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Dollar Funding and Housing Markets: The Role of non-US Global Banks

The Dollar exchange rate synchronizes house prices globally. When the dollar appreciates (depreciates), house prices rise (fall) globally. As the source of this comovement we …

The Granular Origins of the Global Financial Cycle

Growing Green: How State-Level Banking Deregulation Helped Reduce Industrial Emissions

Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment

Local government debt in Germany crowds out private investment to the tune of one percent of GDP per year. The reason: forced to lend to local governments by their statutory …