Capital mobility impedes the ability of authorities to pursue independent policy goals. Market participants will drive the informal adoption of the most adaptive currency. The current paper is descriptive, predictive, and prescriptive. A Granger-Sims causality test shows the dependency of...

We explore statistical commonalities among granular measures of market liquidity with the goal of illuminating systemwide patterns in aggregate liquidity. We calculate daily invariant price impacts described by Kyle and Obizhaeva [2014] to assemble a granular panel of liquidity measures for...

What is the link between the financial cycle - financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the...