One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a...

The purpose of this note is to present some further empirical results on the validity of the martingale property using post-war data for mine countries. The major novelty in the note is that we address four issues which have received little or no attention in previous empirical studies.

Theoretical investigations, relying mainly on numerical solutions of the non-linear differential equations of the reorientation angle, are conducted for a wide range of parameters and for a number of physical configurations which include self-diffraction and fast transients. The experiments are...

This paper surveys recent advances in empirical studies of the monetary transmission mechanism, with special attention to Central and Eastern Europe (CEE). Our results indicate that the strength of the exchange rate pass-through substantially declined over time mainly due to a fall in inflation...

Examines the behaviour of UK employment in manufacturing over the period 1964 to 1986. The use of cointegration techniques allows the separation of a long-run equilibrium relationship for employment from its short-run dynamics. The estimated model demonstrates a high degree of parameter...