The American pension funds system reinforces the sensibility of the American economy to financial markets fluctuations. Market risk is supported by companies as concerns defined benefits funds (DB) and by households as regards defined contributions plans (DC). DC funds are often over-invested in...

China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...

Financialisation is a complex and dynamic process of enlarging the monetary and financial relations in economy and society. This paper deals with the analysis of the financial market structure, such as: the role and magnitude of financial sectors, the dynamics of the banking sector versus the...

The purpose of this paper is to investigate IPO developments across five CEE countries between 2003 and 2012. Using a wider range of methods and different data sets we intend to complement the previous research. Applying descriptive statistics, relevant local developments are analysed first...

This discussion paper resulted in a publication in the <A HREF="http://www.sciencedirect.com/science/article/pii/S092753981400098X">'Journal of Empirical Finance'</A> (2014). Volume 29, pages 435-447. <P> We model the impact of financial conditions on asset market volatility and correlation. We propose extensions of (factor-)GARCH models for volatility and DCC models for...</p></a>

“La negociación en curso para suscribir un Tratado de Libre Comercio (TLC) entre Colombia y Estados Unidos incluye la estructuración de un capítulo sobre Servicios Financieros, que definirá las disciplinas que gobernarán el intercambio de esos servicios entre las partes. Con el objeto de...

Financialisation is a complex and dynamic process of enlarging the monetary and financial relations in economy and society. This paper deals with the analysis of the financial market structure such as: the role and magnitude of financial sectors, the dynamics of the banking sector versus the...

Securitisation is growing at a moderate pace in France. With total outstanding securitised assets of EUR 215 billion at mid-2013, France ranks fifth in the euro area. The majority of securitised assets are loans to French residents. Securitisation has facilitated banks’ access to Eurosystem...

Given the international financial situation of the last 50 years, and considering the complexity and severity of the financial crises, it is important to study the episodes of financial instability, and especially to understand both operating mechanisms and propagation mechanisms. One endogenous...

We present evidence that high concentration in local mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. A decrease in MBS yields is typically associated with greater refinancing activity and lower rates on new mortgages....