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Munich Personal Repec Archive
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Threshold Effect And Financial Intermediation In Economic Development
February 5, 2010, 12:00am PST
This paper analyzes the theoretical finance-growth nexus. Using the Neoclassical growth framework, the authors raise a new issue where the finance-growth nexus has multiple stationary states with...
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The Impact Of Capital And Disclosure Requirements On Risks And Risk Taking Incentives
February 3, 2010, 12:00am PST
This paper is primarily aimed at highlighting the role and significance of asymmetric information in contributing to financial contagion. Furthermore, in emphasising the importance of greater...
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Shadow Economy Revisited: Logic, Morality And Intuition In Corrupt Practices And Illegal Channels
February 3, 2010, 12:00am PST
The aim of the paper is to analyze how corruption contributes to the spread of shadow economy and damages viable economic development of any country. The unfreedoms that are created under the...
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Supporting Regional And Local Business Development
February 3, 2010, 12:00am PST
Affairs Support Structures (SSA) is a clearly defined structures, which provides a range of facilities and / or spaces for economic activities of production and services (except those that are not...
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Behavioral Economics As Applied To Firms: A Primer
February 1, 2010, 12:00am PST
The authors discuss the literatures on behavioral economics, bounded rationality and experimental economics as they apply to firm behavior in markets. Topics discussed include the impact of...
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An Overhaul Of Fed Doctrine: Nominal Income And The Great Moderation
February 1, 2010, 12:00am PST
The Great Moderation is often characterized by the decline in the variability of output and inflation from earlier periods. While a multitude of explanations for the Great Moderation exist,...
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Fibonacci Hierarchies For Decision Making
February 26, 2010, 12:00am PST
All decisions are practically made within a chainwise social setup named a Decision-Making Chain (DMC). This paper considers some cases of an idea (a project proposal) propagating through an...
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The Role Of The IASB And Auditing Standards In The Aftermath Of The 2008/2009 Financial Crisis
January 30, 2010, 12:00am PST
The primary argument of this paper is, namely, that the International Accounting Standards Board (IASB), is in need of an enforcement mechanism. In drawing attention to this argument, the paper...
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What Is The Source Of Profit And Interest? A Classical Conundrum Reconsidered
January 29, 2010, 12:00am PST
Classical political economy was underpinned by a shared view of the economy as a circular flow. This begged the question of how the value of produce can exceed the value of factor inputs: the...
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New Methods Of Estimating Stochastic Volatility And The Stock Return
January 28, 2010, 12:00am PST
The authors present a new method of estimating the asset stochastic volatility and return. In doing so, they overcome some of the limitations of the existing random walk models, such as the...
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Venture Capital And The Financial Crisis: An Empirical Study Across Industries And Countries
January 27, 2010, 12:00am PST
This paper analyzes the effect of the 2008 financial crisis on the venture capital market. The authors show that the crisis is associated with a decrease in the number of initial funding rounds as...
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Audit The Federal Reserve?
February 26, 2010, 12:00am PST
An independent institute for monetary statistics is needed in the United States, says William Barnett. Expanded Congressional audit would be a second best alternative, but would not fully address...
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Interest Rates And Bank Risk-taking
January 24, 2010, 12:00am PST
In a recent line of research the low interest-rate environment of the early to mid 2000s is viewed as an element that triggered increased risk-taking appetite of banks in search for yield. This...
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Are Managers' Perceptions Of Constraints To Growth Reliable? Evidence From A Natural Experiment In South Africa
January 18, 2010, 12:00am PST
Can surveys of what managers see as the biggest problems that their firm faces provide useful information on the main constraints to private sector and economic development and be used to...
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Heterogeneity, Trust, Human Capital And Productivity Growth: Decomposition Analysis
January 17, 2010, 12:00am PST
This paper uses panel data from Japan to decompose productivity growth measured by the growth of output per labor unit into three components of efficiency improvement, capital accumulation and...
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Threshold Cointegration In BRENT Crude Futures Market
January 12, 2010, 12:00am PST
This paper, using a Threshold Vector Error-Correction (TVECM) Model, examines whether BRENT crude spot and futures oil prices are cointegrated. By employing this methodology the authors are able...
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Has The Globalisation Really Generated More Competition In OECD Economies
January 12, 2010, 12:00am PST
Globalisation have generated a more or less competitive market according to the kind of firms. The Great moderation has structural causes such as market power, which is possible to study through...
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Modern Knowledge Based Economy: All-factors Endogenous Growth Model And Total Investment Allocation
January 11, 2010, 12:00am PST
The core problem in focus of this paper is studying how modern economy can keep sustained growth in terms of increasing reliance on both knowledge and human capitals and dependence on continuously...
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Africa And The Global Economic Crisis: A Risk Assessment And Action Guide
January 8, 2010, 12:00am PST
It is increasingly apparent that, despite earlier hopes, the global economic crisis will have a significant impact on the economies of Sub-Saharan Africa. In order to coordinate and craft the most...
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Internet Marketing In Cultural Industries: From Movie To Arts
January 19, 2010, 12:00am PST
Marketing skills have been developed by firms of several cultural industries for more than three decades. From movie companies to performing arts, from museums to art fairs, every stakeholder has...
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On The Risks Of Belonging To Disadvantaged Groups: A Bayesian Analysis Of Labour Market Outcomes
January 3, 2010, 12:00am PST
Although methods of analysis based on Bayes' theorem have had rich applications in Law and in Medicine they have not been much used in Economics. The authors use Bayes' theorem to construct two...
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Microcredit Using Equity Financing: An Alternate Approach To Equity Financing In An Interest Free Financing
January 2, 2010, 12:00am PST
Interest is prohibited in all monotheist religions; however, it features as an essential element in practiced capitalism. Interest based financial system has created two major havocs in last two...
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Dynamic Sources Of Sovereign Bond Market Liquidity
December 31, 2009, 12:00am PST
In this paper, using 482 US Dollar and Euro denominated bonds issued by 72 sovereigns, the authors examine the market and macroeconomic sources of time-series and cross sectional variation in the...
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Firm Entry, Credit Availability And Monetary Policy Transmission Under Credit Rationing
September 28, 2009, 12:00am PDT
This paper presents an additional credit channel for monetary policy that would arise in the presence of credit rationing. The author formally examine a situation in which new entry firms have no...
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Learning To Fail? Evidence From Frequent IPO Investors
August 18, 2009, 12:00am PDT
The authors examine the effects of bidding experience on two groups of investors - individuals and institutions - in terms of their decisions to bid again and their bidding returns. Bidding...
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On-Site Audits, Sanctions, And Bank Risk-Taking: An Empirical Overture Towards A Novel Regulatory And Supervisory Philosophy
August 17, 2009, 12:00am PDT
This paper investigates the role of banking supervision, measured in terms of enforcement outputs (i.e., on-site audits and sanctions) in containing bank risk-taking. The results on the direct...
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Country-Specific Risk Premium, Taylor Rules, And Exchange Rates
February 21, 2009, 12:00am PST
The adoption of a Taylor-type monetary policy rule and an inflation target for emerging market economies that choose a flexible exchange rate regime is often advocated. This paper investigates the...
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International Intellectual Property Rights: Effects On Growth, Welfare And Income Inequality In An R&D-Growth Model
October 7, 2008, 12:00am PDT
What are the effects of the WTO's TRIPS Agreement on growth, welfare and income inequality? To analyze this question, the authors develop an open-economy R&D-driven endogenous-growth model with...
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Of Low Yielders And Carry Trading - The JPY And CHF As Market Risk Sentiment Gauges
August 9, 2008, 12:00am PDT
Ever since the credit turmoil took hold in the summer 2007 financial markets have been on the brink. Volatility in asset returns and correlations have been high and investors' view on the...
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Trade Policies, Concentration, Growth And Welfare
July 25, 2008, 12:00am PDT
The aim of this paper is to analyse, through a theoretical model, the effects that the trade integration of two countries may have on industrial location, growth and welfare. The conclusions...
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Oil And Portfolio Risk Diversification
January 21, 2011, 12:00am PST
The growing presence of financial operators in the oil market has brought about the diffusion of techniques - such as feedback trading - which lead to departures of prices from their fundamental...
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Macroeconomic Management, Financial Sector Development And Crisis Resilience: Some Stylized Facts From Central And Eastern Europe
January 19, 2011, 12:00am PST
Emerging Central and Eastern Europe (CEE) is the region most affected by spillovers of the global financial crisis which originated in the U.S. and quickly spread to Western Europe and other world...
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Forecasting Output Growth By The Yield Curve: The Role Of Structural Breaks
January 18, 2011, 12:00am PST
This paper proposes a new structural-break Vector AutoRegressive (VAR) model for predicting real output growth by the nominal yield curve information. The authors allow for the possibility of both...
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The Contribution Of Domestic, Regional And International Factors To Latin America's Business Cycle
January 14, 2011, 12:00am PST
This paper quantifies the relative contribution of domestic, regional and international factors to the fluctuation of domestic output in six key Latin American (LA) countries: Argentina, Bolivia,...
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Asymmetric GARCH And The Financial Crisis: A Preliminary Study
January 6, 2011, 12:00am PST
The paper deals with estimation of both general GARCH as well as asymmetric EGARCH and TGARCH models, used to model the leverage effect of good news and bad news on market volatility. The authors...
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Efficient Committed Budget For Implementing Target Audit Probability For Many Inspectees
January 3, 2011, 12:00am PST
Strategic models of auditor-inspectee interaction have neglected implementation details in multiple-inspectee settings. With multiple inspectees, the target audit probability derived from the...
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Financial Regulation And Risk Management: Addressing Risk Challenges In A Changing Financial Environment
December 13, 2010, 12:00am PST
Amongst other goals, this paper aims to address complexities and challenges faced by regulators in identifying and assessing risk, problems arising from different perceptions of risk, and...
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A Conceptual Model Of Virtual Product Development Process
December 14, 2010, 12:00am PST
In today's dynamic marketplace, companies are under strong pressure to introduce new products for long-term survival with their competitors. Besides, every company cannot cope up progressively or...
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A Reevaluation Of The Impact Of Financial Development On Economic Growth And Its Sources By Regions
December 7, 2010, 12:00am PST
This paper estimates the impact of Private Credit to the private sector and Liquid Liabilities (as measures of financial development) on economic growth, capital growth and productivity growth for...
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Innovation Process Is Facilitated In Virtual Environment Of R&D Teams
December 7, 2010, 12:00am PST
Innovation is becoming the most important key issue for company's success in the 21st century. In the competitive environment it is necessary for the enterprises to put together different...
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What Is The Evidence On The Role Of Foreign Direct Investment In Economics Growth, And On The Determinants Of Foreign Direct Investment Flows?
February 26, 2009, 12:00am PST
Firstly the author shall investigate the determinants of FDI flows and why they have supplanted other forms of foreign investment in recent years. The author shall then turn to their effects on...
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Practical Calculation Of Expected And Unexpected Losses In Operational Risk By Simulation Methods
November 7, 2007, 12:00am PST
This paper surveys the main difficulties involved with the quantitative measurement of operational risk and proposes simulation methods as a practical solution for obtaining the aggregate loss...
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Competition, Monopoly Maintenance, And Consumer Switching Costs
November 7, 2007, 12:00am PST
Significant attention has been paid to why a durable-goods producer with little or no market power would monopolize the maintenance market for its own product. This paper provides an explanation...
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A Growth Theory And Competitiveness Gains Measure Linkage
November 7, 2007, 12:00am PST
This paper provides a macroeconomic approach and a sound conceptual foundation for the notion of "Competitiveness gains", so prone to multiple interpretations, and to make it fit for empirical...
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Positive Effects Of Fiscal Expansions On Growth And Debt
November 7, 2007, 12:00am PST
The aim of this paper is to point out the shortcomings of propositions that deny economic policy any active role and propose a simple model by which public expenditure is still recognised as...
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Nonmarket Performance: Evidence From U.S. Electric Utilities
April 2, 2009, 12:00am PDT
Building on a framework that assesses the attractiveness of 'Political markets' - where firms transact over public policies with government policy-makers - the authors develop hypotheses regarding...
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Some Critical Comments On Credit Risk Modeling
November 7, 2007, 12:00am PST
In this paper the authors are focus on drawbacks in the basis of the credit risk modeling. The credit risk along with the credit derivatives is a modern area of the financial business. In recent...
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Openess And Economic Growth: The Case Of European Expansion
April 8, 2009, 12:00am PDT
One of the rudiment features of international trade theory is that open economies achieve high economic growth rates than closed economies. This dissertation attempts to investigate the...
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Economic Growth And Poverty: Does Formalisation Of Informal Enterprises Matter?
November 7, 2007, 12:00am PST
The Informal Sector (IS) plays a significant role in developing countries viz. the provision of employment, income and supplying ignored markets. However, working and employment conditions within...
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Technical Efficiency, Technological Change And Total Factor Productivity Growth In Malaysian Manufacturing Sector
November 7, 2007, 12:00am PST
The manufacturing sector is becoming more important for the Malaysia economy. The contribution of output and employment from this sector is continuously increasing since the 1980 an, except for...
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Informational Inefficiency Of The Brazilian Stockmarket
November 7, 2007, 12:00am PST
If past information about public macroeconomic data can affect current stock prices, the stockmarket is inefficient because such a piece of information is not embodied in the prices. This is...
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Stages Of Development, Economic Policies And A New World Economic Order
January 15, 2010, 12:00am PST
This paper summarizes theoretical arguments, empirical evidence, and econometric findings to support the statement that rational economic policies depend qualitatively on stages of development...
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The Introduction Of An Appeals Court In Dutch Tax Litigation
November 7, 2007, 12:00am PST
Since January 1, 2005, the Dutch tax litigation comprises an appeals court. Before 2005, it had but one court of instance. That means that now, after a court of first instance has given its...
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Taxation Without Commitment
November 7, 2007, 12:00am PST
This paper considers a Ramsey model of linear capital and labor income taxation in which a benevolent government cannot commit ex-ante to a sequence of taxes for the future. In this setup, if the...
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Is It Time To Get Radical? A Game Theoritic Analysis Of Asian Crisis And Capital Control
November 7, 2007, 12:00am PST
Policy makers sought to achieve exchange rate stability, monetary policy freedom to achieve domestic goals and maintain a regime of free international capital mobility. (Obstfeld, Shambaugh, and...
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Multi-Product Firms, R&D, And Growth
November 7, 2007, 12:00am PST
Multi-product firms dominate production activity in the global economy. There is widespread evidence showing that large corporations improve their efficiency by increasing the scale of their...
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European Gas Regulation: A Change Of Focus
March 5, 2010, 12:00am PST
This paper confronts the current European gas regulation with the emerging new energy paradigm. It argues that due to a lack of policy credibility, the hold-up problem is a serious threat that...
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Measuring The Common Component Of Stock Market Fluctuations In The Asia-Pacific Region
March 10, 2010, 12:00am PST
This paper fits Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH) models to the daily closing stock market indices of Australia, China, Hong Kong, Indonesia, Japan, Korea,...
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Nonstationary Increments, Scaling Distributions, And Variable Diffusion Processes In Financial Markets
November 7, 2007, 12:00am PST
Arguably the most important problem in quantitative finance is to understand the nature of stochastic processes that underlie market dynamics. One aspect of the solution to this problem involves...
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Bilateral Investment Treaties, Political Risk And Foreign Direct Investment
March 12, 2010, 12:00am PST
The paper constructs a linear model to evaluate the significant impacts of Bilateral Investment Treaties (BITs) on Foreign Direct Investment (FDI) and the possible consequences of BITs. The...
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Entrepreneurship And Economics
November 7, 2007, 12:00am PST
This paper has as objective to show the relationship between the Entrepreneurship and Economics and in this paper the authors have the opportunity to verify the impact of entrepreneurial activity...
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Consideration Sets And Competitive Marketing
March 16, 2010, 12:00am PDT
The authors study a market model in which competing firms use costly marketing devices to influence the set of alternatives which consumers perceive as relevant. Consumers in the model are...
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An Essay Upon The Business Cycle Facts: The Turkish Case
March 28, 2010, 12:00am PDT
In the paper, the authors try to investigate the main determinants of the Turkish business cycles. Having examined some important issues of interest in business cycle theory, they estimate the...
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An Extension To The Neoclassical Growth Model To Estimate Growth And Level Effects
November 7, 2007, 12:00am PST
The neoclassical growth model was extended by Mankiw, Romer and Weil (1992) to estimate the level effects of additional factors like human capital. The authors suggest a further extension to...
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Different Approaches To Supply Adequacy In Electricity Markets
April 8, 2010, 12:00am PDT
This paper studies the electricity market design long run problem of ensuring enough generation capacity to meet future demand (resource adequacy). Reform processes worldwide have shown that it is...
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Worker?s Remittances As Stable Financial Flows: Some Evidence From India
April 20, 2010, 12:00am PDT
This paper dwells upon the financial dimension of workers' remittances as this issue has assumed significant policy attention across the spectrum of developing countries. Specifically, it...
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E-Entrepreneurship
November 7, 2007, 12:00am PST
This paper has as objective to refer the theme "E-Entrepreneurship" having as reference companies of the United States that operate only on internet. The authors concluded that by fact they are on...
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Governance Of Innovation In The Different Countries Of The World
November 7, 2007, 12:00am PST
This paper has as objective to approach the "Governance of Innovation in the different countries of the World", using information from World Economic Forum. The improve of cooperation between...
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Surmising Consumer Demand System & Structural Changes Using Time Series Data
May 26, 2010, 12:00am PDT
Consumer demand for food and non-food items in Pakistan has attracted the attention of various researchers. They have employed different parametric approaches, like single equation, double log...
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The Flexibility-Security Nexus In Transitional Labour Markets: An Empirical Analysis
June 9, 2010, 12:00am PDT
This paper is intended to serve as a basis for discussions and, as well, a stimulating critique on monitoring Transitional Labour Markets (TLM) in Europe. TLM arouse interest from many researchers...
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Uganda?s Access To Global And Regional Markets
June 30, 2010, 12:00am PDT
As a landlocked country in East Africa, Uganda faces two major disadvantages concerning access to foreign markets. It does not have an immediate gateway to low-cost ocean transport, but first has...
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Robust Control And Monetary Policy Delegation
July 7, 2010, 12:00am PDT
This paper adapts in a simple static context the Rogoff's (1985) analysis of monetary policy delegation to a conservative central banker to the robust control framework. In this framework,...
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Flexibility, But For Whom? : A New Approach To Examining Labour Market Flexibility Across Europe Using Company Level Data
November 7, 2007, 12:00am PST
Labour market flexibility continues to be one of the key issues in the reform of labour markets in welfare states. The way in which various countries adapt to this need differs according to their...
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Entrepreneurial Culture, Occupational Choice And Tax Policy
July 25, 2010, 12:00am PDT
This paper studies the influence of entrepreneurial culture among social groups in an economy. The cultural factor determines their occupational preferences. The authors develop a model in which a...
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Economic Capital Allocation Under Liquidity Constraints
November 7, 2007, 12:00am PST
Since the capital structure affects the performance of financial institutions confronted to liquidity constraints, the Economic Capital is determined by the maximisation of value. Allowing...
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The Labour Market Implications Of Large-Scale Restructuring In The Banking Sector In Turkey
November 7, 2007, 12:00am PST
Over the past 30 years, Turkey has had 22 Governments and during this period, macroeconomic and political instability has become a major feature of the country. Populist macroeconomic policies,...
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Some Socio-Economic Consequences Of The Green Revolution
September 13, 2010, 12:00am PDT
The green revolution has, since the '60s, been the subject of lively debate among the international scientific community not only with regards to its technical aspects but, and above all, for...
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Political Decisions, Defence And Growth
November 7, 2007, 12:00am PST
Considering the importance of military expenditures on political and economical success of a government, this empirical study analyzes the relations between political stability, economic growth...
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Evaluating Public Policy Formation And Support Mechanisms For Technological Innovation
November 7, 2007, 12:00am PST
Policy evaluation is a complex task. Most approaches now adopt a mixed method approach combining both quantitative and qualitative techniques. A shortcoming of the standard approaches is that they...
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Unemployment Insurance In An Economy With A Hidden Labor Market
November 7, 2007, 12:00am PST
This paper considers the problem of optimal unemployment insurance in a moral hazard framework. Unlike existing literature, unemployed workers can secretly participate in a hidden labor market; as...
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