The restructuring and deregulation of global electricity markets has brought about fundamental changes in the behaviour of wholesale spot prices. In turn, this has fostered a small but increasing volume of literature aimed at modelling and providing best-practice forecasts of electricity prices...

Renewable energy such as wind or solar power currently contributes a large share to the total German electricity supply as a result of the German energy transition. This paper presents an empirical analysis of how power shocks resulting from intermittent renewable supply affect forward premiums...

The narrative as well as the analysis of global imbalances in the existing literature are incomplete without the part of the story that relates to the surge in capital flows experienced by the emerging economies. Such analysis disregards the implications of capital flows on their domestic...

Despite the various reforms of prudential banking regulation from 1989 to 2002, and the substantial addition of new prudential regulations during that period, there were three key policy errors, all of which had been at the core of the banking disasters of the 1980s, which returned with a...

We discuss the prospects for Chinese money market development and transition to market-based monetary policy operations based on a comparative historical analysis of the present Chinese situation and the development in 11 European countries from 1979 up to the launch of European Economic and...

We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of the EMU. Aspects of money market development such as size and structure of different market segments, and institutional and...

Innovation is key to boosting economic growth in the face of a rapidly ageing population. While Japan spends heavily on education and R&D, appropriate framework conditions are essential to increase the return on such investments by strengthening competition, both domestic and international, and...