The potential connections between macroeconomic variables and the stock market becomes less straightforward for shares issued in one country but traded in another. Whereas past work has suggested that cross-listed stocks respond to country-specific sentiment factors in the location of trade, in...

Although the Federal Reserve’s quantitative easing of early 2020 was comparable in scale to 2008-2009, the implications for the growth of money in circulation and future inflationary pressures appear quite different. Absent the unprecedented surge in bank excess reserve ratios seen in 2008 and...

For the first time since the 1930s, deflation in both goods and asset prices poses as much, or more, of a threat than does inflation. In this paper we explore public and policy maker perceptions and reactions to deflation covering the period from the late 19th century until the present. We also...

Two series of German bonds, issued in 1924 and 1930, traded on the London Stock Exchange throughout Hitler's 1933-45 regime in Germany. We isolate both structural breaks and turning points in these bond series. Major turning points follow Hider's reintroduction of conscription in 1935, the...

China's rapidly growing role in the world economy has been accompanied by rising bilateral trade with Australia and the Association of Southeast Asian Nations (ASEAN group) as well as expanded offshore renminbi (RMB) markets in the region. Using a Markov-switching analysis that allows for...

With a non-performing loan ratio of over 20% in 2007, and a concentration in China's poorer areas, the Agricultural Bank of China (ABC) seemed an unlikely candidate for a successful initial public offering. The major capital injection the bank received in November 2008 was preceded by signs of a...

The very low interest rates and inflation rates of recent years has generated renewed interest in alternative policies that would not leave central banks trapped by the zero lower bound on nominal interest rates. Amongst this debate, surprisingly little attention has been paid to the possibility...

The fate of the distressed debt issued by the 1836-1845 Republic of Texas has received surprisingly little attention. Annexation by the United States was almost certainly a necessary condition for the debt rising from the pennies-on-the-dollar values seen in the early 1840s. But the largest...