This paper seeks to establish whether the monetary policy stance of Central bank of Kenya (CBK) at the turn of financial markets is pre-emptive or a cleanup. The feedback loop between monetary policy reaction and the markets' response presupposes a sequencing that runs from the former to the...

A propensity to guess randomly rather than to admit ignorance answering “Don’t know” is a plausible reason why frequent wrong answers are given to survey questions that aim to assess competence. We model this source of measurement error and assess its empirical relevance in two consecutive...

The co-movement of multi-asset markets in emerging markets has become an important determinant for investors seeking diversified portfolios and enhanced portfolio returns. Despite this, studies have failed to examine the determinants of the co-movement of multi-asset markets such as investor...

This study conducts a detailed examination of Borsa Istanbul Review (BIR) from 2013 to 2023, employing bibliometric analysis, regression analysis, and structural topic modeling (STM) to explore its scholarly impact, authorship patterns, and thematic evolution. Our bibliometric analysis reveals a...

This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying...

The dynamic impact of financial market capitalisation on South Africa's unemployment and economic growth is empirically explored in this study using the finance-augmented Solow model framework. South Africa's high rate of structural unemployment and its robust financial market, which is at the...

This paper investigates the speed of price discovery when information becomes publicly available but requires costly processing to become common knowledge. We exploit the unique institutional setting of hacks on decentralized finance (DeFi) protocols. Public blockchain data provides the precise...

This paper investigates the effects of uncertainty shocks on selected U.S. financial asset prices by decomposing a traditional uncertainty shock into its supply-side and demand-side components. Following the approach by Piffer and Podstawski (2018), we identify uncertainty shocks using the price...

We analyze how financial stability concerns discussed during Federal Open Market Committee (FOMC) meetings influence the Federal Reserve's monetary policy imple- mentation and communication. Utilizing large language models (LLMs) to analyze FOMC minutes from 1993 to 2022, we measure both...

Between 2017 and 2024, the main national stock market indices rose in the US and the five largest European economies. However, the average daily performance of all six indices turns from positive to negative when weighted by daily media coverage. A case in point is the average daily performance...

This article examines U.S. Treasury securities market functioning from the global financial crisis (GFC) through the Covid-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes,...

Purpose The study examines the impact of macroeconomic risk and volatility associated with key macroeconomic indicators on financial market uncertainty; and the extent to which governance and institutional structures moderate such relationships. Design/methodology/approach The study employs data...

This paper seeks to establish whether the monetary policy stance of Central bank of Kenya (CBK) at the turn of financial markets is pre-emptive or a cleanup. The feedback loop between monetary policy reaction and the markets' response presupposes a sequencing that runs from the former to the...

The evidence of financial globalization and the rapid and uniform contagion that it entails among the different international financial markets, have been exposed after the 2008 crisis outbreak, as well as the different chapters of financial stress that have been experienced since then, such as...