In recent years, a number of structural developments have had a significant influence on thefunctioning of financial markets. The most important of these developments are the introduction of theeuro, the spread of electronic trading, shifts in the constellation and behaviour of market...

Global shocks challenged the stability of Asia-Pacific economies in 2008 and will most likely remain a source of strain in 2009. Authorities in many countries took a range of actions to secure financial stability and limit downside risks to the near-term economic outlook. Attention was also...

We exploit previously unpublished data on foreign exchange turnover to analyse the institutional setting in which the currencies of non-Japan Asia are traded. Volumes grew rapidly between 2004 and 2007 and the diversity of market participants increased. Nevertheless, liquidity is undermined by...

In recent years, a number of structural developments have had a significant influence on the functioning of financial markets. The most important of these developments are the introduction of the euro, the spread of electronic trading, shifts in the constellation and behaviour of market...

Credit rating agencies make multiple announcements, some of which are intended to reflect the latest information available about a firm and others of which are intended to provide a stable signal of credit quality. Using data on CDS spreads, we examine which of these different types of rating...

Well developed financial markets are a necessary condition for a currency to play a role as a reserve currency. The introduction of the euro greatly improved the functioning of euro financial markets. This paper investigates whether euro financial markets have developed sufficiently to...