We address the impact of corruption in a developing economy in the context of an empirically relevant hold-up problem - when a foreign firm sinks an investment to provide infrastructure services. We focus on the structure of the economy’s bureaucracy, which can be centralized or decentralized,...

Little is known about the living conditions of a growing number of elderly in India who predominantly coreside with their children. Mutual sharing of responsibilities is important in coresidency arrangements involving exchange of financial and other services between the elderly and their...

The present paper empirically examines the effects of ownership structure on capital structure and firm valuation in four East Asian countries worst affected by the last Crisis. In doing so, we distinguish ownership from both control and management and also allow for the simultaneity between...

The total market containing all assets is in equilibrium where all investors have the same utility functions and hold the same fully diversifed total market portfolio. This is not an equilibrium, however, where they have different utility functions, even if they are all risk averse. Then...

This paper examines the output and productivity performance of the Transport and Communication sector in Hong Kong and Singapore, from 1990 to 2005. The aim of the paper is two-fold. First, the paper introduces a method for derivation of appropriate currency converters or purchasing power...

In the last 15 years or so, ETA activity has substantially decreased, but also changed.Whilst the type of killings has become more specialised (politicians, reporters, etc.), a new phenomenon based on urban guerrilla tactics, and called in Basque “kale borroka” (street fighting), has...

In this paper, we investigate empirically the relationship between inflation and inflation uncertainty in twelve EMU countries. We estimate a time-varying parameter model with a GARCH specification for the conditional volatility of inflation in order to distinguish between short-run (structural...

In this paper we examine several approaches to detecting changes in the djustment coefficients in cointegrated VARs. We adopt recursive and rolling techniques as mis-specification tests for the detection of non-constancy and the estimation of the breakpoints. We find that inspection of the...

Procyclicality is a normal feature of economic systems, but financial sector weaknesses can exacerbate it sufficiently to pose a threat to macroeconomic and financial stability. These include shortcomings in bank risk management and governance, in supervision and in terms of dependence on...

We analyse whether tests of PPP exhibit erratic behaviour (as previously reported by Caporale et al., 2003) even when (possibly unwarranted) homogeneity and proportionality restrictions are not imposed, and trivariate cointegration (stage-three) tests between the nominal exchange rate, domestic...