Managing the Sovereign-Bank Nexus

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This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? Wh

Monetary Policy in a Developing Country

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The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial ma

Crisis Transmission in the Global Banking Network

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We study the transmission of financial sector shocks across borders through international bank connections. For this purpose, we use data on long-term interbank

Financial Access Under the Microscope

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We examine the impact of a large-scale microcredit expansion program on financial access and the transition of previously unbanked borrowers to commercial banks

Aid on the Edge of Chaos

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Many agree that the foreign aid system - which today involves virtually every nation on earth - needs drastic change. But there is much conflict as to what shou