The increased financial disintermediation that characterizes the Malaysia's financial system since the early 1990s has contributed towards changes in the dynamics of monetary transmission mechanism. Using quarterly data from 1980: 1 to 2005: 4, we found a greater effectiveness of monetary policy...

The Boxer uprising in China (1900) killed quite a number of foreigners and missionaries, which induced the armies of eight Western powers to invade China and they imposed an indemnity of 400 million silver taels. The international silver price around the 1900s was slumping, and these...

Trust has been discussed in many social sciences including economics, psychology, and sociology. However, there is no widely accepted definition of trust. Inparticular, there is no definition that can be used for economic analysis. This paper regards trust as expectation and defines it using...

In this paper, we study the relationship between welfare and real interest rates in Aiyagari and Williamson's (2000) setting. They developed a dynamic insurance contract model with an incomplete market monetary economy and demonstrated that the optimal inflation rate is positive. This paper...

This paper examines the predictability smile at the shortest end of the term structure. The existence of a predictability smile has been well documented: spreads between long rates and short rates are able to forecast subsequent movements in interest rates well, provided the horizon is three...

This paper presents the analysis of sigma (σ) and beta (β) convergences of per capita GDP among the 10 European countries which accessed the European Union in 2004. Our results confirm the existence of both types of convergence in the second half of the 1990s and the 2000s. Generally, the...

We define a hypergraph by a set of associations which consist of nonexclusive two or more players. It is a generalization of a graph (or a network) in the sense that an association, the counterpart of a link in a hypergraph, connects any number of nodes, not simply a pair of nodes. We...