Since the global financial crisis, there is a massive shift of assets towards index funds.
Rather than picking stocks, index funds replicate stock indices such as the S&P 500. But …

The persistent deviations from the covered interest rate parity (CIP) since 2007 indicate that
specific frictions continue to exist, which prevent them from being arbitraged away. In this …

Corruption, defined by the misuse of public power for private gains, is endemic, pervasive,
and a significant contributor to low economic growth. There is a vast volume of research on …

With near-zero policy rates becoming the norm in many advanced economies, the focus on
long-term bond yields has strengthened considerably. The unconventional monetary policy …

With the London Interbank Offered Rate (LIBOR) being replaced by risk-free rate (RFR)-
based alternative reference rates, the fundamental differences between the two …

Prior to the series of manipulation scandals, financial benchmarks were perceived as a
competitive and objective reflection of underlying money markets. For example, the …

The rise of global finance in the latter twentieth century was an epochal transformation in the
history of capitalism and new socio-technical devices emerged to value these innovations …

Money market benchmarks are important indicators for economic agents. They are also
crucial for central banks in assessing the functioning of the interest rate channel of the …

This paper investigates the susceptibility of foreign exchange (FX) spot markets to limit order
submission strategies that are either intended to create a false impression of the state of the …

Between 2010 and 2015 Greek banks received capital injections as part of an EU-led
rescue package that left the Greek state with large losses on their investments and a debt to …