This paper predicts phases of the financial cycle by using a continuous financial stress measure in a Markov switching framework. The debt service ratio and property market variables signal a transition to a high financial stress regime, while economic sentiment indicators provide signals for a...

We study settlement fails for trades in the Government of Canada bond market. We find that settlement fails do not occur independently. Using a novel and comprehensive dataset, we examine three drivers of fails. First, we find that fails are more likely following the release of surprise...

This study examines the impact of British capital flows on the evolution of capital markets in Argentina, Australia, Canada, and the United States over the years 1870 to 1914. It contrasts the experiences of the frontier countries and provides historical insights into current economic problems...