This paper documents the features of a new database that focuses on changes in the intensity in the usage of several widely used prudential tools, taking into account both macro-prudential and microprudential objectives. The database coverage is broad, spanning 64 countries, and with quarterly...

We examine the determinants of Japanese foreign direct investment (FDI) focusing on institutional and social factors. Using panel data on 59 countries from 1995 to 2008, we find that host countries with free and open markets and greater cultural distance from Japan attract Japanese FDI. Good...

We analyze empirically the existence and the extent of financial contagion by means of extreme value theory in the Asian crisis. We consider two key markets, the stock exchange and the foreign exchange using daily data in the period 1992–2001. We present several notions of financial contagion...

The aim of the paper is to show how changes in interest rate behavior, characterized in terms of stochastic orders of rate distributions, affect the banking industry. The basic feature of a banking firm is of a financial intermediary holding highly illiquid assets in the presence of liabilities...

We present an improved approach to examine convergence of markets such as those for equity, bonds or commodities. The approach is motivated by Monte Carlo simulations and consists of two steps. First, we test for regime-shifts in the cointegration paths and cointegration with structural breaks....

The shadow economy (also known as the black or underground economy) covers a vast array of trade, goods and services that are not part of the official economy of a country. This original and comprehensive Handbook presents the latest research on the size and development of the shadow economy,...