This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater liquidity in other major currencies, and the rising current account deficits and external debt of the United States have increased the pressure on central banks to diversify away...

We examine global integration in the market for asset management, as indicated by the correlation of mutual fund flows across domiciles. We observe no leading role for the US relative to flows in other domiciles. We do observe a strong global factor in MF flows, and global integration is linked...

Currencies play an important role in facilitating trade and economic growth. Shifts in currency values may lead to economic dislocations hindering trade and growth. Most currencies are issued by government central banks. These central banks hold assets in the form of government debt and gold...

Nepal has explored just a miniscule percentage of its economically feasible hydropower generation. Therefore, a greater portion of its potential to generate hydropower is yet to be realised. Nepal, within its small expanse of 147,181 square kilometres, possesses a colossal capacity to meet not...

Commercial banks in some euro area member states hold large amounts of sovereign debt that offer a risk premium and hence higher yields than AAA-rated bonds issued by the most creditworthy countries. In particular, banks in vulnerable countries exhibit a bias towards domestically issued...

Calibrating a trading rule using a historical simulation (also called backtest) contributes to backtest overfitting, which in turn leads to underperformance. We propose a procedure for determining the optimal trading rule (OTR) without running alternative model configurations through a backtest...