This paper investigates the factors that determine electric power prices in the Colombian market. In addition, we carry out a long-run forecasting analysis to pool-traded electric power prices by using Vector Error Correction estimation and neuronal networks. Given the optimistic atmosphere that...

One of the growing agricultural subsectors in developing countries is livestock. Livestock and livestock products account for a third of the agricultural gross output. However, the lack of viable livestock market information systems to increase efficiency of markets and support the decision...

The aim of this paper is to investigate non-synchronous trading effect in terms of predictability. This analysis is applied to daily and one-minute interval data on the KOREA stock market. The results indicate evidence of predictability between indices with different degrees of non-synchronous...

The paper investigates the sources of real output variability in Croatia by assessing the impact of macroeconomic structural shocks on fl uctuations in real output. The analysis is based on a structural vector autoregressive model (SVAR) where structural shocks (demand, supply and nominal) are...

This paper studies the dynamic interactions and the spillovers that exist among patent application intensity, secret innovation intensity and stock returns of a well-defined technological cluster of firms. We study the differential behavior when there is an Innovation Leader (IL) and the rest of...

For resolving the "purchasing power parity puzzle", Rogoff (1996) proposed that the convergence of real exchange rates to PPP should be shorter than that found in previous studies. Many previous studies have tried to resolve the purchasing power parity puzzle through the nonlinear modeling of...

Various effects of the financial deepening came to the centre of academics as well as policy-makers discussions during last four decades especially in relation to the financial sector development. Together with financial liberalization and international financial integration economists focus...

In this paper we propose a multivariate dynamic probit model. Our model can be considered as a non-linear VAR model for the latent variables associated with correlated binary time-series data. To estimate it, we implement an exact maximum-likelihood approach, hence providing a solution to the...