This study examines the nature of interdependence, and return and volatility spillovers, for three Indian exchange rates: US dollar (USD), Euro and British Pound. We use the spillover index methodology of Diebold and Yilmaz (2009) to analyse precisely and independently the returns and volatility...

This paper demonstrates that the current economic crisis has its roots in the evolution of the global economy during the 1960s. The gradual increase of US debt from the 1960s accompanied by the deficit in the US trade balance due to international competition from EU, Japan, and later from China...

Examining US data, this study uses techniques of cointegration analysis to test whether real estate investment trusts (REITs) are a useful hedge against inflation. Johansen tests seem to indicate that REITs are cointegrated with the general price level. This is true for a broad REIT index as...

Even in science, there is always the human element of using our own assumptions in logic, our feelings, our values and numerous criteria we must deal with. In addition, we often have to include the measurements of tangibles that always need agreed upon subjective judgement to interpret what...

In 1991, the European Union undertook to form a full-fledged monetary union. It established the European Monetary Union with a European Central Bank (ECB) at its apex and a mandate to pursue price stability. The European regime differs from the US Federal Reserve System, which must pursue high...

European monetary history prior to 1950 presents many attempts at international monetary coordination, but none were as bold and as far reaching as the European Monetary Union envisioned in the Delors Report of 1989 and enacted through the 1991 Treaty on the European Union in Maastricht. This...