This article explores the hybrid character (i.e. the resemblance of both stock and bond) of Real Estate Investment Trust (REIT) through the implied pricing kernel behind REITs prices. We use the Empirical Pricing kernel method (Rosenberg and Engle, 2002) to explore their Payoff probability...

This article addresses the question of capital control (inflow) and its varied effect on interest rates and real-side economy. The moral hazard problem causes interest rates to increase as a function of external debt. Decreased capital inflow (external debt) can reduce moral hazard and outweigh...

This paper examines the effects of compensatory-discrimination policies in a caste-based segregated economy where some high-paid positions in a certain industry are reserved for low-caste insiders as a consequence of the implementation of the policies. Cultural attitudes towards preferences for...

This paper develops an analytically tractable dynamic general-equilibrium model with a banking system to examine the macroeconomic implications of capital adequacy requirements. In contrast to the hypothesis of a credit crunch, we find that increasing the strength of bank capital requirements...

This study investigates the effects of stronger intellectual property rights (IPR) protection in the South on innovation, skills choice, wage inequality and patterns of production based on a North-South general-equilibrium model with foreign direct investment (FDI) and international outsourcing....