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We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using

The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR. Medi

The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key

The events of the past six months have demonstrated the fragility of the global financial system and raised fundamental questions about the effectiveness of the

Leading up to the global financial crisis, US dollar activity by global banks headquartered outside the United States played a crucial role in transmitting shoc