Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the government...

Globalization has affected the integration of markets through many different channels, including movements of factors and trade in goods. From...

During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time, asymmetries...

Globalization seems to have diminished the importance of geographical distance. However, empirical studies find that distance coefficients in...

Changes in foreign asset holdings are one channel through which agents adjust to macroeconomic shocks. In this paper, we test whether foreign...

Information costs and regulatory barriers are the main distinguishing features of international financial markets as compared to national...

The German banking market is notorious for its low degree of market penetration by foreign financial institutions, suggesting that markets...

If the technological revolution which has taken place over the past decades has lowered information costs and if information costs increase in...

International activities of commercial banks are a potential source for the transmission of shocks across countries. In Europe, bank finance...

Although domestic mergers and acquisitions (M&As) in the financial services industry have increased steadily over the past two decades,...

The debate on the risks and benefits of the globalisation of international capital markets has focused on the volume and the volatility of the...

Financial markets in Euroland differ from those of a national monetary union in two regards. First, capital markets in general and banking...

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new...

One key focus of the on-going debate on the integration of international financial markets have been measures to lengthen the maturity of...

Economic theory predicts that the integration of financial markets lowers the volatility of consumption. In this paper, we study long-term...

The globalization of international financial markets has renewed interest in the measurement of capital mobility. Consumption-based tests such...