This paper investigates whether stock-price indices of seventeen emerging markets can be characterized as random walk (unit root) or mean reversion processes.

The last 7 years has seen a large number of government and semi-government reports on the changing nature of Australia's integration into the international economy. This paper explores their difference but focuses more centrally on their common premises.

Intervention by the Reserve Bank of Australia on foreign exchange markets from 1993 to 1997 is conjectured to have been determined by exchange rate trend correction, exchange rate volatility smoothing and profitability considerations. Using Probit and friction models, we show that these factors...

After 1983 major changes were made to New Zealand's financial markets, its public finances and its labour market, together with deregulation of other industries and a commercialisation of many state activities. They transformed the country from a protectionist welfare to an open and competitive...

This paper investigates the response efficiency of the 10-year Australian Commonwealth bond futures market to the new contents of the Australian scheduled information release from January 1993 to July 1997. Using Money Market Services market expectations data to generate the news component of...

The paper examines the circumstances which led to the collapse of Barings PLc at the end of February 1995. The analysis is based upon two official reports of investigations in London and Singapore.

Direct foreign investment (DFI) has played an important role in the economic development of China in the past 15 years. It contributed to the Chinese domestic capital formation and industrial growth, and promoted export expansion and employment creation. This paper provides an empirical...