The study assesses the role of globalization-fuelled regionalization policies on financial allocation efficiency in four economic and monetary regions in Africa for the period 1980 to 2008. Banking system and financial system efficiencies are used as dependent variables whereas seven bundled and...

To explain the relationship between income inequality and economic growth, we develop a computational model of endogenous growth by taking the effects of fixed government expenditure into account. With such a model, a non-linear relationship between level of income inequality and economic growth...

This paper examines how regionalization in the face of globalization has affected financial development in the context of banking system efficiency in Africa. Results which are robust to financial system efficiency and growth-led-finance nexus reveal that in the post-regionalization era: (1)...

We suggest the use of a particular Divisia index for measuring welfare losses due to interest rate wedges and inflation. Compared to the existing options in the literature: i) when the demands for the monetary assets are known, closed-form solutions for the welfare measures can be obtained at a...

Our work is based on a simplified heterogenous-agent shopping time economy in which economic agents present distinct productivities in the production of the consumption good, and differentiated access to transacting assets. The purpose of the model is to investigate whether, by focusing the...

This paper investigates which properties money-demand functions have to satisfy to be consistent with multidimensional extensions of Lucas (2000) versions of the Sidrauski (1967) and the shopping-time models. We also investigate how such classes of models relate to each other regarding the...

It has been known that, in the overlapping generations (OLG) model with the complete market, we can judge optimality of an equilibrium allocation by examining the associated equilibrium price. This article reexamine this observation in a stochastic OLG model with the maxmin expected utility...

This paper builds on Lucas [Econometrica 68 (2000), 247–274] and on Cysne [Journal of Money, Credit and Banking 35 (2003), 221–238] to derive and order six alternative measures of the welfare costs of inflation (five of them already existing in the literature) for any vector of opportunity...

While ongoing analysis will shed light on why inflation has been so contagious, several factors are likely at play and continue to pose risks to inflation, which although declining in 2023 appears to have left the bitter effects of the exchange rate behind unbalanced exchange rate.While the Bank...

Comparing the GDP growth rates of different regions can play a role in asset allocation, helping investment decisions in fast-growing regional economies.However, experts clarify on the other hand, that beyond the foreign investments that have entered Albania, the lack of diversification of...