The way in which market participants form expectations affects the dynamic properties of financial asset prices and therefore the appropriateness of different econometric tools used for empirical asset pricing. In addition to standard rational expectations models, this thesis studies a class of...

Over the course of the recession during the last six years, central bank officials in Croatia have on numerous occasions stated there is a strong need for structural reforms in Croatia and that there is no need for monetary policy reforms. This short paper investigates why the CNB is only...

The pricing of interest rates on retail deposits in Croatia does not follow standard term structure or quantity premium for pricing deposits. Banks often pay no premium on time or on quantity of deposits. On one hand this is not surprising since the banking sector has been very liquid for last...

The international capital flows are intensifying due to the deepening of globalization and diversification of portfolios in international capital markets. These factors have contributed to the increased integration of international financial markets. A VAR model is carried out to analyze how a...

This paper while emphasising the importance of the concept of financial stability in wake of recent global financial crisis in particular and other (banking and financial) crises in general attempts to highlight the significance of the soundness of banking sector in emerging economies where...

This article relies on statistical and empirical data to develop a classification of state-influenced banks. An estimate of such banks’ combined market share by July 1, 2009 is suggested. We identify 53 state-controlled banks in Russia, including state-owned banks and state-governed banks....

This paper tackles state participation in the Russian financial sector. We take the case of the banking industry to suggest criteria for a more accurate definition of public sector boundaries and an assessment of the actual scale of state presence in the national banking market. The approach for...

This study examines the impact of credit rating upgrades and downgrades on six comprehensive banks’ asset classes, profitability, leverage and size using data from the Federal Deposit Insurance Corporation’s call reports and Bloomberg over the period 1989-2008. In summary, the results...

In this paper we rely on empirical data to develop a classification of state-influenced banks. An estimate of such banks’ combined market share by July 1, 2009 is suggested. We identify 53 state-controlled banks in Russia, including state-owned banks and state-governed banks. Public sector in...

We seek to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth and investigating potential transmission mechanisms for these effects using data from 1993–2000 on 49 nations....