The paper suggests a nonlinear and multivariate time series model framework that enables the study of simultaneity in returns and in volatilities, as well as asymmetric effects arising from shocks and an outside stock exchange. Using daily data 2000-2006 for the Baltic state stock exchanges and...

La crise financière 2007-2008 a suscité une profusion de réactions et d'explications : on a évoqué le mimétisme des organismes, la cupidité de leurs dirigeants, la propension des traders à aimer le jeu. Elle est évidemment due à la conjonction de plusieurs facteurs. Nous mettons ici...

Purpose -The purpose of this paper is to examine the effect of regulatory reform on the asset allocation and capitalization of Chinese banks from 2002 to 2007, a period following China's entry into the World Trade Organization (WTO). Design/methodology/approach - The evidence rejects a...

This book discusses banking, insurance, and securities regulation, as well as issues in consumer finance and electronic commerce.

This paper examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms' productivities. To maintain incentive compatibility, banks lend below the amount that firms need for optimal production. The longer time needed for export shipments...

The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non-banking sector . particularly in the corporate-bond market. Conservative regulation of the banking sector helped this segment avoid a...

This book discusses banking, insurance, and securities regulation, as well as issues in consumer finance and electronic commerce.

Access to finance remains a challenge for Small and Medium Enterprises (SMEs) in Argentina. It is a particularly acute problem among newly created SMEs that have a scant credit record and frequently lack collateral. The authors of this paper carried out a pilot test of an innovative psychometric...

Access to finance remains a challenge for some micro, small, and medium-sized enterprises (MSMEs) in Peru, particularly informal enterprises with no borrowing history in the formal financial system. Lenders lack the tools to reach these borrowers with sufficient scale and control over risk due...