Special Papers

Banks have long played a special role in the financial system. Individuals and institutions use banks to access the payment system, and central banks...

Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in...

This special paper discusses the inclusion of the Chinese Renminbi in the international reserve asset Special Drawing Right (SDR) created by the...

The European Union has pursued a number of initiatives to create a safer and sounder financial sector for the single market. In parallel, bold...

In March, the Eurosystem started to purchase on the secondary market euro-denominated bonds issued by governments, agencies and European institutions...

Financial disasters to hedge funds, bank trading departments and individual speculative traders and investors seem to always occur because of non...

The 2007/9 crisis and the ongoing transformation of the global economy call for a rethink of the scope of the Fund’s multilateral surveillance. This...

The global financial crisis that began in 2007 and deepened in 2008 exposed major weaknesses in financial and macroeconomic policy coordination, and...

The aim of the study is to analyze the concept of systemic risk. The study reviews a multitude of systemic risk definitions in the literature. In...

This paper discusses the role of risk communication in macroprudential oversight and of visualization in risk communication. Beyond the soar in data...

This paper aims at providing a conceptual distinction between banking and insurance with regard to systemic regulation. It discusses key differences...

What makes futures hedge funds fail? The common ingredient is over betting and not being diversified in some bad scenarios that can lead to disaster...

This paper examines the concept of systemic risk and provides an intuitive account of the economic thought on systems and the development of the...

SRC researchers were involved in a study that explores how computer generated trading in financial markets will evolve over the next 10 years. The...