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This study uses structural entropy as a valuable method for studying complex networks in a macro-finance context, such as the European government bond market. We make two contributions to the empirical literature on sovereign bond markets and entropy in complex networks. Firstly, our article contributes to the empirical literature on the disciplinary function of credit markets from an entropy perspective. In particular, we study bond yield differentials at an average daily frequency among EU countries’ 10-year Eurobonds issued between 1 January 1997, and 4 October 2022. Secondly, the article brings a methodological novelty by incorporating an entropy perspective to the study of government bond yield differentials and European capital market integration. Entropy-based methods hold strong potential to bring new sources of dynamism and valuable contributions to the areas of macroeconomics and finance.

This article challenges existing accounts of the development of the Euromarkets by arguing that their emergence constituted the foundational moment in the advent of a postwar Anglo-American developmental field. The account contends the notion of a postwar order shaped predominantly by the outward expansion of American financial power, by deprivileging the exclusivity of American power and arguing that co-constitutive Anglo-American developmental processes were the generative force that produced the Euromarkets. Drawing upon new archival material, the article suggests that an Anglo-American developmental sphere, in which Britain continued to play a crucial but subordinate role, was key to the unfolding of postwar financial globalisation. The Anglo-American developmental processes occasioned by the Euromarkets gave rise to a ‘transatlantic regulatory feedback loop’ that stimulated deregulation on both sides of the Atlantic and placed Anglo-American capitalist interdependence at the centre of the politics of globalisation. The deeper origins of financial deregulation lie in the transformation of Anglo-American finance during the 1960s.

Recent years have been characterized by considerable growth of the green bond market in Europe, particularly in the domain of social bond issuance. Considering the recent pandemic, it is also a stylized fact that this growth is positively correlated with the concept of health-related uncertainty, as the green bond market aims to acquire financing in order to allow the development of projects that comply with the so-called environmental (E), social (S) and governance (G) criteria. This study then applies a dynamic spatial econometric analysis and several robustness checks to assess the extent to which each E, S and G criterion contributes to the societal dynamics of health-related uncertainty. The analysis takes advantage of available data on the number of confirmed cases of COVID-19 to measure health-related uncertainty at the municipal level, so that a higher (lower) number of confirmed cases constitutes a proxy for a greater (smaller) degree of uncertainty, respectively. To reinforce the need to evaluate impacts in a context characterized by health-related uncertainty, the time span covers the first wave of COVID-19, which is the period when uncertainty reached its highest peak. Additionally, the geographical scope is mainland Portugal since this country has become a breeding ground for startups and new ideas, being currently one of the world leaders in hosting businesses that reached Unicorn status. The main result of this research is that only the social dimension has a significant, positive and permanent impact on health-related uncertainty. Therefore, this study empirically confirms that the European green bond market has been and can be further leveraged by the need to finance projects with a social scope.

This paper analyzes recent developments in the British and European government bond markets with reference to the UK’s decision to leave the European Union. The two main goals of the study are, firstly, to examine whether the Brexit referendum result has affected the risk premium and, secondly, whether there are any changes in risk pricing following the referendum. The paper finds a significant impact of the Brexit referendum on the risk premium in selected economies. Furthermore, the results suggest that there is a considerable change in risk pricing after the announcement of the referendum result. Credit default risk and the risk aversion play a much important role in the post-referendum period than they did prior to the vote, particularly in the UK.

This article studies the extent of macroeconomic convergence/divergence among euro area countries. The analysis focuses on four variables (unemployment, inflation, relative prices, and the current account), and seeks to uncover the role played by monetary union as a convergence factor by using noneuro developed economies and the pre-European Monetary Union period as control samples.

Rebecca Ryman regional director of intu, said: \"Having worked closely with Lloyds, we've been able to retain their presence in Watford without causing disruption to their business or to the public by assuring that all timings are geared towards getting the new unit open before the existing one closes. intu is fully committed to providing the right space, in the right place for businesses to flourish.\"

According to the report younger couples continue to save more independently, despite limited loosening of the domestic purse strings over the past year as confidence increased.

The European Union's Statistics Office publishes monthly inflation rates for the euro currency area. This article shows the influence of administered prices and indirect taxation on the current development of the price index.

The shortcomings and potential dangers of international financial flows for the health and stability of domestic banking systems in developing countries have been copiously discussed over the last decades. While the importance of capital controls and regulation as determining factors has been widely emphasised, the extent to which these policies work in episodes of financial crisis is still a matter of debate. This article examines the relationship between supervisory frameworks and banking fragility in Mexico and Brazil in the wake of the international debt crisis of 1982. It shows that the model of international banking intermediation that evolved out of the stringent capital mobility system in Brazil was considerably less vulnerable to crisis than in Mexico, which had a more lightly regulated regime. These findings provide insights into historical debates about the implications of prudential regulation and capital controls for the development and expansion of foreign finance, and whether the risks underlying international banking are necessarily inherent in the process of financial globalisation.

This paper develops closed-form formulae for pricing European exchange options involving stochastic (and fixed) strikes under uncertainty based on the Choquet expected utility. We extend the benchmark models of Margrabe (J Financ 33:177–186, 1978 ) and Merton (Bell J Econ Manag Sci 4:141–183, 1973 ) using a modified pricing kernel and derive option “Greeks” and other option characteristics in an incomplete market with Choquet ambiguity. The Margrabe–Merton–Black–Scholes (MMBS) classical formulae are seen as special cases (under risk-neutrality) of our generalized framework under ambiguity/ignorance, suggesting that there could be multiple martingale-based option prices in the economy characterizing abnormally uncertain markets. We further show how standard option pricing properties (under risk) should be adjusted to account for investor ambiguity attitudes and heterogeneous beliefs (i.e., ambiguity aversion and seeking) and how such beliefs and attitudes can be extracted from observed option prices.