Starting with the US subprime crisis, the world has fallen into the most severe economic crisis since the Great Depression. Unlike other major nations, China was the first to recover from the economic downturn. Researchers and policymakers have begun to wonder if China could actually bring the...

This paper tests the volatility spillovers between the Shanghai market and the main developed stock markets abroad, namely New York, Tokyo, London, and Frankfurt, as well as between the Shanghai market and the emerging stock markets, namely Hong Kong, and Korea. The tests cover the period of 11...

The recent financial crisis generated a great deal of debate about the necessity for, and the quantum of, bailouts. There is also a wide ranging acknowledgement that prudential regulation is necessary to minimize the frequency and intensity of such systemic failures in the future. However, the...

We analyse the links between credit default swap (CDS) and bond spreads and try to determine which one is the leading market in the price discovery process. To do that, we construct a sample of CDS premia and bonds spreads on a generic 5-year bond, for 17 financials and 18 sovereigns. First, we...

Trade Facilitation (TF), or streamlining regulatory and other procedures involved in the import or export of goods, has received increasing attention in recent years as governments realize the significant impact inefficient trade procedures can have on their countries' trade competitiveness....

The financial system of Romania evolved in conditions strongly influenced by the manifestation of the global financial-economic crisis. At the beginning of the crisis, the Romanian economy had travelled through a period of many years of economic growth, accompanied however by the accumulation of...

This paper is the story of success and failure in the financial markets, the markets for goods and services and in politics. It is a difficult story to tell because the crisis had many causes, but the focus here is on three main factors. First, the incentives that contributed to a credit-fuelled...

The current economic and financial crisis is an unprecedented challenge for policymakers of the Asia-Pacific region. While the region's policymakers have gained considerable experience in responding to national or regional financial crises, they have less expertise in addressing a crisis that...

The main purpose of this paper is to investigate the impact of the 2007 financial tsunami on the Taiwanese financial market. We find that, although significant for banks, security firms, and insurance companies, the effect was relatively lower if compared with that in Europe and the United...