Markets for domestic housing in countries like England differ from other markets because the stock is fixed in the short term, buyers need to raise mortgages to finance their purchases and prices tend to be set through intermediaries (‘estate agents’ or realtors). We introduce an agent-based model in which some of the main features of the English market emerge from interactions between buyers, ...

This papers studies how the stabilization role of monetary policy in response to asset price shocks changes with the globalization of financial markets. Changes in asset prices affect production through a credit channel and monetary policy can stabilize the macro-economy with counter-cyclical interventions. The paper shows that, as financial markets become internationally integrated, stabilizat...

This paper examines the preferences of foreign and dometic institutional investors in Indian stock markets. Foreign and domestic institutional investors both prefer larger, widely dispersed firms and do not chase returns. However, we find evidence of strong differences in the behaviour of foreign and domestic institutional investors. Foreign investors prefer to buy private, liquid, young and gl...

Using recent data from the Chinese manufacturing industry and the generalised propensity score, this paper establishes economically significant causal effects of foreign acquisition on domestic and export markets dynamics. JEL classification: F23, G28, C24

Using data from a nationally representative survey conducted in 1998-1999, this paper examines the expenditure of Australian households on domestic and overseas holidays. During 1998-1999, 37% of the estimated 7.12 million Australian households took holidays, of these 55% within Australia, 33% went overseas and 12% took both types of holidays. The size of the domestic and overseas holiday marke...

This paper presents a perfect foresight model of speculative attacks on emerging markets. Credit constrained governments are assumed to have two objectives: to accumulate liquid assets in order to self-insure against shocks to national consumption and to insure poorly regulated domestic ®nancial markets. This policy regime generates endogenous ®scal de®cits de®ned to include the growth of conti...

This paper analyses data for the aggregate daily trading of all foreign investors in six Asian emerging equity markets and provides two new findings. First, foreigners’ flows into several markets show positive-feedback trading with respect to global, as well as domestic, equity returns. In particular, foreigners tend to be buyers in these markets on the day after rises in these markets or in US...

This paper analyses longand short-term co-movements between 14 international real estate stock markets based on bivariate testing for cointegration and correlation analysis. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less long-run linkages between real estate markets in different continents. Thus, investors would benefit fr...

Estimates are made, from time series data on real gross domestic products, of the standard deoiation of returns in markets for perpetual claims on countries’ incomes. The results indicate that there is much fundamental uncertainty to be hedged. Evidence is shmun that there may be only minimal ability to cross hedge these returns in existing capital markets. Methods of establishing markets fm pe...