In 1995, Mexico introduced a price-level-adjusting unit of account called the Unidad de Inversion (UDI). Loans denominated in UDIs maintain their purchasing power and provide a real rate of return in pesos. This study examines the real rate of return earned by dollar investors in UDI mortgages...

The recent global credit and liquidity crisis have underscored the importance of systemic risk, especially in the banking system, which is the risk of the failure of the financial system caused by the default of one banking institution. The challenging environment has weakened Vietnamese banking...

While corporate governance in Vietnam banking system has been one of the major concerns of all market participants, researches in this area are limited. Actual practices of the responsibilities of board of directors in the two selected banks are evaluated against OECD and Basel principles of...

This report is the first in a series of four reports that describe the results of accelerated pavement tests on full-scale pavements with “wet†base conditions at the Pavement Research Center, located at the University of California Berkeley Richmond Field Station (RFS). The report...

In 1995, Mexico introduced a credit system based on a price-level-adjusting unit of account called the Unidad de Inversion (UDI), which is Spanish for unit of investment. The Bank of Mexico maintains an UDI Index, which sets the peso value of an UDI on any given day. Loans denominated in UDIs...

Despite its professed emphasis on the real world, the Post Keynesian literature lacks a history of business cycle fluctuations in a particular economy. This is an extremely important oversight. Not only might such a study be useful to researchers, but students are anxious to acquire practical as...

Finding satisfactory explanations of deviations from uncovered interest rate parity (UIRP) has proved to be a frustrating experience for Neoclassical economists. Studies have focused on the role of risk, but thus far no one has been able to put forward a source thereof that can account for the...

Empirical studies using surveys of exchange rate expectations have become very popular in the literature. The majority have concluded that shortterm currency market activity appears to be inconsistent with the standard neoclassical characterization and that, as a consequence, economists should...

The goal of this paper is to provide a model and method for those wishing to include the Post Keynesian perspective when teaching exchange rate theory. It begins by reviewing neoclassical approaches (purchasing power parity, the monetary model, and the Dornbusch model) and then develops a...

Neoclassical economists have, by their own admission, had a terrible time explaining foreign- currency prices. Not only have they been unable to develop models that explain the past time series of foreign exchange rates with any regularity but their premises lead to conclusions about the...