This article offers an overview of the Relative Income Theory’s core elements formulated by J. Duesenberry, from the way it solves the contradiction apparent between the different empirical findings about consumption function. Next, the analysis model is presented; issues concerning the...

We propose an explanation for the provision of attention and care to aged parents; we suggest a reason why the presence of young children could support rather than inhibit the provision of this care; and we provide an explanation as to why daughters are more often observed to provide attention...

In June 2009 a new financial supervisory framework for the European Union (EU) was endorsed, consisting of a macro- and a micro-prudential pillar. The latter is composed of a Steering Committee, a supranational layer and a network of national supervisory authorities at the bottom, de facto...

We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role...

This Selected Issues paper aims to present a medium-term reform strategy that could be pursued by Libya to accelerate its transition to a market economy. The paper reviews the main characteristics of the Libyan economy, and medium-term prospects under current policies. It examines the priority...

There is a concern that the state-dominated, inefficient, and fragile banking systems in many low-income countries, especially in sub-Saharan Africa, are a major hindrance to economic growth. This paper systematically analyzes the impact of the far-reaching banking sector reforms undertaken in...