Financialisation is a complex and dynamic process of enlarging the monetary and financial relations in economy and society. This paper deals with the analysis of the financial market structure such as: the role and magnitude of financial sectors, the dynamics of the banking sector versus the...

The financial and economic crisis had a profound impact on the financial position of pension funds in most countries. Whilst the magnitude of these losses is primarily related to the severity of the crisis, it appears that shortcomings in the implementation of investment strategies significantly...

The last weeks of 2018 have set new records in net new institutional investment flows into infrastructure funds, with more generalist private equity and investment management players joining this strategic asset class par excellence, as the trend is likely to continue well into 2019 – 2020.The...

Buyers of a credit default swap (CDS) are not only exposed to the credit risk of the underlying reference entity, but also to the default risk of the seller of the swap. The objective of this paper is to analyze the impact of the recent implementation of central counterparty clearing (CCP) on...

The sixth annual World Pensions Forum was held on 23-24 February 2017 at the Queen's House in the Royal Borough of Greenwich.Over 120 representatives attended: from pension and sovereign funds, central banks and government agencies including financial regulators. Topics discussed included...

This study investigates whether the stewardship code mitigates the free-rider problem of institutional investors. We construct panel data of listed firms in 56 countries and examine the effects of the introduction of stewardship codes in 13 countries using a difference-in-differences approach....

Cryptocurrencies and blockchain-based technologies represent one of the most debated topics in the financial services landscape. In this respect, during the past months several institutional investors, and namely hedge funds and their managers, have demonstrated a growing interest in the...

This paper analyzes whether and how central banks can use currency options to lower exchange rate volatility and maintain (implicit) target zones in foreign exchange markets. It argues that selling rather than buying options will result in market makers dynamically hedging their long option...

International financial linkages, particularly through global bank flows, generate important questions about the consequences for economic and financial stability, including the ability of countries to conduct autonomous monetary policy. I address the monetary autonomy issue in the context of...

In this paper we analyze the conditions under which a foreign direct investment (FDI) involves a net capital flow across countries. Frequently, foreign direct investment is financed in the host country without an international capital movement. We develop a model in which the optimal choice of...