China’s real estate reckoning: Lessons from Japan’s lost decade

A growing debate has emerged over whether China risks repeating elements of Japan’s post-real estate bubble stagnation of the 1990s. This column compares China’s current

Bank recapitalisation versus firm support: A fiscal criterion for crisis policy

Governments routinely invest in private firms. This column argues that these investments have powerful effects on an economy’s crisis resilience, and that those effects depend

Macroprudential policy for banks: Build the countercyclical capital buffer when there is headroom for doing so

Numerous central banks started to build the countercyclical capital buffer as bank profitability began to soar during the recent tightening cycle. Recent evidence suggests that