This paper analyzes developments in the Japan premium in three markets - the dollar market, the yen market, and the dollar/yen swap market - in the autumn of both 1997 and 1998, when concern increased with respect to the creditworthiness of Japanese banks. Among the three Japan premiums, the...

Purpose –The purpose of this paper is to investigate the impact of insider trading on subsequent stock returns in the UK, with a specific focus on the impact of the global financial crisis of 2007-2008 on the relation between CEO and CFO stock purchases and returns. Design/methodology/approach...

Export Credit Agencies (ECAs) played an important role in cushioning the downturn in cross border trade to emerging market economies during the economic and financial crisis that started in the fall 2008. In addition to facilitating trade during times of crisis, ECAs can also help companies in...

Turkey experienced a financial crisis in 2000-2001 that led to significant financial reforms. The reforms resulted in a switch to a floating exchange rate, granted greater central bank independence and pursuit of a more credible monetary policy. Investigation of the channels of monetary policy...

Revitalizing the Jamaican Economy: Policies for Sustained Growth aims to improve our understanding of the constraints to social and economic development in Jamaica. It also proposes practical solutions to overcome some of those problems. This book is a collection of studies commissioned by the...

On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the...

The causes of the financial crisis of 2007-09 are many and varied. Indeed, the crisis may be viewed as the product of a perfect storm. This paper identifies the major culprits or sinners of the U.S. crisis and enumerates their more important sins. The culprits include central bankers, commercial...

To be effective, programs of regulatory reform must address the incentive conflicts that intensify financial risk-taking and undermine government insolvency detection and crisis management. Subsidies to risk taking that large institutions extract from the financial safety net encourage managers...