This paper analyzes the determinants of domestic public debt crisis. There have been many studies that examine the causes and consequences of external debt crisis. However, little attention has been put to domestic debt crisis and the importance of it has been neglected. This is mainly due to...

This study develops an Early Warning Framework for the real estate sector of Bulgaria. We introduce the Early Warning System used in the real estate market of Korea and apply the methods to Bulgaria to develop an EWS for its real estate market. This report is structured as follows. Section 1...

Korean Abstract: 국내외 금융시장 간의 연계성이 심화되면서 금융시장이 불안정해질 때마다 외국인 투자자본의 유출입이 금융 불안 요인으로 작용하는 것에 대한 우려가 제기되고 있다. 자본유출입의 규모가 증가하고 변동성이...

This study conducts an empirical analysis of how the various financial assets in South Korea (stock, bond, exchange rates, Bitcoin, Koribor, gold, and oil) react during the COVID-19 pandemic period using the Bayesian network approach. We consider various asset types together, especially...

As the linkage between domestic and foreign financial markets grows stronger, concerns have been raised about the inflow and outflow of foreign investment capital as a source of financial instability whenever the financial market becomes unstable. Considering that opening the capital market is...

We extend Portes et al. (2001) by introducing the Internet as a variable, and we test the model empirically by using cross-country panel data on portfolio flows between the United States and other countries from 1990 to 2008. Asymmetric information accounts for the strong negative relationship...

Should East Asia include capital market integration as one of its convergence criteria for monetary integration? Monetary integration in the form of currency baskets or a monetary union would be facilitated if the capital markets were well integrated. East Asian markets are segmented and...

The paper analyzes East Asian interdependence in the face of global imbalances. A macro-econometric multinational model is used, describing Korea, Japan, China and the rest of East Asia in their respective relations with the United States as well as with the rest of the world. US imbalances and...

The paper tests European capital market integration at the sector level. It examines the recent trend of sector-level returns for four European countries, France, Germany, Italy, and the UK, using "return on assets" of a panel of listed firms of these countries for the period 1988-95. Initial...