While extreme asset price movements are a common feature of the global financial system, recent financial crises have witnessed an increase in the use of serious stress testing in risk management. This paper examines the performance of a bivariate normal distribution model and a bivariate...

This article examines financial liberalisation in Indonesia and South Korea during the 1980s and the early 1990s. It provides a brief discussion of the pre-reform political and economic environment in the two countries, followed by a description of the state of the pre-reform financial sectors...

The new Constitution of the Republic of South Africa Act 1996 has restructured South Africa as a nonracial federal polity comprised of a national government, nine provincial authorities, and about 700 municipalities. The Constitution specifically created a Financial and Fiscal Commission to...

This article investigates empirically both linear and nonlinear relationships between exchange rate volatility and import flows for the United States and Malaysia. Previous empirical work has neglected nonlinear relationships, focusing instead on linear causal relationships between exchange rate...

The J-curve effect phenomenon suggests that the currency devaluation would worsen the trade balance in the short run, but improve it in the long run. This article uses quarterly Australian data over the period 1988 to 2011 to examine whether J-curve effects are different between the two main...

The Australian Independent Local Government Review Panel recently proposed amalgamating the majority of New South Wales (NSW) local councils in the Greater Sydney metropolitan region in order to increase municipal population size with the aim of engineering a more financially sustainable system....

This study investigates the 'day of the week' effect and the 'twist of the Monday' effect for Kuala Lumpur Composite Index for the period May 2000 to June 2006. Our empirical results find support for the Monday effect in that Monday exhibits a negative mean return (-0.09%) and represents the...

Australian higher education has undergone radical change aimed at transforming universities into commercial enterprises less dependent on public funding. Despite some significant successes, including dramatic increases in the numbers of domestic and international students, decreased Commonwealth...