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In a case study of six East Asian economies, we use dynamic factor analysis to estimate a regional component of the exchange market pressure index (EMPI) as a measure of regional financial stress. The extent to which this indicator is explained by regional economic and financial factors is interpreted as regional vulnerability to crisis. We find that regional external liabilities and exuberance in domestic stock and credit markets, as well as the US high-yield spread, were positively correlated with regional vulnerability. Individual country EMPIs are also explained by regional factors, with country-specific factors and trade linkages playing little role. JEL classification: F31; F32; F36 Keywords: Currency crisis: Contagion; Vulnerability; Dynamic factor analysis

Firms' listing choices and the extent to which competition between exchanges affects their listing standards are analyzed.

Examination of an exchange economy with land and a finite number of traders, where the land is modeled as sigma algebra of subsets of a Euclidean space is presented. Continuity, convexity, and nonwasteful partition assumptions are introduced for a situation where commodity space has no natural convex or linear structure.

Each preference profile is mapped by the Pareto correspondence in to the set of all efficient allocations. All the efficient and continuous rules are diagonally dictatorial over the restricted domain of linear preferences and over the domain of homothetic preferences in n-agent exchange economies.

One-good exchange economies with two infinitely lived agents and incomplete markets are analyzed. It is seen that there is non-existence of recursive (Markov) equilibria with respect to perturbations of endowments.

The evolution of strategies in games using the stochastic stability approach is presented. Stochastic stability is applied to general exchange economies endowing the housing market with a dynamic process.