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Journal Article
A Decade after the Crisis, Has the Global Debt Burden Stabilized?
The debt-to-GDP ratio shows signs of stabilization in advanced economies, but less so in emerging economies.
Journal Article
The Mechanics of Fed Balance Sheet Normalization
As the Fed continues to normalize its balance sheet, lessons from past tightening episodes and projections of possible futures may help achieve the optimal amount of reserves in the banking system and avoid undo financial stress.
Journal Article
European sovereign debt remains largely a European problem
The rapidly mounting debts of the governments of Greece and other European countries caught policymakers off guard earlier this year and caused a panic in the markets. But a review of who holds the debt of these countries shows that any contagion risk should be confined to Europe.
Journal Article
Balance Sheet Normalization: Monitoring Quantities and Prices
Central bank policymakers watch the spread between “repo” rates and the interest rate on reserve balances to gauge financial market stress and guide balance sheet normalization.
Journal Article
Mapping the Global Shadow Banking System
Journal Article
Central Bank Digital Currencies: Back to the Future
Central bank digital currencies promise to be a new form of money that could greatly increase the efficiency of future payment and settlement systems worldwide.