Developing countries have been increasingly adopting the Private Sector Participation (PSP) model in the delivery of electricity, telecom and water services. The results from individual studies on the impact of PSP has been mixed. This systematic review synthesizes the evidence on access and...

Although much of banking theory and regulation is based on banks modeled as fragile liquidity transformers, this view does not appear to have solid empirical foundation. We show that the amount of liquidity transformation measured as the scaled difference between liquid liabilities and assets...

Both financial and non-financial firms routinely implement hedging policies to mitigate their exposure to changes in asset prices. However, while these policies may perform satisfactorily in the limited sense of hedging the exposure under consideration, they might increase the overall likelihood...

One of the few regulations that all private foundations in the United States face is the requirement that they spend in grants and administrative expenses at least 5 percent of the value of their endowment. This number remains less a product of economic reasoning than three decades old political...

Recent changes in financial markets have altered the structure of liquidity provision and thus undercut the relative importance of the banking sector. Our analysis suggests a significant contraction of banks' role as liquidity transformers and hence a reduction in their susceptibility to the...

Both financial and non-financial firms routinely implement hedging policies to mitigate their exposure to changes in asset prices. However, while these policies may perform satisfactorily in the limited sense of hedging the exposure under consideration, they might increase the overall likelihood...

Although much of banking theory and regulation is based on banks modeled as fragile liquidity transformers, this view does not appear to have solid empirical foundation. We show that the amount of liquidity transformation - measured as the scaled difference between liquid liabilities and assets...

Traditional U.S. industries with higher firm-specific stock return and fundamentals performance heterogeneity use information technology (IT) more intensively and post faster productivity growth in the late 20th century. We argue that elevated firm performance heterogeneity mechanically reflects...

This paper empirically examines the exchange rate pass-through elasticity, using sheep meat exports from the two major exporters, Australia and New Zealand. The results show the coexistence of incomplete and complete pass-through in the international sheep meat industry. The Australian sheep...

We analyze a set of countries which adopted inflation targeting (IT) as a policy tool. We model the pre-IT period with ARMA and GARCH methods, and conduct the one-step ahead forecasting for the remainder of the times series data. The actual and forecasted inflation levels are compared for each...