This paper discusses a ""pure"" form of financial contagion, unrelated to economic fundamentals - investors'' shifting appetite for risk. It provides an analytical framework for identifying changes in investors'' risk appetite and discusses whether it is possible to directly measure them in a...

This paper investigates empirically the degree of international integration of industrial and emerging country equity markets. It analyzes two issues: first, the extent to which equity prices have tended to move similarly across countries and regions in the long run; and second, the strength of...

What are the constraints that have stalled EMs efforts to reuse their securities in international financial centers? We discuss the economics of collateral re-use and the present institutional structure in Asian and Latin American countries. Our empirical investigation suggests pledgeability...