International financial markets and the implications for monetary and financial stability (BIS Conference Papers No. 8)

March 2000

On 25-26 October 1999, the BIS hosted its annual autumn meeting of economists with representatives from a number of central banks. The topic of the meeting, "International Financial Markets and the Implications for Monetary and Financial Stability", was chosen in recognition of the growing role played by asset markets and financial factors in shaping the environment in which monetary policy operates and in triggering episodes of financial instability. In order to stimulate further debate on and study of these questions, which are so important for central banks, the BIS is pleased to make available the papers presented at the meeting.

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PDF Documents

Table of contents	Page
Foreword	i
Participants in the meeting	iii
Papers presented:
Fabio Fornari and Aviram Levy Global liquidity in the 1990s: geographical allocation and long-run determinants (PDF, 628855 bytes)	1
Thierry Timmermans International diversification of investments in Belgium and its effects on the main Belgian securities markets (PDF, 107272 bytes)	37
Hitoshi Sasaki, Satoshi Yamaguchi and Takamasa Hisada The globalisation of financial markets and monetary policy (389975 bytes)	57
Nuno Cassola Monetary policy implications of the international role of the euro (PDF, 66190 bytes)	79
Jarko Fidrmuc and Franz Schardax Increasing integration of applicant countries into international financial markets: implications for monetary and financial stability (PDF, 131435 bytes)	92
Magnus Dahlquist, Peter Hördahl and Peter Sellin Measuring international volatility spillovers (PDF, 244017 bytes)	110
Dietrich Domanski and Manfred Kremer The dynamics of international asset price linkages and their effects on German stock and bond markets (PDF, 226016 bytes)	134
Sanvi Avouyi-Dovi and Eric Jondeau International transmission and volume effects in G5 stock market returns and volatility (PDF, 83641 bytes)	159
Juan Ayuso and Roberto Blanco Has financial market integration increased during the 1990s? (PDF, 114615 bytes)	175
Andrew Clare and Ilias Lekkos Decomposing the relationship between international bond markets (PDF, 208037 bytes)	196
Mico Loretan and William B English Evaluating "correlation breakdowns" during periods of market volatility (PDF, 645644 bytes)	214
Anne Vila Asset price crises and banking crises: some empirical evidence (PDF, 113229 bytes)	232
Peter J G Vlaar Early warning systems for currency crises (PDF, 460928 bytes)	253
Dominik Egli How global are global financial markets? The impact of country risk (PDF, 31353 bytes)	275
Eric van Wincoop and Kei-Mu Yi Asian crisis post-mortem: where did the money go and did the United States benefit? (PDF, 266064 bytes)	281
Luci Ellis and Eleanor Lewis The response of financial markets in Australia and New Zealand to news about the Asian crisis (PDF, 424684 bytes)	308
Bertrand Rime The reaction of Swiss bank stock prices to the Russian crisis (PDF, 46117 bytes)	349
John Murray, Mark Zelmer and Zahir Antia International financial crises and flexible exchange rates: some policy lessons from Canada (PDF, 400608 bytes)	359