Stijn Claessens
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View article: Nonbank Financial Intermediation: Stock Take of Research, Policy, and Data
Nonbank Financial Intermediation: Stock Take of Research, Policy, and Data Open
This article reviews research and policy work on nonbank financial intermediation (NBFI), taking a financial stability perspective. It first documents the growth in NBFI, reviews its possible drivers, and documents recent instability episo…
View article: Do Macroprudential Policies Affect Non-Bank Financial Intermediation?
Do Macroprudential Policies Affect Non-Bank Financial Intermediation? Open
We analyse how macroprudential policies (MaPs), largely applied to banks and to a lesser extent borrowers, affect non-bank financial intermediation (NBFI). Using data for 24 of the jurisdictions participating in the Financial Stability Boa…
View article: Regional House Price Differences: Drivers and Risks
Regional House Price Differences: Drivers and Risks Open
Recently, rapid increases in house prices have caught policy makers’ attention, especially where regional discrepancies are stark. House price fluctuations in large cities can amplify macroeconomic fluctuations and impair financial stabili…
View article: Regulating Cryptocurrencies: Assessing Market Reactions
Regulating Cryptocurrencies: Assessing Market Reactions Open
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specifi…
View article: Home country interest rates and international investment in U.S. bonds
Home country interest rates and international investment in U.S. bonds Open
We analyze how interest rates affect cross-border portfolio investments. Data on U.S. bond holdings by foreign investors from 31 countries for the period 2003–2016 and a large variety in movements in interest rates in these countries provi…
View article: Home Country Interest Rates and International Investment in U.S. Bonds
Home Country Interest Rates and International Investment in U.S. Bonds Open
We analyze how interest rates affect cross-border portfolio investments. Data on U.S. bond holdings by foreign investors from 31 countries for the period 2003 - 2016 and a large variety in movements in interest rates in these countries pro…
View article: Searching for Yield Abroad: Risk-Taking Through Foreign Investment in U.S. Bonds
Searching for Yield Abroad: Risk-Taking Through Foreign Investment in U.S. Bonds Open
The risk-taking effects of low interest rates, now prevailing in many advanced countries, "search-for-yield," can be hard to analyze due to both a paucity of data and challenges in identification. Unique, security-level data on portfolio i…
View article: Frontiers of macrofinancial linkages
Frontiers of macrofinancial linkages Open
The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing our understanding of macrofinancial linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of…
View article: Push Factors and Capital Flows to Emerging Markets:
Push Factors and Capital Flows to Emerging Markets: Open
This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs), including eight Asian economies. We first confirm that aggregate inflows to EMs comove considerably. Three findings are reported: (i) the aggregate…
View article: How Important is the Global Financial Cycle? Evidence from Capital Flows
How Important is the Global Financial Cycle? Evidence from Capital Flows Open
This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows.We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional techniques, models and met…
View article: Low-For-Long Interest Rates and Banks' Interest Margins and Profitability: Cross-Country Evidence
Low-For-Long Interest Rates and Banks' Interest Margins and Profitability: Cross-Country Evidence Open
Interest rates in many advanced economies have been low for almost a decade now and are often expected to remain so. This creates challenges for banks. Using a sample of 3,385 banks from 47 countries from 2005 to 2013, we find that a one p…
View article: How Important is the Global Financial Cycle? Evidence from Capital Flows
How Important is the Global Financial Cycle? Evidence from Capital Flows Open
This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows.We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q4 for 85 countries, and conventional techniques, models and met…
View article: Global Banking: Recent Developments and Insights from Research
Global Banking: Recent Developments and Insights from Research Open
Following recent crises, cross-border capital flows have declined considerably, and many advanced countries’ banks are retrenching. At the same time, banks from emerging and developing countries continue to expand abroad, and banking has b…
View article: Low-for-Long Interest Rates and Net Interest Margins of Banks in Advanced Foreign Economies
Low-for-Long Interest Rates and Net Interest Margins of Banks in Advanced Foreign Economies Open
This note explores the empirical evidence between changes in interest rates and NIMs for different interest rate environments to discover the potential adverse effects of a low interest rate on bank NIMs. Using cross-country evidence can b…
View article: The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions
The Great Cross-Border Bank Deleveraging: Supply Constraints and Intra-Group Frictions Open
International banks greatly reduced direct cross-border and local affiliates’ lending as the global financial crisis strained their balance sheets, lowered borrower demand, and altered government policies. Using bilateral lender–borrower d…