The Vulnerability of Banks to Government default risk in the EMU
This paper examines the vulnerability of banks in EMU countries to shocks to default risk premiums on public debt. This vulnerability depends on (1)...
SP 115
Special Papers
The Third Leg of the Stool: Financial Stability as a Prerequisite for EMU
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SP 114
The Asian Crisis: Experiences and Lessons for Home and Host Supervisor
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SP 111
Life Without the Stability Pact
There is now a real chance that the Euro member states will not abide by the strict rules of the Stability Pact. Economic and political pressures are...
SP 109
Financial Crises: Plus ça change, plus c'est la même chose
During recent decades most financial crises were caused by excessive public sector expansion. The current Asian crisis, however, had its roots in...
SP 108
Pension Fund Reform and European Financial Markets
Pension reform is widely seen as essential in order to defuse the difficulties EU governments would otherwise face in respect of their social security...
SP 107
The Retreat of Inflation and The Making of Monetary Policy: Where Do We Stand?
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SP 103
The Cost of Conservatism: Extreme Returns, Value-at Risk, and the Basle Multiplication Factor
We argue that most current methodologies for value-at-risk (VaR) underestimate the VaR, and are therefore ill-suited for market risk capital. Better...
SP 100
