Special Papers

The period May 1 to the turn of the month of November (-6 trading day of October) has historically produced negligible returns. The rest of the year...

Artificial intelligence (AI) is rapidly changing how the financial system is operated, taking over core functions because of cost savings and...

September 15th, 2008: financial services firm Lehman Brothers files for Chapter 11 bankruptcy protection, marking the largest default in U.S. history...

Technology changes society. Financial services and their regulation is not immune from this. Indeed, distributed ledger technology and artificial...

Non-supervisory bank stress testing is becoming firmly embedded in the post-crisis macroprudential frameworks of major financial sectors around the...

Recent history suggests that raising interest rates higher than warranted by macroeconomic prospects would not be the right policy for financial...

Artificial intelligence (AI) is rapidly changing how financial institutions are operated and regulated. The authors discuss the benefits and danger...

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

Global or international liquidity has moved to centre stage in recent international policy, research and market discussions. Contrary to the approach...

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

In 2016 Charles Goodhart was commissioned by the British Academy to write the Memoir for Mike Artis, an honour that all deceased Fellows are accorded...

On 29 January 2016 the Bank of England (2016a) published for consultation the Financial Policy Committee’s proposed framework for the systemic risk...

Obsession with short-term performance against market cap benchmarks preordains the dysfunctionality of asset markets. The problems start when trustees...

This paper features a keynote address given by Panicos O. Demetriades at “Politics, Finance and Growth” Conference Reserve Bank of South Africa...

In the aftermath of the global financial crisis, the market share of US investment banks is increasing, while that of their European counterparts is...

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