Purpose - This paper takes the Shanghai-Shenzhen-Hong Kong Stock Connect as a quasi-natural experiment and investigates the impact of capital market liberalization on the corporate debt maturity structure. It also aims to provide some policy implications for corporate debt financing and further...

Despite its growing success, open banking (OB) struggles to present a coherent identity. Indeed, despite its widespread adoption around the world, various models can be identified based on rationales, the nature of data-sharing obligations, and the standardisation process. Against this...

Purpose - This paper investigates whether financial sector development promotes economic globalization (EG) using data from 45 African countries. Design/methodology/approach - Using panel data of the selected African countries, the two-step system generalized method of moments estimation...

In the early 1980s, Turkey took steps towards financial liberalization. Accordingly, policymakers have implemented policies for the development of the financial system. Since then, developments in the banking sector have driven economic growth and met the private sector's demand for funds. The...

This paper revisits the effects of financial market openness and stock market returns on economic development in the Gulf Cooperation Council countries over the period 1993-2022. We performed the panel stationarity test advanced that accommodates the presence of multiple structural breaks and...

Several countries now require banks or money market funds to impose state-contingent costs on shortterm creditors to absorb financial stress. We study these requirements as part of the broader prudential toolkit in a model with five key ingredients: banks may face an aggregate stress state with...

The article "Cryptocurrency Regulation in the US and the Czech Republic: A Comparative Analysis of Enforcement and Effectiveness" examines the regulatory frameworks in both countries as they address the rising risks of fraud associated with crypto-assets like cryptocurrencies and Non-Fungible...

This paper examines how microprudential policy affects income inequality, and whether and how the effect of macroprudential policy on income inequality depends on the stance of microprudential policy. The dataset covers 70 countries over the period 1996-2013. Applying the system GMM estimation...

This article delves into the transformative impact of blockchain technology on enhancing transaction quality and efficiency. Since the emergence of blockchain alongside Bitcoin in 2008, its decentralised and transparent nature has significantly improved transaction speed, security, and cost...

This paper applies the Seo and Shin (2016) method for estimating dynamic panels with endogenous threshold effects to obtain new, robust evidence on nonlinearities in the relationship between international financial integration (IFI) and economic growth. This approach is based on a...

A large literature at the intersection of economics and finance offers prescriptions for regulating banks to increase financial stability. This literature abstracts from the discretion that accounting standards give banks over financial reporting, creating a gap between the information assumed...

Liquidity requirements for commercial banks improve risk-sharing for depositors. Nevertheless, shadow banks, issuing securities with lower liquidity, operate outside such regulatory constraints. In an economy featuring shadow banks with a constant level of liquidity for shadow bank securities,...

The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) closely monitor the implementation of the Principles for financial market infrastructures (PFMI). This report presents the...

While cryptocurrencies are seen by some as a "get-richquick" tool, they are increasingly stigmatised as a medium for illicit transactions. Recent statistics reveal a significant rise in cryptocurrency platform hacks, with stolen funds surging 21% from the previous year to reach

The Markets in Crypto-Assets Regulation (MiCA) is a comprehensive European Union regulatory framework aimed at harmonizing the crypto-asset market. The existing literature has mainly examined MiCA from a legal perspective, while empirical assessments of industry perspectives remain scarce. In...

The literature on financial openness is rich, yet the selection of a suitable financial index remains a challenge. In this paper, Principal Component Analysis (PCA) and Factor Analysis (FA) are utilized to reduce the dimensionality of five publicly available financial openness indices. The...

The global non-bank sector has experienced significant growth since the global financial crisis, raising concerns that this shift represents a financial stability risk. We consider the drivers of this growth in Sweden: a small, open economy whose non-bank sector has grown rapidly. In contrast...

Cryptocurrencies and decentralised finance (DeFi) aim to replicate many of the economic functions of traditional finance (TradFi), but their distinctive features introduce new financial stability risks. We analyse these features, and examine key developments, such as smart contracts,...

Several countries now require banks or money market funds to impose state-contingent costs on short-term creditors to absorb financial stress. We study these requirements as part of the broader prudential toolkit using a model with five key ingredients: banks may face an aggregate stress state...

Stablecoins have evolved from a safe-haven asset to a critical financial instrument, reaching a market capitalization of $200 billion in December 2024. The Terra-Luna collapse (2022) and the Silicon Valley Bank crisis (2023) significantly impacted market dynamics, consolidating the dominance of...

Regulatory sandboxes have emerged as policy instruments designed to support FinTech innovation while maintaining supervisory oversight. By allowing firms to test financial products in controlled environments, sandboxes aim to reduce regulatory uncertainty and facilitate market entry. Despite...