I develop a critical constructivist evolutionary theory of international financial institutions and arrangements. Specifically, I analyze the role of IMF under the present globalization moves and repeated financial crises by following such a critical constructivist evolutionary theory of...

More frequent and increasingly severe crises are encouraging emerging market economies to seek means to make themselves less vulnerable to sudden stops in capital flows. Capital controls have been widely discussed, but dollarization may offer a longer-term and more market-friendly solution.

Predicting the timing of currency and banking crises is likely to remain an elusive task for academics, financial market participants, and policymakers. Few foresaw the Asian crises and fewer still could have imagined their severity. However, recent events have highlighted the importance of...

Capital inflows can be a mixed blessing, especially in economies with thin domestic financial markets and when driven by investors with a short-term focus. Many levers of policy can be applied to resist the effects of the inflows. One that has been widely relied upon has been currency...

This paper reviews the central features of France’s capital controls in the 70's and 80's and strives to assess their ability, in the context of various exchange rate mechanisms, to regulate capital flows and to stabilize the exchange rate while allowing France to preserve a measure of...

Why do legal permanent migrants return to their home countries? How do home country conditions influence this decision? This paper uses exogenous home country exchange rate shocks arising from the 1997 Asian Financial Crisis to distinguish return motivations of a national sample of Australian...

The aim of this study is to analyze both the linear and nonlinear co-integration relationship between Euro and U.S. Dollar exchange rates and stock price index with monthly time-series data covering the time period 1980 - 2013 for Turkish Economy. Linear co-integration test is analyzed by the...

This paper investigates the differences in structures of causal relationships between stock and currency markets for advanced and emerging economies on the example of Switzerland and Poland. The bootstrap–based linear causality analysis as well as nonlinear causality tests were conducted for...

This paper proposes a novel Pearson-type quasi maximum likelihood estimator (QMLE) of GARCH(p; q) models. Unlike the existing Gaussian QMLE, Laplacian QMLE, generalized non-Gaussian QMLE, or LAD estimator, our Pearsonian QMLE(PQMLE) captures not just the heavy-tailed but also the skewed...

Since the global financial crisis, Central Banks have used various policy tools to sustain financial stability besides price stability. Additional Monetary Tightening is one of these tools that the Central Bank of the Republic of Turkey used in 2011-2012. The effects of this tool on the exchange...