Japan has various advantages over many other countries in terms of the capacity to further develop the capital, financial, and foreign exchange markets as a more internationally-competitive financial center. The advantages include the 2nd largest economic size (large market size), ample...

During the recent turmoil in world financial market and its cascading disruptive effects, the role of financial integration assumes importance. A common outshoot of such financial crises generated locally or regionally is that they spread faster to other connected markets and economies to the...

The competition frame of the market economy determines the businesses, which don’t manage to impose themselves through quality, competitiveness and efficiency, and for whom there is not possible a straightness in permissible terms, to become insolvent and, therefore, to be eliminated from the...

A systems GMM estimation method is used to estimate the Feldstein-Horioka equation from 1960-2007 with a panel of 12 OECD countries. It is found that the Feldstein-Horioka puzzle exists in a weaker form with a much reduced saving retention coefficient. The Bretton Woods agreement in particular...

As China’s role in world economy has steadily grown, her importance to the international trading and finance has also increased apace. A joint investigation of the international parity conditions for China and her thirteen major trading partners in Asia Pacific is thus conducted. Monthly...

The article analyses the role of international supply chains as transmission channels of a financial shock. Because individual firms are interdependent and rely on each other, either as supplier of intermediate goods or client for their own production, an exogenous financial shock affecting a...

This paper applies the Girton-Roper model of exchange market pressure (EMP) on four Central European economies (Czech Republic, Hungary, Poland, Slovakia) over the period 1995-2008. The results suggest that there is a strong negative relation between domestic credit and EMP in all countries. We...

The aim of this paper is to analyze the process of integration and competition in European financial markets. We explore the obstacles or barriers which hinder this process, as well as the main drivers and initiatives which have been implemented to move financial integration forward. According...

This paper explore more than 30 years of ideas on the issues surrounding the selection and assessment of exchange rate regimes. It will attempt to provide a comprehensive overview on the theoretical and empirical analysis of the selection and assessment of exchange rate regimes, exposing and...

The financial stability can not be achieved without the existence of a lender of last resort. The Bagehot rule is not always appropriate because the complexity of the financial systems increased and because the financial turbulences have nowadays a global impact. In this study we present the...