This paper compares the ability of different market instruments in terms of predicting monetary policy decisions to find out which one best captures market participants policy expectations. Towards this end, policy rate expectations implied by various market instruments and different approaches...

This study examines the interaction between financial stress and economic activity across emerging markets (EMs). Episodes of financial stress can be broadly defined as periods when the financial system is under acute strain and its ability to intermediate is impaired. This study introduces a...