Most econometric studies of equity market integration suggest that national markets are increasingly becoming part of a global equity market. As regards the extent of this integration, however, the results are often inconclusive. Further analysis calls for a closer scrutiny of the basic...

We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of EMU. Aspects of money market development such as the size and structure of different market segments, and institutional and...

This Forum aims to systematically describe and analyse the evolution of national financial systems within the EU over the past three decades. It analyses the processes of financialisation that have dominated this period as well as the causes and consequences of the financial crisis from the...

Food price developments have various impacts at the country and household level, in particular in developing countries with severe implications on food security, poverty and economic stability. The focus of this paper is on wheat as it is, together with rice, the most important food crop. The...

Obwohl das letzte Jahrhundert im Allgemeinen durch eine starke Ausweitung der internationalen Kapitalverflechtung gekennzeichnet war, blieb Japan bis in die 90er Jahre hinein eine relativ geschlossene Volkswirtschaft. Erst mit dem Platzen der so genannten "Bubble" wurde die Öffnung der...

Das Ziel der umfassenden Finanzmarktreform "Financial Big Bang" in Japan war die Bildung eines international wettbewerbsfähigen Finanzsektors unter den drei Prinzipien frei, fair und global bis 2001. Politiker standen dabei zwei Herausforderungen gegenüber: die Wettbewerbsfähigkeit...

We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...

Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial...

A key lesson of the 2007 - 2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...