This paper explores the business cycle in Bulgaria and the Baltic countries: Estonia, Latvia and Lithuania during the 1993-2005 period. The paper aims at deepening the understanding of the nature of output fluctuations. The neoclassical approach will be employed, much in the spirit of the real...

In this paper we consider a Markov-modulated dual risk reserve process with a multi-threshold dividend strategy. We study the risk reserve process that can start at any level of the threshold. An integral equation for the conditional non-ruin probability is obtained. Further in two states, we...

This paper studies the effect of the economic crisis in the unemployment of Greece compared with the unemployment of EU17 (countries that have adopted the Euro as their official currency) through a quantitative approach. Specifically, the hysteresis of the unemployment rate was examined before...

The purpose of the paper is to present a real option valuation (ROV) model that will help to measure the value of managerial flexibility. The value of managerial flexibility appears to play a pivotal role nowadays, given the transition nature of Latvian economy. There are few academic works on...

This paper considers an equilibrium/error correction modelling (ECM) approach to identify determinants of mortgage portfolio default rates at firm level. Using mortgage portfolio data from a UK lender we estimated the lender's portfolio concentration weights in different UK regions to estimate...

This paper attempts to estimate overall inefficiency of the sample of vegetable farms in Uzbekistan. Using the duality between the directional input distance function (DIDF) and the cost function, the study reports allocative inefficiency scores in addition to technical inefficiency in the...

This paper examines the effect of exchange rate volatility for a set of three European countries, Germany, Sweden and the UK, on sectoral exports for the period 1973 q1-2010 q4. In addition to the standard deviation of moving average of the logarithm of the exchange rate, a new measure capturing...

We employ wavelet decomposition and nonlinear causality test to investigate the nexus between the real oil price and the real effective exchange rate in three GCC countries: Qatar, Saudi Arabia and UAE. We find strong evidence in favour of a feedback hypothesis in Qatar and UAE and of a...