This study examines the causal links between energy consumption (EC) and economic development, as measured by Gross Domestic Product (GDP) for four Balkan countries (i.e. Greece, Bulgaria, Romania and Albania) during the period 1980-2009. Energy is a key source of economic growth because many...

This study investigates the financial system–growth relationships for a panel that includes the twenty-eight member states of the European Union (EU) for the period 1999–2012. Considering that the Euro currency is currently adopted by only seventeen member states, the originality of this...

This study investigates the contagion effects of the 2007-2009 global financial crisis across multiple asset markets and different regions. It uses daily return data of six asset classes: stocks, bonds, commodities, shipping, foreign exchange and real estate. A robust analysis of financial...

This paper investigates financial contagion in a multivariate time-varying asymmetric framework, focusing on four emerging equity markets, namely Brazil, Russia, India, China (BRIC) and two developed markets (U.S. and U.K.), during five recent financial crises. Specifically, both a multivariate...

Credit Default Swap (CDS) spread is a realistic measure of credit risk. Changes in the spreads showcase changes in the underlying uncertainty or credit volatility regarding the credit risk, associated with the asset class. We use Multifractal Detrended Fluctuation Analysis (MF-DFA) to further...

This paper investigates financial contagion of three emerging market crises of the late 1990s, as well as the subprime crisis of 2007, focusing on financial markets of emerging economies, USA and 2 global indices. Conventional cointegration and vector error correction analysis show long and...