This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since ma

This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably.

A decade-long diversification of official reserves into riskier investments came to an abrupt end at the beginning of the global financial crisis, when many cen

We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three