In this note we investigate for the existence of an S-curve for Croatia, Hungary and Slovenia. We interpret the results in the spirit of the international business cycle literature. In particular, we compare institutions across countries in the sample, their fiscal and monetary policies, whether...

This paper provides a quantitative assessment of the 2007-08 corporate and personal income tax reforms in Bulgaria. The simple investment model, based on Tobin’s q-theory is calibrated to Bulgarian data before and after the reform. Based on numerical simulations, capital stock is predicted to...

This paper investigates the predictability of weekly percentage changes in exchange rates for Swedish currency-Swedish krona with respect to the currency of major trading partners - namely Danish Krone of Denmark, Norwegian Krone of Norway, US Dollar of United States, UK Pound of United Kingdom...

We document the development of the major international banks since the late 1990s, analyzing balance-sheet data for 27 large and complex financial institutions. We argue that the balance-sheet expansion and business line diversification have paved the way for the rise of the universal banking...

The initial outbreak of the sub-prime crisis through the interconnected financial system may have occurred in early 2007, but the fragility of the global banking system has remained wide-spread in recent years. Amidst the global financial environment, the East and Southeast Asian economies have...

The efficiency of the banking system is one of the most important issues in the financial market because the efficiency of banks can affect the stability of the banking industry and thus the effectiveness of the whole monetary system. The aim of this paper is to analyze the efficiency of the...

In present study, I explore the dynamics of stock price reversals. In particular, I try to shed light on the overnight reversals, that is, on the price reversals between the end of a trading day and the opening session of the next trading day. To account for the "end-of-the-day" price moves, for...

Financial integration among economies has the benefit of improving allocation efficiency and diversifying risk. However the recent global financial crisis, considered as the worst since the Great Depression has re-ignited the fierce debate about the merits of financial globalization and its...

The aim of this paper is to obtain some statistical properties about runs of daily returns of ISE30, ISE50 and ISE100 indices and compare these results with the empirical stylized facts of developed stock markets. In this manner, all time historical daily closing values of these indices are...

Lain by the fact that the present crisis was not preceded by a sharp decline in the rate of profit, Marxist and heterodox economists, investigate its' causes in structural and institutional factors emerging in a «new phase» of capitalism dominated by «financialization» of capital. In this...