Working Papers


  • 5-July-2011

    English

    Financial sector reform in India: time for a second wave?

    The Indian financial system has changed considerably since the 1990s. Interest rates have been deregulated and new entrants allowed in the banking and the securities business.

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  • 4-July-2011

    English

    The sharing of macroeconomic risk: who loses (and gains) from macroeconomic shocks

    This paper addresses the often neglected question of how macroeconomic risk is shared across and within economies, and identifies reforms that could contribute towards achieving more desirable risk-sharing outcomes.

  • 25-May-2011

    English

    Understanding the recent surge in the accumulation of international reserves

    This paper looks at the empirical determinates of foreign currency reserve holdings across a panel of around 130 countries between 1980 and 2008.

  • 26-April-2011

    English

    Policy frameworks in the post-crisis environment

    The financial crisis revealed flaws in pre-crisis policy frameworks.

  • 15-April-2011

    English

    What drives inflation in the major OECD economies?

    This paper presents an empirical analysis of the determinants of inflation in the United States, Japan, the euro area and the United Kingdom, focusing on the role of resource utilisation, inflation expectations, inflation persistence and imported inflation.

  • 15-April-2011

    English

    Global imbalances, exchange rate pegs and capital flows: a closer look

    This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss.

  • 15-April-2011

    English

    Interest rate pass-through during the global financial crisis: the case of Sweden

    Interest rate pass-through during the global financial crisis: the case of SwedenA stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions.

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