In this paper, forward market unbiasedness hypothesis (FRUH) is tested and its underline assumptions of rationally formed expectations and non existence of time varying risk premium is examined empirically in case of Rupee/US$. Taking in to account the non-stationarity of the spot and forward...

The signals approach was applied to 24 of the indicators around the dates of the 29 banking and the 87 currency crises. In what follows, we first compare our results for the 15 original indicators in Kaminsky and Reinhart (1996) to those presented in that study. This exercise assesses the...

The Global Financial Crisis of 2008 and the heightened macroeconomic and financial volatility that followed the crisis raised important questions about the current international financial architecture as well as about individual countries’ external macroeconomic policies. Policy- makers...

While referring to the recent study on the 2007-2008 global financial crisis, and cross-border mergers and acquisitions in 26 countries (Reddy, Nangia, & Agrawal, 2014b), this paper aims to further examine the impact of financial crisis on the later form of market in 13 sub-continentals, three...

This paper investigates how financial, trade, institutional and political liberalization policies have affected financial efficiency in Africa. It uses updated data to appraise second generation reforms in order to gather fresh evidence and derive more updated policy implications. The ‘freedom...

Abstract This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive...

The 2007/8 financial crisis exposed and exacerbated the debt pathologies of the ‘West’. The paper examines whether the new global debt relations that have been generated by this crisis have transformed global power politics, changing the way in which the ‘global South’ and the ‘global...

In this paper we investigate the different nuances of India’s capital account management through empirical analyses as well as descriptive discussions. In particular we study the evolution of the capital control regime in India since 1991, and explore the rationale behind liberalizing certain...

This paper develops variants of the model suggested by Glick and Rogoff (1996) and VAR models to analyze short term effects of the main determinants for the current account in Costa Rica. Empirical evidence suggests that, lagged investment, government’s primary surplus, terms of trade,...

Increased integration with global financial markets has amplified the complexity of macroeconomic management in India. The diverse objectives of a robust growth rate, healthy current account deficit, competitive exchange rate, adequate external capital to finance investment, moderate inflation,...