Speculative economic, financial, and cryptocurrency bubbles are not arcane anymore; nonetheless, they are still misunderstood. For this exact reason, they continue to form even centuries after the famous first speculative bubbles of 17th and 18th centuries. Bubbles do not form instantaneously;...

Suppose there is Bitcoin nation and its currency bitcoin; with market capitalization of $1.086 trillion on 21 February 2021, Bitcoin’s market value (17th among G20) has surpassed GDPs of Netherlands ($909 billion), Saudi Arabia ($793 billion), Turkey ($754 billion), and Switzerland ($703...

We perform non-linearity tests using daily data for leading currencies that include the Australian dollar, British pound, Brazilian real, Canadian dollar, euro, Japanese yen, Mexican peso, and the Swiss franc to resolve the issue of whether these currencies are driven by fundamentals or...

There is substantial heterogeneity in the structure of trading relationships in the U.S. overnight interbank lending market: Some banks rely on spot transactions, while most form stable, concentrated borrowing relationships to hedge liquidity needs. As a result, borrowers pay lower prices and...

There is substantial heterogeneity in the structure of trading relationships in the U.S. overnight interbank lending market: Some banks rely on spot transactions, while most form stable, concentrated borrowing relationships to hedge liquidity needs. As a result, borrowers pay lower prices and...

In Strong Managers, Weak Owners, Professor Mark J. Roe articulates an expansive theory to explain the evolution of the fragmented market structure in the United States. He posits that political choices led to fragmentation in the American financial markets, thus guiding the evolution of the...

Modern economies have been subjected to a number of shocks during the past several years such as the burst of the Internet bubble, terrorist attacks, corporate scandals, the war in Iraq, the uncertainty about energy prices, and the recent subprime mortgage crisis. In particular, during the last...

We begin by documenting trends in the changing geographical location of clinical trials for new medicines since 2002, away from Western Europe and Canada, and towards Eastern Europe, Latin America and Asia. We then develop a framework for modeling the factors affecting the globalization of...

Approaching the complexities inherent in human behavior, and compounded by the increasingly multifaceted environment we live in, requires multiple angles of attack. Hence, combining theoretical investigations and applied techniques appears to be a promising approach to inform the scientific and...

Understanding how to sustain cooperation in the climate change global dilemma is crucial to mitigate its harmful consequences. Damages from climate change typically occurs after long delays and can take the form of more frequent realizations of extreme and random events. These features generate...