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Economics
Persistent link: https://www.econbiz.de/10009431908
In this paper, we define dynamic and static factors and distinguish between the dynamic and static structure of asset excess returns. We examine the value-weighted market portfolio as a dynamic factor and propose an intuitively appealing procedure to search for more dynamic factors. We find...
Persistent link: https://www.econbiz.de/10009477376
The existing theoretical analysis of microfinance focuses on the nature of the loan contract such as group liability. We draw attention to the role of missing or imperfect labor market in understanding some of the important `second generation' debates in microfinance. Our analysis helps explain...
Persistent link: https://www.econbiz.de/10015233932
This paper analyzes a social insurance system that integrates unemploymentinsurance with a pension program through an individual account, allowingworkers to borrow against their future wage income to finance consumptionduring an unemployment episode and thus improving their search...
Persistent link: https://www.econbiz.de/10009472336