An all-inclusive financial system is one of the channels through which information and communication technology (ICT) affects economic growth. Digital financial inclusion is an evolving phenomenon that enhances the ease of access to and availability of formal financial services. Further,...

Global financial crisis of 2008 had strong influence on world markets, where emerging and less developed ones were affected the most, their recovery lasted longer, and it still lasts. Zagreb Stock Exchange (ZSE) main index, CROBEX, reached its all-time high value (ATH) on January 4, 2008 with...

The Keynesian analysis of financial instability as developed by Hyman Minsky provides considerable insights into understanding the nature and dynamics of boom-bust cycles driven by international capital flows in emerging markets. Its main policy conclusion that financial control rather than...

Is there any interrelationship between firm level FDI in the form of cross border Mergers & Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border M&A for nine emerging economies. Our study period goes from 1987 to 2006. We find that the...

Central bank governor changes in emerging markets may convey important signals about future monetary policy. Based on a new daily data set, this paper examines the reactions of foreign exchange markets, domestic stock market indices and sovereign bond spreads to central bank governor changes....

This paper analyzes alternative models for emerging sovereign ratings. Although a small number of economic fundamentals explain ratings reasonably well, variations in those economic fundamentals are themselves explained by a small number of world factors. On the other hand, global financial...