The present paper analyses government controls of international capital flows using Korean data. First, indexes of liberalizations are constructed on controls of capital inflows and outflows based on documented policy changes made by the Korean government. Second, VAR models are estimated that...

This article shows how IGARCH effects can arise as an artifact of unaccounted structural change. Using daily returns for the DM/US$ and Yen/US$ exchange rates, the finding is shown to have empirical relevance. GARCH models appear to be useful approximations, for short-term forecasting, to a data...

This study applies the Markowitz analysis to the Istanbul Stock Exchange and empirically investigates the performance of this tool in an emerging market setting. The results show that during the early years of establishment of an emerging stock exchange, an active strategy of mean variance...

One strategy to address the charge that previous statistical measures overestimate the degree of antiblack discrimination in the US labour market because cultural factors have been omitted, has been to control for culture and vary colour. The procedure is to examine labour market outcomes for...

Benhabib and Spiegel (1996) argue that human capital increases technological diffusion and, as a result, has a positive effect on economic growth. When human capital is accounted for in this way they find that other institutional variables do not affect growth. Their finding are re-examined by...

This study investigates philanthropy, an American tradition. A censored system of donation equations is estimated by full-information maximum likelihood, using data from the 1995 Consumer Expenditure Survey. Results suggest that the censored system estimates are more appropriate than the...

The paper studies the co-movement between output and prices in the EU15 countries. Following Den Haan, the correlations of VAR forecast errors at different horizons are used to analyse the dynamics in the output-price relationship. The empirical results show that ten countries display a...

The behaviour of the real exchange rates (relative to the US dollar) is examined in this article using monthly data obtained from the black markets for foreign exchange of eight Asian developing countries. Using the quasi maximum likelihood estimation procedure of Robinson (Annals of Statistics,...

This paper illustrates that even during periods of sustained economic growth, gains in family welfare may not be spread evenly across income classes.

The first four moments of four indices of equity returns produced by the Irish Stock Exchange are examined across different market directions. Using standard F, Kruskal-Wallis and Levene tests daily seasonality is confirmed in all, although in a pattern different to that found elsewhere. In...