It is sometimes suggested that trading in derivatives leads to excessive volatility in underlying asset prices relative to what would be called for by fundamental values. These effects are tested by comparing the variances of price changes over different time horizons before and after the start...

This essay reviews some of the more significant ongoing changes in the global financial system over the past decade and identifies implications these changes have had for systemic stability and for the role of public authorities. Trends such as disintermediation and financial sector...

Aggregate issuance of international bonds is found to be significantly higher in strong currencies than in weak ones. The mix of currencies is also found to be influenced by interest rate differentials, with greater issuance in higher-yielding currencies, and by the amount of home country...