-term forecasts for 38 advanced and emerging market economies. If transitory deviations around a trend dominate output fluctuations …

of international stock market prices. Using the multivariate cointegration test of Johansen, we find that the set of six … cointegrated. The results suggest that there are long-run equilibrium relationships among the stock market prices. Subsample and … greater stock market integration amid the increasing liberalization and globalization of capital markets …

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …

prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the … United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold … those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based …

Why do countries hold so much international reserves? Global reserve holdings (excluding gold) were equivalent to 17 …

This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions …, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is … dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market …