In this paper we assess the movements of euro area sovereign bond yield spreads vis-àvis the German Bund as processes specified across different levels of volatility and subject to movements in asset prices and economic conditions. The determinants we use are grouped into domestic and euro-area...

In the present paper we examine interactions among five benchmark ten year government bonds, namely those of the US, Germany, France, Italy and the Netherlands. Our aim is to illustrate empirically a network of interactions existing among the major bond markets of Europe and the US market taking...

We investigate the capital-protection property of inflation-linked bonds in an international context over the period 2012 to 2022. Inflation-linked bonds compensate domestic investors for loss of local purchasing power. Whether the bonds protect foreign investors effectively depends on the...

During decades of market development, the individual financial markets of the member economies of the Association of Southeast Asian Nations (ASEAN) have been progressively incorporated into regional and international markets. The aim of this study is to explore and measure the strength and...

This study investigates the impact of the urban heat island effect (UHI) and urban forest cover on sovereign bond yields for 68 countries, adding to the climate finance literature. UHI poses significant economic risks to cities. While urban forest cover is recognized as an effective UHI...

This paper investigates the impact of flood management policies on airport investment and the resulting financial constraints. Specifically, it examines the effects of flood insurance, building codes, and public adaptation investment on the investment decisions of airports located in flood-prone...

We provide a novel approach to estimating asset-level expected damage from flooding for 52 airports, ports, and power plants. We find that expected damage from flood increases the probability of default on infrastructure loans. We estimate expected damage from flooding using multiple damage...

The aim of the present University notes is to provide a brief but comprehensive overview of the European Commission’s proposal for a Regulation of the European Parliament and of the Council “on Markets in Crypto-Assets (…)” (MiCAR), which was submitted on 24 September 2020. It is not...

Absence of arbitrage conditions impose important restrictions on the dynamics of bond and exchange rate returns. It can be shown that the exchange rate serves to convert prices of international undiversifiable risks from one currency to another. Put differently, arbitrage ensures that risk...