This paper employs a modified multivariate GARCH model to test for cross-country mean and volatility transmission among ten emerging foreign exchange markets in Asia and Latin America, together with potential spillovers from major external stock and foreign currency markets. The framework allows...

After a long period of pegged, crawling or managed rates, Indonesia, Korea and Thailand have switched de jure to floating regimes after the 1997 Asian crisis. We focus on two issues: the volatility of exchange rates and the regime effect. Filters and GARCH type volatility models are applied to...

This paper is concerned with international reserves. It makes two main points. Firstly, excess reserves cannot be regarded as a substitute for sound fundamentals because the former may destabilize the economic system in the longer term. Secondly, reserve accumulation financed by public debt can...

This paper investigates whether the poor reputation of a small island offshore centre would affect the centre's economic growth, foreign direct investment, broad money supply, or international reserves. To estimate the potential reputational shock, we use the vector error correction model and...

Existing economic growth models by Harrod-Domar, Solow–Swan, Lucas, and Romer, have no capacity to explain the evolution or the collapse of economic growth of small islands that are inheritably featured by the remoteness, smallness and also their vulnerability to natural disasters in the...

This paper examines the theoretically obtained prices with values based on temperature data in the Isle of Man and the UK. We have also seen that the simulated temperature trajectories do not appear to include entire seasons where the temperature remains cooler than normal. Anecdotally we have...

This empirical study addresses the meta-processing of data on the competitiveness of a global financial centre. International financial centres are in open competition with each other as countries and cities around the world have developed financial centres since the early 1980s for the global...

Global climate changes on the surrounding sea surface and sea temperature appear to be more significant around islands and low-lying sea ports rather than land-locked states. Subject to the global rate of sea level rise, presently circa 3.1mm/year by the Intergovernmental Panel on Climate Change...