Abstract Ruling out default prior to conversion of high-trigger (going-concern) CoCos, this paper concentrates on estimating the conversion risk premium on CoCos. It does so by estimating the cost of hedging that risk with a contingent put option, exercisable only in the event of conversion,...

Open-economy macroeconomists regularly invoke the policy trilemma that states that governments cannot simultaneously maintain an open capital account, a fixed exchange rate, and a domestically-oriented monetary policy. My thesis is that jurisdictions with substantial offshore activities find...

1) The Adoption of the Euro by New Member States: Challenges and Vulnerabilities by Michael C. Bonello 2) The Economics of Offshore Financial Services and the Choice of Tax, Currency, and Exchange-Rate Regimes by George M. von Furstenberg 3) Promoting Integration of European Retail Payment...

Open-economy macroeconomists regularly invoke the policy trilemma that states that governments cannot simultaneously maintain an open capital account, a fixed exchange rate, and a domestically-oriented monetary policy. My thesis is that jurisdictions with substantial offshore activities find...

Policy measures and practices adopted from September 2008 into 2009 have left troubling legacies for the U.S. economy as executive discretion in economic governance became elevated and centralized. The U.S. Department of the Treasury (the Treasury or UST), the Board of Governors of the Federal...

Determines the extent to which unemployment insurance benefits have helped maintain aggregate purchasing power during periods of economic recession. Purposes of unemployment compensation; Extensions of unemployment insurance; Automatic and formula level of benefits that can be expected from...

The International Financial Services (IFS) industry is restructuring internally and by location. This paper outlines the economic forces and analytical methods that may be applied to examine the economic drivers of these processes as ever more countries and cities are vying for attracting IFS...