Currencies of the GCC countries have long been effectively pegged to the US dollar. Since 2003 the GCC countries have formally started pegging their currencies to the US dollar as a first step towards the proposed monetary union in 2010. The prevailing dollar peg and the absence of any...

This study analyses the impact of financial sector reforms from the early 1990s on promoting economic growth in Morocco. To derive feasible policy implications, we estimate not only pooled regressions, but also variance decompositions of GDP growth rates to examine what proxy measures of...

We model two regimes using threshold cointegration and threshold vector error correction model for sovereign CDS and equity markets of thirteen emerging markets. We document evidence of momentum in cointegration relationships in CDS and equity markets of all countries. We find that positive and...

The paper examines the size effect reversal in the USA over the period 1970-1999, using data for the ten size deciles in the CRSP tapes during this 40-year period. Betas for small-firm portfolios increase as the return interval analysed increases, and are lower than large-firm portfolios for...