In this article, tests for globalization and contagion are separated using an ex ante definition of crises, and contagion tests are neutralized with respect to globalization effects. A large database is constructed to study the stability of correlation matrices for four asset classes: equities,...

The literature has not reached a consensus yet regarding the existence of sovereign creditor moral hazard. Exploiting an exceptional historical example, this paper proposes an original method to address this issue. As the corona which is observable only during a total eclipse of the sun,...

In this paper we study the role of official statements and speeches given by central bank authorities in charge of foreign exchange policy. We investigate the impact of statements that comment on and confirm such interventions on the day of the intervention on the two major foreign exchange...