This paper evaluates if and how speculation affects the volatility of commodity futures: it distinguishes between short term and long term measures of speculation and investigates if the impact on volatility is different. Speculation is measured by means of four indexes: scalping, Working’s T,...

In a recent line of research the low interest-rate environment of the early to mid 2000s is viewed as an element that triggered increased risk-taking appetite of banks in search for yield. This paper uses approximately 7,000 annual observations on banks of the CEE countries over the period...

This study investigates the impact of stock market development on economic growth in China. To this end, the quarterly data from 1996 to 2011 are used and the empirical investigation is conducted within the unit root and the cointegration framework. The results show that the relationship between...

The impact of credit rating changes in both the bond and the stock market has been a widely discussed subject in the press since the outburst of the financial crises we are going through nowadays. However, the scientific coverage of the topic has been limited since 2007 and has not focused on...

A well-functioning financial system is necessary for an effective monetary policy transmission. Simultaneously, monetary policy can also influence financial system stability through its effect on financial condition and behavior of the financial market. Changes in policy rate will have an effect...

Using a mixture of macro variables such as growth and bank lending rates and firm-specific micro variables, this paper examines the determinants of short term debt using firm level panel data for Turkish manufacturing companies traded in Istanbul Stock Exchange. The original sample drawn from...

We examine the impact of banking reform and financial crisis of 2001 on non-financial firm dynamics. Our analysis integrates the two lines of literature on financial liberalization, banking reform and access to capital and banking competition, which were addressed earlier by Bertrand, Schoar and...

Inspired by the current European crisis, the main goal of this paper is to find how to promote investment, as we think that it has a crucial role on firms’ evolution and economic performance. In fact, our motivation is to find a possible solution to promote economic growth with few Government...

The present sovereign debt crisis in the Economic and Monetary Union of the EU (EMU) is partly attributable to the pronounced increase in external imbalances across northern and southern euro zone countries during the years running up to 2007 (Lane and Milesi-Ferretti, 2011). While the behavior...

We analyze the determinants of the structure of public debt in the case of Spain, from a sub-national perspective. The endogenous shift in the composition of debt among short- vs long-term instruments, loans- vs securities, or residents vs non-residents, depends on observable measures of credit...