This Country Focus shows that some simple reserve adequacy measures (particularly based on external debt indices) – although suffering from a number of drawbacks – seem to be sound indicators of the largest vulnerabilities within the CEE8 region. Nevertheless, the analysis of...

This study empirically examines the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion models show for the United States a significant pioneer...