The financial market turbulence in 1998, as other crises previously, produced strong price movements in the securities markets worldwide. This reflected, first, a general reassessment of credit risk, and, second, a drying-up of liquidity even in some of the largest mature securities markets. As...

This study uses VAR analysis to assess the linkage between stock market developments and consumer confidence in the euro area. The empirical evidence suggests the existence of a significant positive relationship between stock market developments and consumer confidence in the euro area. As...

Central bank informal communications became more frequent and acquired more mass media attention after the global financial crisis. Do investors react to the content (e.g., future expansionary or restrictive policy) of informal central bank communications? And especially, do investors have a...