This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate...

This paper tests the effect of systemic risk on deposit market discipline by interacting proxies for systemic risk with bank-specific default-risk variables. Discipline is measured by estimating a supply of deposit funds function at Thai banks from 1992 to 1997. The results show that supply...

This paper presents a comparative analysis of the key causes and effects of The Asian Financial Crisis (AFC) of 1997-99 and the Global Financial Crisis (GFC) of 2007-09. Drawing on existing financial crisis scholarship, the author finds that weak institutions, speculative attacks and political...