The results of the single-equation cointegration tests indicate that patterns of cointegration in the two main and four sub-periods are not homogeneous. Two key findings emerge from the study. First, fewer stock markets cointegrated with S&P 500 during the crisis period than they did during the...

Facing the worst financial crisis since the Great Depression, the Federal Reserve (Fed) has responded with sweeping, unprecedented actions to aid a slowing economy and stimulate a frozen credit market. We focus on the policy changes instituted by the Fed and their wealth effects on banks,...