No abstract.

Since the EU passed the PSD II, countries across the world have or are contemplating a new framework to govern data sharing among different players in financial markets—a trend called ‘Open Banking’ that requires or encourages banks to share consumer-permissioned banking data with third...

This paper features a meta-analysis of the effects of financial development and liberalization on macroeconomic growth in Asia. A meta-synthesis of 748 estimates extracted from 75 previous studies indicates that the growthenhancing effect of finance reaches an economically meaningful scale in...

The present paper attempts to assess whether at all and in what ways the development of alternative capital markets may help an additional mobilisation of the given economy's domestic financial resources, and, consequently, contribute significantly to economic development. Against the...

The study of national business systems is increasingly concerned with the issue of path dependency and change. This paper seeks to clarify this debate through a theoretical and empirical examination of these issues in the context of change within the Japanese financial markets. The first section...

After the burst of the bubble economy, Japanese economy has been changed drastically. Traditionally, Japanese economy was characterized as a bank-centered economy, but the banking system did not function well in the 1990's. Responding to banking problems, the Japanese government initiated the...

The use of GARCH models with stable Paretian innovations in financial modeling has been recently suggested in the literature. This class of processes is attractive because it allows for conditional skewness and leptokurtosis of financial returns without ruling out normality. This contribution...