We examine the relationship between currency and commodity returns around the invasion of Ukraine in February 2022. We find that the expected positive contemporaneous relationship between currency and commodity returns reverses and becomes negative during this period of extreme geopolitical...

In this paper, we propose a new test, based on the stability of the largest Lyapunov exponent from different sample sizes, to detect chaotic dynamics in time series. We apply this new test to the simulated data used in the single-blind controlled competition among tests for nonlinearity and...

We propose a new test to detect chaotic dynamics, based on the stability of the largest Lyapunov exponent from different sample sizes. This test is applied to the data used in the single-blind controlled competition tests for nonlinearity and chaos that were generated by Barnett et al. (1997),...

This paper examines the degree of convergence in social protection registered in the European Union during the 1970-99 period. To that end, we use Eurostat data and study the long-run properties of the data set using time series analysis. Our results indicate that there is no evidence of...

This paper is devoted to the past, present, and future of the European Monetary System (EMS). After examining its background, the paper reviews the structure and operation of the EMS, as well as the theoretical framework used to explain exchange-rate movements inside official fluctuation bands....