This paper examines the increase in generational selfishness in parametric reforms of pay-as-you-go (PAYG) pension systems as a potential outcome of the time-inconsistency problem in optimal policies. When an adverse demographic shock occurs, the planner has to decide on its generational...

In this paper we examine the dynamic relationship between interest rate reforms and economic growth in Tanzania using two tests. In the first test, we examine the impact of interest rate reforms on financial deepening using a financial deepening model. In the second test, we examine whether the...

We analyze the welfare-maximizing policy mix between explicit and implicit taxation, where the probability of survival of the young agents depends upon the share of government expenditure on health, education and infrastructure. We show that increases in the survival probability lead to an...

This paper considers the implications of having trade and investment liberalization occur at different points in time. It is found that such a sequencing can be detrimental to the process of liberalization, but can never be beneficial. In particular, it is possible to find distributions of...

Recent analysis of detailed product-level trade data points to substantial heterogeneity in variety and quality patterns in international trade. We study the evidence of variety and quality of manufacturing trade among European Union countries. The existing methodology is extended by...

Money laundering is a dynamic activity attempting to circumvent anti-money laundering (AML) actions. We propose a money-laundering detection approach encompassing three separate detection measures applied simultaneously, providing a consolidated index to minimize circumvention. The index...

We estimate the influence of trade preferences granted by Argentina on the origin of its imports. We try to identify if changes in Argentina's trade policy toward a set of countries had a differential effect, depending on whether goods were already traded, or on the contrary, if tariff changes...

This article examines the nature of migrant remittances and the amount by which income poverty and inequality will be reduced given migrants' remittances. We used the living standard survey (NLSS) data set produced by the government of Nigeria to help track poverty reduction progress. The unit...

A framework for examining the process of financial market development is proposed. The framework is anchored in studying the incentives facing the key players in financial markets - borrowers, lenders, liquidity providers, and regulators - whose actions determine whether and how markets develop....