How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform...

Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign...

Purpose – Earlier studies establish a positive relationship between volatility index (VIX) and the stock index returns. These studies are mainly restricted to developed markets and research in this regard in emerging markets is scarce. The purpose of this paper is to fill this gap....

We investigate through a time-varying trend inflation model the anchoring of the inflation process in the five largest emerging economies: Brazil, Russia, India, China and South Africa (also known as the BRICS countries) since 1990s. Our analysis is based on a non-centered unobserved components...