In contrast to the past, many emerging countries faced the global financial crisis of 2008-2009 with more solid financial positions and the required credibility and capacity to conduct countercyclical policies. This allowed them to better cope with the global downturn and thus behave more...

This paper highlights the findings of some of the recent research on capital flows, credit booms, and their attendant consequences for asset prices, business cycles, financial crises and the interaction among these. The aim is to condense key results from the relevant literature and promote...

From the tulip mania back in the 17th century in Holland up to the US subprime crisis considered by many a “black swan” – the unpredictable and improbable event that had such a great impact, the financial world has been hit by many crises. This paper emphasizes the idea that although most...

Using dynamic conditional correlations and networks, we bring a novel framework to define the integration and segmentation of emerging countries. The individual EMBI+ spreads of 13 emerging countries from 01/2003 to 12/2013 are used to compare their interaction structure before (phase 1) and...

During the last financial crises, foreign direct investment have shown an important financial resilience comparatively to other category of capital flows, in particular, foreign portfolio flows. For this reason the object of this study is to verify if foreign direct investment favours financial...

At global economy level, changes occurred, consisting in transferring production abroad, owing to the comparative advantages of moving production to China or other developing countries, which translate into cost reductions at production level and, implicitly, into price advantages. The...

The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value.In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with...

At global economy level, changes occurred, consisting of transferring production abroad, due to the comparative advantages of moving production in China or in other developing countries, which converge in cost reduction at production level, and, implicitly, in price advantages. The arena of...

Financial integration among economies has the benefit of improving allocation efficiency and diversifying risk. However the recent global financial crisis, considered as the worst since the Great Depression has re-ignited the fierce debate about the merits of financial globalization and its...

This paper contributes to the literature on international stock market comovements and contagion. The novelty of our approach lies in the application of wavelet tools to high-frequency financial market data, which allows us to understand the relationship between stock markets in the...