Since the summer of 2007, participants in financial markets have been confronted by a crisis of their own making. In order to prevent the recurrence of a similar crisis in the future, the G-20 nations, at their finance summit in Washington on 15 November 2008, resolved to "ensure that all...

This paper deals with the Russian financial markets and financial institutions. The author focuses on post crisis recovery, Russian equity market. The issue of capital outflow and operating risks of the stock market were analyzed by the author

The author introduces a central counterparty (CCP) into a model of a repo market. Without the CCP, there exist multiple equilibria in the model. In one of the equilibria, a repo market emerges as bond dealers and cash investors choose to arrange repos in an over-the-counter bond market. In...

This paper examines the distribution of power within financial networks of investment banks in equity capital markets (ECMs) of three key economies in Asia — Hong Kong, Japan, and Singapore. Using social network analysis, it shows that while bulge-bracket banks occupy core positions in all...

We analyze cyclical co-movement in credit, house prices, equity prices, and long-term interest rates across 17 advanced economies. Using a time-varying multi-level dynamic factor model and more than 130 years of data, we analyze the dynamics of co-movement at different levels of aggregation and...