• Did the euro common currency increase or decrease business cycle synchronization for its member countries? 

  Miles, William; Vijverberg, Chu-Ping C. (John Wiley and Sons, 2018-07)

  We use two variants of Markov switching models to assess changes in output synchronization since the creation of the euro. Out of eight eurozone countries investigated, only onethe Netherlandshas synchronization increased ...

• Has there actually been a sustained increase in the synchronization of house price (and business) cycles across countries? 

  Miles, William (Elsevier B.V., 2017-06)

  Housing has been demonstrated to affect the macroeconomy, particularly business cycle fluctuations. Given the more globalized nature of financial and economic activity in comparison to past decades, there has been much ...

• The Barings crisis in Argentina: the role of exogenous European money market factors 

  Miles, William (Taylor & Francis, 2002-01)

  The Barings crisis of 1890 was a wrenching financial crash and recession for Argentina. The episode is similar in many respects to the balance of payments difficulties in emerging markets during the 1990s. In particular, ...

• Clustering in U.K. home price volatility 

  Miles, William (American Real Estate Society, 2011)

  In the wake of the 2007-2009 global financial crisis, there has been heightened interest in correctly gauging the probability of large losses on assets, particularly house prices. If an asset exhibits GARCH effects in its ...

• Bubbles, busts, breaks, and segmentation 

  Miles, William (American Real Estate Society, 2013)

  Given the recent turmoil in the housing market in the United States, several papers have examined whether price dynamics in municipalities displayed a structural change, which would suggest bubble and bust behavior. Some ...

• The end of the Asian myth: why were the experts fooled? 

  Baer, Werner; Miles, William; Moran, Allen B. (Elsevier, 1999-10)

  This article examines the reasons behind the overoptimism of a large segment of the economics profession concerning the performance of East Asian economies, which was shattered by the financial crises of 1997-1998. It also ...

• Contagion versus interdependence across regional U.S. housing markets and implications for RMBS geographic diversification strategy 

  Miles, William (American Real Estate Society, 2015)

  Home prices in the United States often exhibit little (and sometimes even negative) correlation across different regions. This reflects segmentation in the national housing market and also provides an apparent opportunity ...

• Volatility transmission in U.K. housing: a multivariate GARCH approach 

  Miles, William (American Real Estate Society, 2010)

  Despite its importance for gauging the probability of large losses and portfolio management, there has not been an investigation of how GARCH conditional volatility is transmitted between regions in the United Kingdom. ...

• The Role of non-bank financial intermediaries in propagating Korea's financial crisis 

  Miles, William (World Scientific Publishing, 2003-03)

  The Korean crisis has been analyzed for the causal role banks played through the "credit view". Non-bank lenders have grown more important than banks in providing loans, but their role in creating financial instability has ...

• The Housing bubble: how much blame does the Fed really deserve? 

  Miles, William (American Real Estate Society, 2014)

  Two recent empirical papers have blamed the Fed for the latest boom and bust in housing. Neither study includes long-term interest rates, which are more affected by global factors than the federal funds rate (FFR). In this ...

• Trading externalities and new equity issues in emerging markets 

  Miles, William (Elsevier, 2005-02)

  The volatility in emerging market finance over the last decade has highlighted the importance of developing equity exchanges to enhance risk sharing between international investors. Debt markets do not allow for as much ...

• Securitization, liquidity, and the Brady plan 

  Miles, William (Elsevier, 1999)

  Securitization of bank loans is proposed as a solution to the ongoing debt difficulties for emerging market nations. This paper analyzes the effects of the Brady plan for four participating countries. In addition to resolving ...

• Can money market mutual funds provide sufficient liquidity to replace deposit insurance? 

  Miles, William (Springer, 2001-09)

  Narrow banking is an arrangement in which deposittaking and lending functions are separated and performed by different institutions. This separation is aimed at avoiding panics at uninsured banks, without moral hazard ...

• Effectiveness of capital controls: the Case of Brazil 

  Miles, William (John Wiley & Sons, Ltd., 2004-02)

  The emerging market crises of the past decade have led some observers to question the wisdom of a completely open capital account. But even if capital controls are desirable, empirical evidence is needed to demonstrate ...

• How feasible is the West African eco currency union? A new approach 

  Miles, William (Elsevier, 2015-06-25)

  A recent proposal to expand the CFA Franc zone in West Africa would create a currency union that, in terms of population, would rival the Euro. This new currency union would include Nigeria, which would have the largest ...

• The East African Monetary Union: is the level of business cycle synchronization sufficient? 

  Miles, William (Redfame Publishing, 2015)

  The East African Community (Burundi, Kenya, Rwanda, Tanzania and Uganda) has a goal of a currency union, as part of a movement toward eventual political union. A key factor in making a currency union desirable is a high ...

• Do frontier equity markets exhibit common trends and still provide diversification opportunities? 

  Miles, William (Taylor & Francis, 2006-08-19)

  Many small, frontier equity markets in regions such as Africa and Eastern Europe have opened in recent years. As in other larger emerging markets, important issues for investors are the extent of financial integration with ...

• The pricing of risk in emerging credit markets: bonds versus loans 

  Miles, William (Kluwer Academic Publishers, 2000-05)

  Much of the volatility in emerging markets in the 1990s stems from the fact that the major form of foreign investment is the bond rather than the bank loans which predominated until the debt crisis of the 1980s. Bondholders ...

• Central Bank Independence, Inflation and Uncertainty: The Case of Colombia 

  Miles, William (Taylor & Francis, 2009)

  Colombia undertook reform of its central bank in 1991, pushing it in the direction of greater independence. We find that this reform led to a significant decrease in the level of inflation, as well as inflation uncertainty, ...

• Fixed exchange rates and sticky Prices in emerging markets 

  Miles, William (John Wiley & Sons, Ltd., 2003-06-23)

  In the wake of financial crises in emerging markets, firmly fixed exchange rates and even dollarization have been advocated as a means to decrease vulnerability. There are many important new issues related to fixing the ...

View more