reference to China and India, with their very distinctive public policy approaches. Much of the economics literature either does …

, if investors have incomplete information about new emerging markets, and learn over time, there can be high volatility of …

The recent East Asian crisis has highlighted the relationship between financial development and output volatility. In … volatility only occurs at intermediate levels of financial development; second, that whilst full financial liberalization …, including an unrestricted opening to foreign lending, can destabilize an emerging market economy, in contrast output volatility …

volatility for 30 emerging market economies from 1973 to 2000. We find that reserve holdings and openness to be the most … important determinants of reserve volatility. These results are robust for a range of control variables, including monetary …

In this paper, we examine long-run determinants of cross-country variation in reserve volatility for 30 emerging market … volatility. The empirical results are robust for a range of control variables, including monetary variables, the degree of … be helpful in evaluating reserve volatility as a crisis indicator. …

In this paper, we examine the evolution of the S&P500 returns volatility around market crashes using a Markov …-Switching model. We find that volatility typically switches into the high volatility state well before a crash and remains in the high … volatility by uniformed traders result in a crash. …

autoregression, we derive return and volatility spillover indices over the rolling sub-sample windows. We show that there is … substantial difference between the behavior of the East Asian return and volatility spillover indices over time. While the return … spillover index reveals increased integration among the East Asian equity markets, the volatility spillover index experiences …