We find dealer-level evidence that recent regulation on the leverage ratio requirement causes deviations from covered interest parity. Our analysis uses a unique data set of currency derivatives with disclosed counterparty identities together exogenous variation introduced by U.K. framework. Dealers who are affected regulatory shock charge an additional premium about 20 basis points per annum f...

We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time households’ marginal propensities consume (MPCs) vary with household characteristics shock size. find that spending peaks the year of winning gradually reverts normal within five years. Controlling for all items on balance sheets such as education income, it...

The external balance sheets of many emerging market countries are distinguished by their holdings of assets primarily in the form of foreign debt and foreign exchange reserves, while their liabilities are predominantly equity, either FDI or portfolio. In this paper we investigate the claim that this composition served as a buffer for the emerging markets during the global financial crisis of 20...

Recent advances in the determination of the mass balance of polar ice sheets show that the Greenland Ice Sheet is losing mass by near-coastal thinning, and that the West Antarctic Ice Sheet, with thickening in the west and thinning in the north, is probably thinning overall. The mass imbalance of the East Antarctic Ice Sheet is likely to be small, but even its sign cannot yet be determined. Lar...

T he cyclical banks have different behavior than other banks. The structure of the balance sheet in cyclical banks is different from anti-cyclical banks. The cyclical banks have a relationship between leverage growth and asset growth while the other banks have no relationship between asset growth and leverage growth in the banking system. This relationship depends on the structure of...