We show that the dynamics of Bitcoin (BTC) price are strongly influenced by the level of global geopolitical risk. Indeed, a number of well established stylized facts about BTC cease to be true when we condition the evolution of BTC returns on the GPR index. In particular, we find that when...

The increasing importance of commercial banks' noninterest-earning activities rendered conventional monetary policy relatively obsolete in the contemporary economy. It has been a long time since commercial banking was limited to bank lending activities. Indeed, it is now present in practically...

After two dramatic years for the banking sector, in particular after the Lehman Brothers bankruptcy in September 2008, 2009 signed an alt. The worst seems to have been avoided and the financial and banking sector is slowly recovering from one the major crisis since the Great Depression. The...