During Zimbabwe’s hyperinflation that ended in 2009, people turned to an illegal round-tripping transaction called “burning money” to preserve purchasing power. The transaction involved illegally acquiring foreign currency at the official rate before converting back to domestic currency in...

Bank regulators consider minimum capital standards essential for promoting well-functioning banking systems. Despite their existence, however, such standards have been insufficient to prevent periodic disruptions in the banking sectors of various countries. The most recent disruption was the...

Though part of “market lore,” Black (1976) first reported the inverse relationship between price and volatility, calling it the “leverage effect.” Without providing evidence, Black (1988) claims that in the months leading up to the October ‘87 Crash the relationship changed: price and...

This study presents estimates of multi-dimensional household inequality in Australia from the 2001-2017. Household earnings inequality shows a decreasing trend, while inequality for household disposable income, non-durable consumption expenditures, food expenditures and net worth shows little...

Monetary authorities during a hyperinflation occasionally extract seignorage and then abandon the currency. Modelling the central bank as an exhaustible resource extracting monopolist that equates average and marginal profit to extract remaining seignorage by the optimal stopping time explains...