In recent years, emerging East Asian economies have experienced large capital inflows-especially a surge in portfolio inflows-and an appreciation of asset prices such as equities, land, and both nominal and real exchange rates. The paper reviews why a surge in capital inflows can increase asset...

Stock market exchanges in transition economies typically fail. The failure is, in part, due to weak or non-existing securities laws in the transition economy. The Warsaw Stock Exchange is the exception. The Warsaw Stock Exchange serves as a successful model for newly created stock exchanges in...

El Salvador's 2021 monetary experiment to make Bitcoin legal tender increases financial inclusion at the cost of a volatile medium of exchange. In this paper we study the macroeconomic effects of introducing cryptocurrencies in a workhorse small open economy model. We study a potential solution...

Blockchain technology has opened up the possibility of digital currency, smart contracts and much more applications including the launch of central bank digital currencies (CBDC). However, literature about the effect of CBDC with the presence of cryptocurrency for an emerging market economy...

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing...

Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing...

Global economic integration is putting high pressure of standardization on Vietnam, especially in the financial industry. Its financial market opening process is routed officially in the WTO commitment as well as in the objective of forming a united ASEAN capital market. This paper positions the...

The growth in Islamic Finance in many regions of the world during the last decade has been both significant and rapid, and has provided both individuals and businesses with the possibility of raising capital on a risk-shared basis rather than the more conventional debt finance. The chaotic and...

This paper examines the implications for the traditional "legal bonding" hypothesis arising from future "reverse" cross-listings, meaning the cross-listing by issuers from jurisdictions with stronger investor protections into capital markets and on exchanges where investor protections are deemed...

This paper studies the interlinkages between stock markets of Brazil, Russia, India, China and South Africa (BRICS) with the help of benchmark indices of these stock exchanges. Daily closing levels of the benchmark indices in the five countries were taken for a period from April 1, 2005 to March...