Although it has been well established that financial volatility is related to news and macroeconomic shocks, there has been less emphasis on the importance of underlying economic and political stability. In this paper we study the behavior of consol returns since 1729 and identify a...

The question of price level versus inflation targeting remains controversial. Disagreement concerns, not so much the desirability of price stability, but rather the means of achieving it. Irving Fisher argued for a commodity dollar standard where the purchasing power of money was fixed by...

This paper applies a variety of short-run and long-run time series techniques to data on a broad group of Asia-Pacific stock markets and the United States extending to 2010. Our empirical work confirms the importance of crises in affecting the persistence of equity returns in the Asia-Pacific...

This paper applies a variety of short-run and long-run time series techniques to data on a broad group of Asia-Pacific stock markets and the United States extending to 2010. Our empirical work confirms the importance of crises in affecting the persistence of equity returns in the Asia-Pacific...

Given its nonperforming loan ratio of over 20 percent in 2007 and its concentration on poorer areas, the Agricultural Bank of China (ABC) seemed an unlikely candidate for a successful initial public offering. The major capital injection the bank received in November 2008 was preceded by signs of...

The 2009 surge in bank lending in China was accompanied by allegations that substantial funds had been funneled into the nation's stock and property markets. Using data from 1999 to 2011, possible linkages between lending activity, real estate prices, stock prices, and inflation are examined. We...

This paper applies a variety of short-run and long-run time series techniques to data on a broad group of Asia-Pacific stock markets and the United States extending to 2010. Our empirical work confirms the importance of crises in affecting the persistence of equity returns in the Asia-Pacific...