The financial crises of the late 1990s in Asian and South American countries have once again highlighted the negative implications of development strategies characterized by high levels of foreign currency external indebtedness. In light of these events, South-South cooperation is conceived as...

This paper discusses the role of Hong Kong in China's grand scheme to build up the RMB as a global reserve currency. We highlight the economic importance of Hong Kong to China in terms of channeling foreign direct investment into China, some of which, in the future, will be denominated in the...

This study investigates the intensity and direction of return and volatility spillovers of Pakistan and its major trading partner's bond markets. This study employs the most recent Diebold and Yilmaz (2009, 2012) approach and consequently, calculates the total spillover, directional spillover,...