Researchers have documented extensive empirical evidence on both risk sharing across countries and the uncovered interest rate parity (UIP) condition. This paper involves investigating the empirical implications of imperfectly integrated financial markets resulting from the two phenomena. Under...

This paper attempts to provide a comprehensive depiction of the dynamics of the correlation structure of international equity returns. In this pursuit, we employ a powerful yet parsimonious dynamic latent factor model with time-varying loadings and stochastic volatility. Such a specification...

Chapter 1: Why Finance Matters for Economics: The Story of Financing the Railroad -- Chapter 2: The Story of the Original Boom and Bust in Western Finance: The Mississippi Bubble -- Chapter 3: Price Determination in a Multi Sector Global Economy -- Chapter 4: Credit Allocation and the Role of...