, July.
    See citations under working paper version above.
  20. Javier Bianchi, 2011. "Overborrowing and Systemic Externalities in the Business Cycle," American Economic Review, American Economic Association, vol. 101(7), pages 3400-3426, December.
    See citations under working paper version above.
  21. Javier Bianchi, 2010. "Credit Externalities: Macroeconomic Effects and Policy Implications," American Economic Review, American Economic Association, vol. 100(2), pages 398-402, May.

    Cited by:

    1. Maggiori, Matteo, 2021. "International Macroeconomics With Imperfect Financial Markets," SocArXiv z8g6r, Center for Open Science.
    2. policy, Work stream on macroprudential & Albertazzi, Ugo & Martin, Alberto & Assouan, Emmanuelle & Tristani, Oreste & Galati, Gabriele & Vlassopoulos, Thomas, 2021. "The role of financial stability considerations in monetary policy and the interaction with macroprudential policy in the euro area," Occasional Paper Series 272, European Central Bank.
    3. Aikman, David & Nelson, Benjamin & Tanaka, Misa, 2015. "Reputation, risk-taking, and macroprudential policy," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 428-439.
    4. Charles Goodhart & Donato Masciandaro & Stefano Ugolini, 2022. "Pandemic Recession and Helicopter Money: Venice, 1629--1631," Papers 2201.07181, arXiv.org.
    5. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
    6. Paolo Angelini & Sergio Nicoletti-Altimari & Ignazio Visco, 2013. "Macroprudential, Microprudential and Monetary Policies: Policies, Complementarities and Trade-Offs," Chapters, in: Andreas Dombret & Otto Lucius (ed.), Stability of the Financial System, chapter 22, Edward Elgar Publishing.
    7. Shibata, Takashi & Nishihara, Michi, 2018. "Investment timing, reversibility, and financing constraints," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 771-796.
    8. Benjamin Nelson & Gabor Pinter, 2018. "Macroprudential capital regulation in general equilibrium," Bank of England Staff Working Paper series 770, Bank of England.
    9. Evgenidis, Anastasios & Tsagkanos, Athanasios & Siriopoulos, Costas, 2017. "Towards an asymmetric long run equilibrium between stock market uncertainty and the yield spread. A threshold vector error correction approach," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 267-279.
    10. Eduardo Olaberría, 2012. "Capital Inflows and Booms in Assets Prices: Evidence From a Panel of Countries," Working Papers Central Bank of Chile 675, Central Bank of Chile.
    11. Seoane, Hernán D. & Yurdagul, Emircan, 2019. "Trend shocks and sudden stops," Journal of International Economics, Elsevier, vol. 121(C).
    12. Matthieu Darracq Paries, 2018. "Financial frictions and monetary policy conduct," Erudite Ph.D Dissertations, Erudite, number ph18-01 edited by Ferhat Mihoubi, April.
    13. William W. Chow & Michael K. Fung, 2021. "The effects of macroprudential policy on Hong Kong’s housing market: a multivariate ordered probit-augmented vector autoregressive approach," Empirical Economics, Springer, vol. 60(2), pages 633-660, February.
    14. Malgorzata Olszak, 2015. "The phenomenon of excessive procyclicality of the financial sector from the perspective of macroprudential policy – sources, methods of reduction and their basic limitations (Zjawisko nadmiernej procyklicznosci sektora finansowego z perspektywy polit," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 13(55), pages 72-96.
    15. Zhiguo, He & Kondor, Peter, 2016. "Inefficient investment waves," LSE Research Online Documents on Economics 64412, London School of Economics and Political Science, LSE Library.
    16. Junichi Fujimoto & Ko Munakata & Koji Nakamura & Yuki Teranishi, 2018. "Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search," 2018 Meeting Papers 1200, Society for Economic Dynamics.
    17. Fan,Yuting & Nguyen,Ha Minh & Qian,Rong & Nguyen,Ha Minh & Qian,Rong, 2012. "Collateralized Borrowing : Insights from The World Bank Enterprise Surveys," Policy Research Working Paper Series 6001, The World Bank.
    18. De Chiara, Alessandro & Livio, Luca & Ponce, Jorge, 2018. "Flexible and mandatory banking supervision," Journal of Financial Stability, Elsevier, vol. 34(C), pages 86-104.
    19. Lucidi, Francesco Simone & Semmler, Willi, 2022. "Supervisory shocks to banks' credit standards and their macroeconomic impact," Journal of Financial Stability, Elsevier, vol. 58(C).
    20. Matheron, J. & Antipa, P., 2014. "Interactions between monetary and macroprudential policies," Financial Stability Review, Banque de France, issue 18, pages 225-240, April.
    21. Guo, Shulong & Wang, Yongqiang & Liu, Yubin, 2025. "How social credit affects enterprise innovation: Evidence from the development of China's social credit system," Technological Forecasting and Social Change, Elsevier, vol. 213(C).
    22. Santiago Camara & Maximo Sangiacomo, 2022. "Borrowing Constraints in Emerging Markets," Papers 2211.10864, arXiv.org.
    23. Yuan, Kathy & Ozdenoren, Emre, 2014. "Endogenous Contractual Externalities," CEPR Discussion Papers 10052, Centre for Economic Policy Research.
    24. Claudio Borio, 2011. "Rediscovering the macroeconomic roots of financial stability policy: journey, challenges and a way forward," BIS Working Papers 354, Bank for International Settlements.
    25. Chen, William & Phelan, Gregory, 2021. "International coordination of macroprudential policies with capital flows and financial asymmetries," Journal of Financial Stability, Elsevier, vol. 56(C).
    26. Simone Auer, 2017. "A Financial Conditions Index for the CEE economies," Temi di discussione (Economic working papers) 1145, Bank of Italy, Economic Research and International Relations Area.
    27. Takashi Shibata & Michi Nishihara, 2019. "Credit Spread And Liquidation Value-Based Debt Financing Constraint," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 22(05), pages 1-27, August.
    28. Benigno, Gianluca & Chen, Huigang & Otrok, Christopher & Rebucci, Alessandro & Young, Eric R., 2013. "Capital Controls or Real Exchange Rate Policy?: A Pecuniary Externality Perspective," IDB Publications (Working Papers) 4246, Inter-American Development Bank.
    29. Ozge Akinci & Albert Queraltó, 2014. "Banks, Capital Flows and Financial Crises," International Finance Discussion Papers 1121, Board of Governors of the Federal Reserve System (U.S.).
    30. Ryo Kato & Takayuki Tsuruga, 2011. "Bank Overleverage and Macroeconomic Fragility," IMES Discussion Paper Series 11-E-15, Institute for Monetary and Economic Studies, Bank of Japan.
    31. Choi, Jae Hoon, 2020. "Capital controls and foreign exchange market intervention," Journal of International Money and Finance, Elsevier, vol. 101(C).
    32. Paolo Angelini & Sergio Nicoletti-Altimari & Ignazio Visco, 2012. "Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs," Questioni di Economia e Finanza (Occasional Papers) 140, Bank of Italy, Economic Research and International Relations Area.
    33. Weerachart Kilenthong & Robert Townsend, 2016. "A Market Based Solution for Fire Sales and Other Pecuniary Externalities," PIER Discussion Papers 23, Puey Ungphakorn Institute for Economic Research.
    34. Chollete, Loran, 2011. "A Model of Endogenous Extreme Events," UiS Working Papers in Economics and Finance 2012/2, University of Stavanger.
    35. Mr. Fabian Valencia & Mr. Kenichi Ueda, 2012. "Central Bank Independence and Macro-Prudential Regulation," IMF Working Papers 2012/101, International Monetary Fund.
    36. Mr. Stijn Claessens, 2014. "An Overview of Macroprudential Policy Tools," IMF Working Papers 2014/214, International Monetary Fund.
    37. Hiroshi Kawata & Yoshiyuki Kurachi & Koji Nakamura & Yuki Teranishi, 2013. "Impact of Macroprudential Policy Measures on Economic Dynamics: Simulation Using a Financial Macro-econometric Model," Bank of Japan Working Paper Series 13-E-3, Bank of Japan.
    38. Mr. Fabian Valencia, 2011. "Monetary Policy, Bank Leverage, and Financial Stability," IMF Working Papers 2011/244, International Monetary Fund.
    39. Ryo Kato & Takayuki Tsuruga, 2022. "Pecuniary externalities, bank overleverage, and macroeconomic fragility," International Journal of Economic Theory, The International Society for Economic Theory, vol. 18(4), pages 554-577, December.
    40. Awijen, Haithem & Hammami, Sami, 2017. "Financial frictions and regime switching: The role of collateral asset in emerging stock market," Economics Discussion Papers 2017-6, Kiel Institute for the World Economy.
    41. Muhamed Zulkhibri & Ismaeel Naiya, 2016. "Assessment of Macroprudential Policy in a Dual Banking Sector," Working Papers 2016-2, The Islamic Research and Teaching Institute (IRTI).

  22. Javier Bianchi & Enrique G. Mendoza, 2010. "Overborrowing, financial crises and ‘macro-prudential’ taxes," Proceedings, Federal Reserve Bank of San Francisco, issue oct.

    Cited by:

    1. Gianluca Benigno, 2014. "The Never-Ending Debate on Capital Flows," International Finance, Wiley Blackwell, vol. 17(1), pages 121-134, March.
    2. Miguel Acosta-Henao & Laura Alfaro & Andrés Fernández, 2020. "Sticky Capital Controls," Working Papers Central Bank of Chile 877, Central Bank of Chile.
    3. Gondo, Rocío, 2013. "Default Externalities in Emerging Market Systemic Private Debt Crises," Working Papers 2013-023, Banco Central de Reserva del Perú.
    4. Korinek, Anton & Sandri, Damiano, 2016. "Capital controls or macroprudential regulation?," Journal of International Economics, Elsevier, vol. 99(S1), pages 27-42.
    5. Chris Bloor & Rebecca Craigie & Anella Munro, 2012. "The macroeconomic effects of a stable funding requirement," Reserve Bank of New Zealand Discussion Paper Series DP2012/05, Reserve Bank of New Zealand.
    6. Sami Alpanda & Gino Cateau & Césaire Meh, 2014. "A Policy Model to Analyze Macroprudential Regulations and Monetary Policy," Staff Working Papers 14-6, Bank of Canada.
    7. Ernesto Pastén, 2011. "Time - Consistent Bailout Plans," Working Papers Central Bank of Chile 635, Central Bank of Chile.
    8. Stephanie Johnson & John Mondragon & Anthony DeFusco, 2017. "Regulating Household Leverage," 2017 Meeting Papers 327, Society for Economic Dynamics.
    9. Devereux, Michael B. & Young, Eric R. & Yu, Changhua, 2019. "Capital controls and monetary policy in sudden-stop economies," Journal of Monetary Economics, Elsevier, vol. 103(C), pages 52-74.
    10. Sami Alpanda & Sarah Zubairy, 2014. "Addressing Household Indebtedness: Monetary, Fiscal or Macroprudential Policy?," Staff Working Papers 14-58, Bank of Canada.
    11. Gianluca Benigno & Luca Fornaro, 2013. "The Financial Resource Curse," CEP Discussion Papers dp1217, Centre for Economic Performance, LSE.
    12. Ueda, Kenichi & Valencia, Fabián, 2014. "Central bank independence and macro-prudential regulation," Economics Letters, Elsevier, vol. 125(2), pages 327-330.
    13. Frank Smets, 2014. "Financial Stability and Monetary Policy: How Closely Interlinked?," International Journal of Central Banking, International Journal of Central Banking, vol. 10(2), pages 263-300, June.
    14. Jeanne, O. & Korinek, A., 2010. "Managing Credit Booms and Busts : A Pigouvian Taxation Approach," Discussion Paper 2010-108S, Tilburg University, Center for Economic Research.
    15. Bianca De Paoli & Anna Lipinska, 2013. "Capital controls: a normative analysis," Staff Reports 600, Federal Reserve Bank of New York.
    16. Michael B. Devereux & Doris Poon, 2011. "Monetary Policy in Economic Crises: A Simple Model of Policy with External Financial Constraints," International Economic Journal, Taylor & Francis Journals, vol. 25(4), pages 683-711, December.
    17. Corsetti, Giancarlo & Dedola, Luca & Leduc, Sylvain, 2023. "Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?," Journal of International Economics, Elsevier, vol. 144(C).
    18. Charles Nolan & Plutarchos Sakellaris & John D. Tsoukalas, 2016. "Optimal Bailout of Systemic Banks," Working Papers 2016_17, Business School - Economics, University of Glasgow.
    19. Ernesto Pastén, 2014. "Bailouts and Prudential Policies - A Delicate Interaction," Working Papers Central Bank of Chile 743, Central Bank of Chile.
    20. Akıncı, Özge & Chahrour, Ryan, 2018. "Good news is bad news: Leverage cycles and sudden stops," Journal of International Economics, Elsevier, vol. 114(C), pages 362-375.
    21. Fan,Yuting & Nguyen,Ha Minh & Qian,Rong & Nguyen,Ha Minh & Qian,Rong, 2012. "Collateralized Borrowing : Insights from The World Bank Enterprise Surveys," Policy Research Working Paper Series 6001, The World Bank.
    22. Laurent Clerc & A. Derviz & C. Mendicino & S. Moyen & K. Nikolov & L. Stracca & J. Suarez & A. P. Vardoulakis, 2014. "Capital Regulation in a Macroeconomic Model with Three Layers of Default," Working papers 533, Banque de France.
    23. Olivier Jeanne & Anton Korinek, 2013. "Macroprudential Regulation Versus Mopping Up After the Crash," NBER Working Papers 18675, National Bureau of Economic Research, Inc.
    24. Oliver Bush & Katie Farrant & Michelle Wright, 2011. "Financial Stability Paper No 13: Reform of the International Monetary and Financial System," Bank of England Financial Stability Papers 13, Bank of England.
    25. Paolo Angelini & Stefano Neri & Fabio Panetta, 2011. "Monetary and macroprudential policies," Temi di discussione (Economic working papers) 801, Bank of Italy, Economic Research and International Relations Area.
    26. Javier Bianchi & Enrique G Mendoza, 2011. "Optimal macroprudential regulation in a Fisherian model of financial crises," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential regulation and policy, volume 60, pages 66-72, Bank for International Settlements.
    27. Christopher Otrok & Gianluca Benigno & Huigang Chen & Alessandro Rebucci & Eric R. Young, 2012. "Monetary and Macro-Prudential Policies: An Integrated Analysis," Working Papers 1208, Department of Economics, University of Missouri.
    28. José-Luis Peydró [AP BACKUP – NOW EXTERNAL] & Marc Gabarro & Sjoerd van Bekkum & Rustom M. Irani & José-Luis Peydró, 2019. "Take it to the Limit? The Effects of Household Leverage Caps," Working Papers 1132, Barcelona School of Economics.
    29. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric R. Young, 2010. "Financial Crises and Macro-Prudential Policies," CEP Discussion Papers dp1032, Centre for Economic Performance, LSE.
    30. Gondo, Rocío, 2014. "State Contingent Assets, Financial Crises and Pecuniary Externalities in Models with Collateral Constraints," Working Papers 2014-001, Banco Central de Reserva del Perú.
    31. Tobias Adrian & Paolo Colla & Hyun Song Shin, 2012. "Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007 to 2009," NBER Chapters, in: NBER Macroeconomics Annual 2012, Volume 27, pages 159-214, National Bureau of Economic Research, Inc.
    32. Fernández, Andrés & Rebucci, Alessandro & Uribe, Martín, 2015. "Are capital controls countercyclical?," Journal of Monetary Economics, Elsevier, vol. 76(C), pages 1-14.
    33. Marco Maffezzoli & Tommaso Monacelli, 2015. "Deleverage and Financial Fragility," Working Papers 546, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    34. Ms. Longmei Zhang & Ms. Edda Zoli, 2014. "Leaning Against the Wind: Macroprudential Policy in Asia," IMF Working Papers 2014/022, International Monetary Fund.
    35. Einian, Majid & Nili, Masoud, 2016. "Consumption Smoothing and Borrowing Constraints: Evidence from Household Surveys of Iran," MPRA Paper 72461, University Library of Munich, Germany.
    36. Ryo Kato & Takayuki Tsuruga, 2011. "Bank Overleverage and Macroeconomic Fragility," IMES Discussion Paper Series 11-E-15, Institute for Monetary and Economic Studies, Bank of Japan.
    37. Juan Sebasti�n Amador Torres & Jos� Eduardo G�mez G. & Andr�s Murcia Pab�n, 2013. "Loans Growth and Banks� Risk: New Evidence," Borradores de Economia 10710, Banco de la Republica.
    38. Sami Alpanda & Alexander Ueberfeldt, 2016. "Should Monetary Policy Lean Against Housing Market Booms?," Staff Working Papers 16-19, Bank of Canada.
    39. Benigno, Gianluca & Chen, Huigang & Otrok, Christopher & Rebucci, Alessandro & Young, Eric R., 2016. "Optimal capital controls and real exchange rate policies: A pecuniary externality perspective," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 147-165.
    40. Gabriele Galati & Richhild Moessner, 2018. "What Do We Know About the Effects of Macroprudential Policy?," Economica, London School of Economics and Political Science, vol. 85(340), pages 735-770, October.
    41. Gianluca Benigno & Huigang Chen & Christopher Otrok & Alessandro Rebucci & Eric Young, 2013. "Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective," Research Department Publications IDB-WP-393, Inter-American Development Bank, Research Department.
    42. Zhang, Longmei & Zoli, Edda, 2016. "Leaning against the wind: Macroprudential policy in Asia," Journal of Asian Economics, Elsevier, vol. 42(C), pages 33-52.
    43. Anton Korinek & Enrique G. Mendoza, 2013. "From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications," NBER Working Papers 19362, National Bureau of Economic Research, Inc.
    44. Fornaro, Luca, 2015. "Financial crises and exchange rate policy," Journal of International Economics, Elsevier, vol. 95(2), pages 202-215.
    45. Massimo Coletta & Riccardo De Bonis & Stefano Piermattei, 2019. "Household Debt in OECD Countries: The Role of Supply-Side and Demand-Side Factors," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(3), pages 1185-1217, June.
    46. V.V. Chari & Patrick J. Kehoe, 2013. "Bailouts, Time Inconsistency, and Optimal Regulation," NBER Working Papers 19192, National Bureau of Economic Research, Inc.
    47. Muhamed Zulkhibri & Ismaeel Naiya, 2016. "Assessment of Macroprudential Policy in a Dual Banking Sector," Working Papers 2016-2, The Islamic Research and Teaching Institute (IRTI).

Software components

  1. Javier Bianchi & Enrique Mendoza, 2020. "Code and data files for "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature"," Computer Codes 20-260, Review of Economic Dynamics.
    See citations under working paper version above.Sorry, no citations of software components recorded.

Chapters

  1. Javier Bianchi & Chenxin Liu & Enrique G. Mendoza, 2016. "Fundamentals News, Global Liquidity, and Macroprudential Policy," NBER Chapters, in: NBER International Seminar on Macroeconomics 2015, National Bureau of Economic Research, Inc.
    See citations under working paper version above.
  2. Javier Bianchi & Enrique G Mendoza, 2011. "Optimal macroprudential regulation in a Fisherian model of financial crises," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential regulation and policy, volume 60, pages 66-72, Bank for International Settlements.

    Cited by:

    1. Yongseung Jung & Soyoung Kim & Doo Yong Yang, 2018. "Capital Control and Monetary Policy in Asian Emerging Market Economies," Asian Economic Papers, MIT Press, vol. 17(2), pages 111-134, Summer.

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