A number of central banks publish their own business conditions survey based on non-random sampling methods. The results of these surveys influence monetary policy decisions and thus affect expectations in financial markets. To date, however, no one has computed the statistical accuracy of these...

We offer a multi-period systemic risk assessment framework with which to assess recent liquidity and capital regulatory requirement proposals in a holistic way. Following Morris and Shin (2009), we introduce funding liquidity risk as an endogenous outcome of the interaction between market...

We use statistically validated networks, a recently introduced method to validate links in a bipartite system, to identify clusters of investors trading in a financial market. Specifically, we investigate a special database allowing to track the trading activity of individual investors of the...

The MICEX Index in August showed a growth of more than 7% with an average of 1677 index points regardless of the fact that crude oil prices saw a downside trend. All of the Industry Indices were growing, of which the Chemical and Petrochemical Index advanced higher than others (17.2%)....

As in June, the MICEX Index in July was fluctuating near 1630 index points. However, it ended at the lowest in the period under review, down 3% within the month. The Oil & Gas Index fell and the oil & gas industry lost near 1% in the MICEX capitalization structure due to more than a 13% fall of...

I present evidence of systematically heterogeneous expectations, a violation of the Rational Expectations Hypothesis. I demonstrate that the expectations of different gender and wealth cohorts have different relative abilities to predict inflation, interest rates, unemployment, income, stock...

In this article we lay out requirements for an experimental market software for financial and economic research. We then discuss existing solutions. Finally, we introduce GIMS, an open source market software which is characterized by extensibility and ease of use, while offering nearly all of...

The paper investigates the relation between the risk preferences of traders and the information aggregation properties of an experimental call market. We find evidence inconsistent with the prediction that market-clearing prices are closer to the full revelation of the state when traders are...

The period under review (between 31 August 2015 and 25 September 2015) saw moderate downtrend for all of the Russian major stock market indicators: the MICEX Index dropped 5.4%, including all sector indices except the Mechanical Engineering Index, and all blue chips showed downside dynamics....

Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions measuring financial knowledge, but when this...