In this paper, we show that the existing models and descriptions of the transfer of capital between countries that are provided in international economics are inadequate because they fail to explain the causes of, or the consequences of, persistent trade imbalances and because the assumption...

Once a famous tale of conquest, law and foreign bond markets, the saga of the Silesian Bonds of 1734-37 is missing from the literature on sovereign debt. The Silesian Bonds were among the earliest foreign currency sovereign bonds issued. They go into the market 84 years prior to the 1818...

The financial environment is under great pressure as a result of dynamically changing macroeconomic factors. In this situation, full of uncertainty, understanding the relationship between macroeconomic factors and financial markets becomes a key issue. Market analysts and investors are...

We examine how foreign macroprudential tightening transmits through multinational firms' internal capital markets. Using subsidiary exposure to countercyclical capital buffer (CCyB) increases, we find that while bank credit to subsidiaries falls 10 percent, parents fully substitute this via...

We investigate the role of speculation in the European natural gas market over the period 2020- 2024, a period marked by extreme price volatility driven by the energy crisis following Russia's invasion of Ukraine. Replicating the framework of Knittel and Pindyck (2016), we disentangle the...