This paper develops more accurate and robust baseline sales estimates (sales in the absence of price promotion) using a dynamic linear model (DLM) enhanced with a multiple structural change model (MSCM). We first discuss the value of utilizing aggregated (chain-level) vs. disaggregated...

Dollar-denominated deposits constitute a large proportion of deposits in many developing economies. This may result in currency mismatches on banks' balance sheets as is suggested by recent literature. In general, having dollar-denominated deposits and loans could increase financial fragility,...

This paper adds to the literature on the financial markets' reaction to government interventions during the 2007-2009 financial crisis by analyzing the response of US firms' credit default swap spreads to key government actions. We find that the government measures taken to stabilize both the...

One of the main reasons for dollarization is the erosion of money's function as a store of value as the Currency Substitution view suggests. It has not been uncommon for countries with high inflationary processes to have high dollarization ratios and banking system that faces important...

Several central banks in emerging economies are concerned with excessive volatility in foreign exchange markets and would like to control the direction and speed with which the value of their currency changes. Historically, currency market interventions have consisted of using foreign exchange...

We study the impact of fractional trading (FT) on the price levels and order book dynamics observed in stock markets. Using Nasdaq data feed at a minute frequency, we show that there has been a significant increase in the slope of the price-volume structure and average tick size. In some cases,...

We study the impact of fractional trading on the price levels and order book dynamics observed in the market. Fractional trading has been a recent introduction in equities markets on multiple trading platforms, allowing individuals to buy a fraction of a share of stocks or ETFs (exchange-traded...

Regulators in emerging markets are increasingly curtailing the practice of foreigncurrency lending. In such a move Turkish regulatory authorities banned foreign currencylending to households in 2009. This paper examines the evolution of financial dollarization inTurkey in the 2002–2009 period...