- Article
Macro-Financial Blind Spots in Emerging Markets: Non-Bank Intermediation, Funding Liquidity, and the Persistence of Global Shock Transmission
- Gustavo Henrique Rodrigues Pessoa and
- Ricardo Ratner Rochman
Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19...