Globalization has led financial markets to be more and more correlated across countries, especially between advanced and emerging countries. We propose to shed light on the issue of financial integration in emerging countries by resorting to complementary econometric approaches. For that, we...

The aim of this article is to answer the following question: can the considerable rise in the volatility of the LAC stock markets in the aftermath of the 2007/2008 crisis be explained by the worsening financial environment in the US markets? To this end, we rely on a timevarying transition...

This paper looks into the role of gold as a safe haven against stocks during recessions and bear markets. Following Baur and McDermott (2010) and Baur and Lucey (2010), we characterize safe havens by their negative correlations with stocks during crises. We extend their results in three ways....

Using a combination of propensity score matching and difference-in-difference techniques we investigate the impact of foreign bank ownership on the performance and market power of acquired banks operating in Central and Eastern Europe. This approach allows us to control for selection bias as...

MIRAGE-D is a version of MIRAGE which has been modified to take into account the implications of international trade on countries’ international investment positions (IIPs). Each country or group of countries is represented in the model by a single economic agent, who distributes its wealth...

Les marches derives ont connu une tres forte expansion ces dernieres annees. Une large variete d'options et de futures sont quotidiennement echanges sur indices boursiers, taux d'interet, obligations et devises. Ces marches, en traitant l'information disponible plus rapidement que les marches au...