This paper examines the long-term financial integration of second-round acceding and candidate countries’ with the European Union and the US stock markets during the Accession Process. The lowpair wise correlations between these markets imply portfolio diversification opportunities, yet...

The process of the European integration, which gradually institutionalised from the European Communities to the European Union, has been in progress for more than fifty years. Contrary to the original purposes of the integration, which emanated from the experience of the World War II, and...

Трансформация современных финансовых институтов происходит на фоне динамических изменений общества. Новые подходы к социальным стандартам и ценностям,...

We examine the properties of house price fluctuations across 18 advanced economies over the past 40 years. We ask two specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving movements in global house prices? To address these...

Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and...

Over the past two decades, most emerging market economies witnessed two key developments. A marked process of financial integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an improvement of macroeconomic fundamentals, helping...