This study examines whether and how risk disclosures in Management Discussion and Analysis (MD&A) affected the stock price crash risk of China's publicly listed firms over the period of 2017-2021. The empirical results show that risk disclosures within the MD&A section are signif‑ icantly and...

Based on a dataset of 112 emerging economies and developing countries, this paper addresses two key questions regarding the accumulation of international reserves: first, has the accumulation of reserves effectively protected countries during the 2008-09 financial crisis? And second, what...

This paper sheds light on the development of European Regional Financing Arrangements (RFAs) and the role of these financial backstops in resolving the recent euro area crisis. It documents a significant dual shift in the design of regional firewalls in Europe, from bilateral to multilateral...