This paper tests the response of bond yield spreads and equity prices to credit rating changes in the Australian financial market. Unlike some earlier studies for foreign markets, we find evidence that both yield spreads and equity prices move in the ‘expected’ direction following rating...

More than half of the world's old live in Asia, and around 35% in India and China alone. As demographic transition proceeds regionally and globally, the development of a robust and reliable longevity insurance market will become essential. Although the need for such insurance is most pressing in...

The prospect of a common currency for Australia and New Zealand has been canvassed by senior poli-ticians and bureaucrats, and has been the subject of academic debate. According to Mundell (1961), a high degree of internal labour mobility is a desirable feature of currency unions. This study...