AMPF Papers

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Commissioned Paper

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May 2018

Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Hyun Song SHIN, Stefan AVDJIEV, Bat-el BERGER
We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of bank...
Keywords: Stefan AVDJIEV, Bat-el BERGER, Hyun Song SHIN
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Members' Digest

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2018

Sexy or Safe: Why do Predicted Stock Issuers Earn Low Returns?

Charles M. C. LEE
Predicted stock issuers (PSIs) are firms with expected “high-investment and low-profit” (HILP) profiles that earn unusually low returns. We carefully document important features of PSI firms to provide new insights on the economic mechanism behind the HILP phenomenon. Our results show top-PSI fi...
Keywords: Charles M.C. LEE, Ken LI
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AMPF Papers

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Commissioned Paper

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May 2019

The Dollar Hegemon? Implications for Policy Makers

Pierre-Olivier GOURINCHAS
This paper reviews the central role of the US dollar in the global trade, financial and monetary systems. The dominance of the US dollar as an invoicing, issuance, anchor and reserve currency has increased over time, especially so and somewhat paradoxically since the end of the Bretton Woods system....
Keywords: Pierre-Olivier Gourinchas (University of California, Berkeley)
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Members' Digest

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2018

Post-Crisis Banking Regulations and Financial Market Liquidity

Darrell DUFFIE
Keywords: Darrell DUFFIE (Stanford University)
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AMPF Papers

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Commissioned Paper

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May 2017

Systematic Managed Floating

Jeffrey FRANKEL
A majority of countries neither freely float their currencies nor firmly peg. But most of the remainder in practice also don’t obey such well-defined intermediate exchange rate regimes as target zones. This paper proposes to define an intermediate regime, to be called “systematic managed floatin...
Keywords: Jeffrey FRANKEL
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