AbstractThe Eurozone crisis of autumn 2011 is a sequel to the financial crisis of 2008–2009. It would have been much easier to contain and resolve had there been no global financial crisis, no deep recession in the advanced countries. It is therefore too facile, indeed wrong, to say that the...

[fre] L'Europe de l'Est n'a joué qu'un faible rôle dans les événements menant à la crise économique mondiale des années 1970, mais les économies à planification centra­lisée (EPC) ne pouvaient pas s'isoler complètement des chocs résultant sur les marchés mondiaux des biens et du...

This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...

This analysis tests the price discovery relationship between sovereign CDS premia and bond yield spreads on the same reference entity. The theoretical no-arbitrage relationship between the two credit spreads is confronted with daily data from six Euro-area countries over the period 2004-2011. As...

Top economists provide a concise and accessible evaluation of major developments in trade and trade policy. They examine the key issues pertinent to the multinational trading system, as well as regional trade arrangements and policy developments at the national level Provides up-to-date...

Is the pricing of sovereign risk linear during bearish episodes? Or can initial shocks on economic fundamentals be exacerbated by endogenous factors that create nonlinearities? We test for nonlinearities in the sovereign bond market of European peripheral countries during the debt crisis and...

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...