This paper examines the impact of macroeconomic and financial sector policy announcements
in the United States, the United Kingdom, the euro area, and Japan on interbank credit …

Islamic lending transactions are governed by the precepts of the shariah, which bans interest
and stipulates that income must be derived as return from entrepreneurial investment. …

More than two years ago the European Central Bank (ECB) adopted a negative interest rate
policy (NIRP) to achieve its price stability objective. Negative interest rates have so far …

… Andreas Jobst is a mid‐career Economist at the International Monetary Fund (IMF) in …
Jobst holds a PhD in Finance from the London School of Economics (LSE). Andreas Jobst …

Europe’s banking system is weighed down by high levels of non-performing loans (NPLs),
which are holding down credit growth and economic activity. This discussion note uses a new …

The Islamic finance industry is in the midst of a phenomenal expansionary phase, exhibiting
average annual grown rates of about 15 percent in recent years. This rapid growth has been …

China is the world’s fastest growing economy and is also the second largest. However,
the official estimates of the Chinese National Bureau of Statistics exaggerate GDP growth …

This study characterizes volatility dynamics in external emerging bond markets and examines
how prices and volatility respond to macroeconomic news. As in mature bond markets, …

Little progress has been made so far in addressing—in a comprehensive way—the negative
externalities caused by excessive maturity transformation and the implications for effective …

PurposePatients with chronic depression (CD) by definition respond less well to standard
forms of psychotherapy and are more likely to be high utilizers of psychiatric resources. …