Research Papers:

A Century of Global Stock Markets
Goetzmann, W.N. & P. Jorion (1996)

Quarterly Report on Financial Markets   
Monetary Authority of Singapore (May 2001)

The Long-Run Behavior of Commodity Prices - Small Trends and Big Variability
Cashin, P. & C.J. McDermott (2001)

International Capital Markets
IMF (2001)

The Overnight Interbank Market: Evidence from the G-7 and the Euro Zone
Prati, A., L. Bartolini & G. Bertola (2001)

Developments in international financial markets   
Duisenberg, W. (2001)

Global Restructuring: Lessons, Myths, and Challenges   
Roach, S. (Nov 2001)

Long-Term Global Market Correlations
Goetzmann, W.N. Li L.F. & K.G. Rouwenhorst (2001)

Who gains when global coffee prices collapse?
Kaplinsky, R. (2002)

Abstract: There is as much variety in coffee as there is in wine as consumers are now well aware. Final product markets are beginning to segment and prices spreads are increasing. But who is gaining from the differentiating market - the roasters and retailers in rich countries, the global coffee trading companies or the developing country producers? What can be done to increase the share of these relatively price inelastic product niches for poor producers?

On the Use of Numeraires in Option pricing   
Benninga, S., T. Björk & Z. Wiener (2002)

Foreign Currency for Long-Term Investors
Campbell, J.Y., L.M. Viceira & J.S. White (2002)

Reviving the Case for GDP-Indexed Bonds
Borensztein, E.R. & P. Mauro (2002)

Islamic Financial Institutions and Products in the Global Financial System: Key Issues in Risk Management and Challenges Ahead
Sundarajan, V. & L. Errico (2002)

Empirical Studies of Financial Innovation: Lots of Talk, Little Action?   REVIEW PAPER
Frame, S. & L. White (2003)

World Markets for Raising New Capital
Henderson, B.J., N. Jegadeesh & M.S. Weisbach (2004)

Identifying the Role of Moral Hazard in International Financial Markets   
Kamin, S.B. (2004)

Volatility Forecasting
Andersen, T.G., T. Bollerslev, P.F. Chirstoffersen & F.X. Diebold (2005)

World Finance and the US 'New Economy': Risk Sharing and Risk Exposure
Marcus H. Miller & Lei Zhang (2005)

Shell Global Scenarios to 2025
Royal Dutch Shell/IIE (2005)

Abstract: Two crises, 9/11 and Enron, have unfolded since 2001 that highlight crucial issues around national security and trust in the marketplace. Both are examples of vulnerability in our globalized world. Western societies now look to the “State”, more than in recent decades, to lead the restoration of physical security and market integrity. This brings into sharper focus the power of the State to regulate and to coerce, in a role involving both direct intervention to fight terrorism and police the market, and a more general emphasis on transparency disclosure and good governance. The new Global Scenarios explore how the forces of market incentives, community, and coercion and regulation by the State interact and impact policy and business decision-making. Three possible scenarios are identified and examined in the Shell Global Scenarios to 2025. All three scenarios see continuing globalization in the simplistic sense of the word: continuing economic growth and an increasing movement of people and ideas across the globe. Energy companies, more than most businesses, need to take a long-term view. Shell has been producing Global Scenarios for more than thirty years and now for the first time they are available to the public. These scenarios are different from forecasts in that they provide a tool that helps to explore the many complex business environments in which we work and the factors that drive changes and developments in those environments.

On the presence and market-structure of exchanges around the world   
Clayton, M.J., B.N. Jorgensen & K.A. Kavajecz (2006)

Offshore Financial Centers: Parasites or Symbionts? | Published   
Rose, A.K. & M. Spiegel (2006/07)

The Performance of International Equity Portfolios
Thomas, C.P., F.E. Warnock & J. Wongswan (2006)

International Portfolio Diversification and Market Linkages in the presence of regime-switching volatility   
Flavin, T. & E. Panopoulou (2006)

Globalization and portfolio risk over time: The role of exchange rate   
Fooladi, I.J. & J. Rumsey (2006)

Currency Risk Premia in Global Stock Markets
Roache, S.K. & M.D. Merritt (2006)

World markets for raising new capital   
Henderson, B.J., N. Jegadeesh & M.S. Weisbach (2006)

Money Market Integration
Bartolini, L., S. Hilton & A. Prati (2006)

Foreign Participation in Local Currency Bond Markets
Burger, J.D. & F.E. Warnock (2006)

Local Currency Bond Markets | Published
Burger, J.D. & F.E. Warnock (2006)

Volatility in International Financial Market Issuance: The Role of the Financial Center
Cipriani, M. & G.L. Kaminsky (2006)

Price Discovery in the Foreign Currency Futures and Spot Market
Rosenberg, J.V. & L.G. Traub (2006)

The foreign exchange rate rate exposure of nations   
Entorf, H., J. Moeber & K. Sonderhof (2007)

International financial integration through equity markets: which firms from which countries go global
Schmukler, S.L. & S. Claessens (2007)

International portfolio diversification benefits: Cross-country evidence from a local perspective   
Driessen, J. &l L. Laeven (2007)

Stock market development under globalization: Whither the gains from reforms?   
de la Torre, A., J.C. Gozzi & S.L. Schmukler (2007)

Global Currency Hedging
Campbell, J.Y., K. Serfaty-de Medeiros & L.M. Viceira (2007)

Pooling Risk Among Countries
Imbs, J. & P. Mauro (2007)

Global Capital Markets in the Long Run: A Review of Maurice Obstfeld and Alan Taylor's Global Capital Markets   
Williamson, Jeffrey G. (2007)

Volatility and Jump Risk Premia in Emerging Market Bonds
Matovu, J. (2007)

What do bond holdings reveal about international funds' preferences?   
Xiao, Y. (2007)

Exchange Options   
Jamshidian, F. (2007)

The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality
Erbas, S.N. & A. Mirakhor (2007)

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach
Diebold, F.X., C. Li & V.Z. Yue (2007)

Rothschild–Stiglitz's definition of increasing risk and the relationship between volatility and risk premium   
Kanniainen, J. (2007)

Examining the bond premium puzzle with a DSGE model   
Rudebusch, G.D. & E.T. Swanson (2007)

‘Chimerica’ and the Global Asset Market Boom   
Ferguson, N. & M. Schularick (2007)

International asset market, nonconvergence, and endogenous fluctuations   
Kikuchi, T. (2008)

Measuring Financial Asset Return and Volatility Spillovers, With Application to Global Equity Markets | Published   
Diebold, F.X. & K. Yilmaz (2008)

Home Bias at the Fund Level
Hau, H. & H. Rey (2008)

Understanding international portfolio diversification and turnover rates   
Amadi, A.A. & P.R. Bergin (2008)

A Black Swan in the Money Market
Taylor, J.B. & J.C. Williams (2008)

Volume and skewness in international equity markets   
Hutson, E., C. Kearney & M. Lynch (2008)

What lies beneath: Foreign exchange rate exposure, hedging and cash flows   
Bartram, S.M. (2008)

Why Do Foreign Firms Leave U.S. Equity Markets? An Analysis of Deregistrations Under SEC Exchange Act Rule 12h-6
Doidge, C., G.A. Karolyi & R.M. Stulz (2008)

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers
Pojarliev, M. & R.M. Levich (2008)

New Shocks, Exchange Rates and Equity Prices
Matsumoto, A., P. Cova, M. Pisani & A. Rebucci (2008)

Changes in the international comovement of stock returns and asymmetric macroeconomic shocks   
Kizys, R. & C. Pierdzioch (2008)

Multi-period portfolio choice and the intertemporal hedging demands for stocks and bonds: International evidence   
Rapach, D.E. & M.E. Wohar (2009)

International Currency Portfolios
Kumhof, M. (2009)

Opening a stock exchange   
Minier, J. (2009)

International stock markets interactions and conditional correlations   
Savva, C.S. (2009)

The Effects of Economic News on Commodity Prices: Is Gold Just Another Commodity?
Roache, S.K. & M. Rossi (2009)

Macroeconomic Fundamentals, Price Discovery and Volatility Dynamics in Emerging Markets
Nowak, S., J.R. Andritzky, A. Jobst & N.T. Tamirisa (2009)

The Exchange Rate Effect of Multi-Currency Risk Arbitrage
Hau, H. (2009)

Counterparty Risk, Impact on Collateral Flows and Role for Central Counterparties
Singh, M. & J. Aitken (2009)

Global private information in international equity markets   
Albuquerque, R., G.H. Bauer & M. Schneider (2009)

Explaining international stock correlations with CPI fluctuations and market volatility   
Cai, Y., R.Y. Chou & D. Li (2009)

Is international diversification really beneficial?   
You, L. & R.T. Daigler (2009)

International diversification strategies: Revisited from the risk perspective   
Bai, Y. & C.J. Green (2009)

International equity flows and country funds   
Tsai, P-J. (2009)

Foreign Bank Entry and Credit Allocation in Emerging Markets
Degryse, H., O. Havrylchyk, E.M. Jurzyk & S. Kozak (2009)

Exchange Rates and Stock Prices in the Long Run and Short Run   
Morley, B. (2009)

Inflation risk and international asset returns   
Moerman, G.A. & M.A. van Dijk (2010)

Mean–variance convergence around the world   
Eun, C.S. & J. Lee (2010)

Fifteen Fatal Fallacies of Financial Fundamentalism: A Disquisition on Demand Side Economics
Vickrey, W. (1996)

Thinking about the Liquidity Trap
Krugman, P. (1999)

A Critical View of Inflation Targeting: Crises, Limited Sustainability, and Aggregate Shocks   
Kumhof, M. (2000)

Bank-Based or Market-Based Financial Systems: Which is Better?   
Levine, R. (2000)

Abstract: This paper presents a critical appraisal of inflation targeting as a monetary policy regime for emerging markets. It is shown that this policy, if understood as a strict commitment to a CPI inflation target, shares many features with exchange rate targeting and is quite different from inflexible exchange rates under money growth rules. Inflation targets are vulnerable to speculative attacks, although less so than exchange rate targets. They perform worse than exchange rate targets when policy sustainability is limited. And their relative performance under exogenous shocks, not surprisingly, depends on the nature and direction of those shocks. Given this lack of an obvious advantage over exchange rate targets, the real attraction of inflation targets may be that they give the policymaker discretion. This, in the context of many emerging markets, has to be a cause for concern.

Why the Japanese Economy is Not Growing
McKinsey Global Institute (2000)

A Critical Evaluation of the Barro-Gordon Approach with Special Reference to Monetary Issues in the EU   REVIEW PAPER   
Gundermann, M. (2001)

Abstract: This is a survey paper of the credibility literature. In a critical analysis the policy implications are investigated, especially in relation to EU monetary issues.

Financial stability, deflation, and monetary policy   
Goodfriend, M. (2001)

Exchange rates and wages   
Goldberg, L. & J. Tracy (2001)

The pass-through from depreciation to inflation : a panel study   
Goldfajn, I. & S.R.C. Werlang (2001)

Abstract: The paper studies the relationship between exchange rate depreciations and inflation using a sample of 71 countries in the period 1980-1998. The main determinants of the extent of inflationary pass-through of the depreciations (appreciations) are the cyclical component of output, the extent of initial overvaluation of the real exchange rate (RER), the initial rate of inflation, and the degree of openness of the economy. The paper finds that the pass-through coefficients increase the larger is the horizon measured, with its peak at 12-months. It also finds that RER misalignment is the most important determinant of inflation for emerging markets while the initial inflation is the most important variable for developed countries. Using the estimated model, the paper predicts somewhat higher inflation than actually observed in several well known large depreciation cases, even if one takes into account existing measures of exchange rate expectations. This suggests that policy makers should use caution when using past models to predict future inflation in the aftermath of large depreciations.

Economic Growth in East Asia Before and After the Financial Crisis
Barro, R.J. (2001)

Monetary Policy Under the Zero Interest Rate Constraint and Balance Sheet Adjustment   
Shirakawa, M. (2001)

Monetary Policy under Flexible Exchange Rates: An Introduction to Inflation Targeting   
Agenor, P.R. (2001)

One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?
Mishkin, F.S. & K. Schmidt-Hebbel (2001)

Causes of Inflation in Turkey: A Literature Survey with Special Reference to Theories of Inflation   
Kibritcioglu, A. (2001)

Abstract: Turkey has experienced high and persistent inflation for more than twenty years. This paper attempts firstly to survey the extremely broad literature on theories of inflation, in order to be able to classify, understand and discuss the dynamics of inflation more carefully. It is mainly argued that inflation may be interpreted as a net result of sophisticated and continuous interactions of demand-side (or monetary) shocks, supply-side (or real) shocks, price-adjustment (or inertial) factors and political processes (or institutional factors). The second aim of the paper is to compare the existing empirical studies on Turkish inflation, by considering their sample period, data frequency, empirical methods, modeled macroeconomic variables and main results. Most of the studies reviewed here seem to have focused primarily on demand-side determinants (e. g., monetary growth and budget deficits), and partially on some supply-side factors (e. g., nominal exchange rates and oil prices). On the other hand, the components, degree and effects of inflation inertia need to be investigated in more detail. It is also noted that, in the future, the modeling attempts of the inflationary dynamics in Turkey would profit from the so-called 'new political macroeconomics' because the role of the political process and institutions is not a weak explanatory factor of inflation that is easily ignored.

An Empirical Comparison of Bundesbank and ECB Monetary Policy Rules
Faust, J., J. Rogers & J.H. Wright (2001)

Monetary policy and exchange rate pass-through   
Gagnon, J.E. & J. Ihrig (2001)

Monetary Policy with a Touch of Basel
Chami, R. & T. Cosimano (2001)

From Monetary Targeting to Inflation Targeting: Lessons from Industrialized Countries
Mishkin, F.S. (2001)

Islamic Financial Intermediation: Economic and Prudential Considerations   
Honohan, P. (2001)

The financial crisis in Japan during the 1990s: how the Bank of Japan responded and the lessons learnt
BIS Nov 16, 2001

Exchange Rate Pass-Through into Import Prices: A Macro or Micro Phenomenon?
Campa, J.M. & L.S. Goldberg (2002)

Financial Innovation and Monetary Transmission
FRBNY Economic Policy Review Volume 8, Number 1 (May 2002)

Modern Hyper- and High Inflations
Fischer, S., R. Sahay & C. Vegh (2002)

The Effectiveness of Fiscal Policy in Stimulating Economic Activity--A Review of the Literature   REVIEW PAPER
Hemming, R., M.S. Kell & S. Mahfouz (2002)

Financial Integration: A New Methodology and an Illustration
Flood, R.P. & A.K. Rose (2003)

Currency competition in a fundamental model of money   
Camera, G., B. Craig & C.J. Waller (2003)

Marketing Myopia   
Levitt, T. (1960)

Abstract: In order to ensure continued company growth, executives must define their industries broadly and take advantage of growth opportunities. Four conditions usually guarantee the self-deceiving cycle of bountiful expansion and undetected decay: the belief that an expanding and more affluent population assures growth; the belief that no competitive substitute exists for the industry's major product; too much faith in mass production and in the advantages of rapidly declining unit costs as output rises; and preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction.

Chaos, Cheating and Cooperation: Potential Solutions to the Prisoner's Dilemma   REVIEW PAPER
Brembs, B. (1996)

Inflation Targeting as a Monetary Policy Rule
Svensson, L.E.O. (1998)

Human Capital Convergence: International Evidence   
Sab, R. & Smith, S.C. (2001)

Why Do Multinational Firms Exist?
Chung, J. (2000)

The Risk and Return of Venture Capital
Cochrane, J. (2001)

Intra-Firm Adoption Decisions   
Van Everdingen, F.M. & B. Wierenga (2001)

Abstract: The subject of this paper is intra-firm adoption decisions, a relatively unexplored research area in the marketing literature. In particular, we investigate which factors influence the intra-firm adoption decisions regarding the common European currency of the treasury, purchasing and sales departments of European companies. Two sets of independent variables were hypothesized to influence the intra-firm adoption decisions, i.e. (1) variables known from the inter-firm diffusion literature, (2) variables specifically relevant for intra-firm analyses of innovation acceptance. The hypotheses are tested using data from treasury, purchasing and sales managers (441 respondents in total) from companies located in five different European countries. The results of logistic regression show that the proposed intra-firm variables are indeed important explanatory variables that should be included in intra-firm analyses. Moreover, for the inter-firm variables we found differences in the effects between departments, which demonstrates the very need for an intra-firm analysis.

General-Equilibrium Approaches to the Multinational Firm: a Review of Theory and Evidence
Markusen, J.R. & K.E. Maskus (2001)

Exchange-Rate Exposure of Multinationals: Focusing on Exchange-Rate Issues
Ihrig, J. (2001)

Abstract: This paper examines exchange-rate exposure of multinationals (MNEs) in light of detailed exchange rate data. Specifically, using MNE-specific exchange rates and accounting for the possibility that exchange-rate crises may impact a firm differently than periods of normal fluctuations, estimates suggest ¼ of all MNEs had significant exchange rate exposure between 1995 and 1999. On average, significant exposure is estimated to be 0.68, indicating that a firm’s monthly return falls, on average, by 0.68 percentage points when the dollar appreciates one percent. This encompasses periods where there are normal fluctuations in the exchange rate and the average exposure is estimated to be 0.55, as well as crisis periods where the average exposure is estimated to be 2.8. Finally, results illustrate that MNEs operating in more than 20 countries (having more than 30 subsidiaries) have twice the exposure of MNEs operating in one country (having one subsidiary).

Measuring the Stress of Financial Traders
Lo, A. & D. Repin (2002)

Abstract: Emotional responses are a significant factor in the real-time processing of financial risks, even among the most rational investors in the economy.