The relative positive economic growth experienced by most African countries in the recent decade has come with insufficient demand stimulation. The concern of poverty at the forefront of economic policy, the need for inclusive growth and sustainable development, inter alia, brings forward the...

It is commonly believed that higher budget deficits raise interest rates. However, these crowding out effects of increasing public debt have usually been found to be small or non-existent. One explanation is that on globalised bond markets interest rate differentials are offset due to financial...

In this paper, the Levine-Renelt robustness test is employed to examine the robustness of the empirical relationship between growth and various proxies for central bank independence. Experiments are made with a wide variety of the most comprehensive systematic measures of central bank...

This paper provides empirical evidence of the role of spatial factors on the determination of inflation dynamics for a representative set of tradable commodities in Chile. We present a simple model that explains inflation divergence across regions in a monetary union with similar preferences as...

We develop a dynamic multivariate default model for a portfolio of credit-risky assets in which default times are modelled as random variables with possibly different marginal distributions, and L�vy subordinators are used to model the dependence among default times. In particular, we...

Founded in 1441, King's College was one of Cambridge University's wealthiest Colleges, endowed with a vast agricultural portfolio. John Maynard Keynes was appointed bursar just after WWI and initiated a major reallocation to equities, an innovation at least as radical as the late 20th century...

In this paper we revive the analytical distinction between risky choice settings, in which we have reliable probability distributions based on past observations, and choices made in the face of uncertainty, in which probabilities are either unknown or unknowable. Many political economists assume...

The article is part of the special issue of the journal, including the proceedings of the conference "Albert Hirschman scienziato sociale" held in Rome at the Accademia Nazionale dei Lincei. The author discusses the more typically "political" aspects of Hirschman's thought.

The article is part of the special issue of the journal, including the proceedings of the conference "Albert Hirschman scienziato sociale" held in Rome at the Accademia Nazionale dei Lincei. The author discusses the dissenting nature of Hirschman's thought: against economic orthodoxy, against...

The article introduces the special issue including the proceedings of the conference "Albert Hirschman scienziato sociale" held in Rome at the Accademia Nazionale dei Lincei. The author briefly recalls Hirschman's affiliation with the Accademia Nazionale dei Lincei, the oldest scientific academy...