The accurate specification of returns distributions has important implications in financial economics. A common practice in financial econometrics is to assume that the logarithms of stock returns are independent and identically distributed and follow a Normal distribution. However, daily stock...

This paper studies a simple stochastic two-period general equilibrium exchange model with money, an incomplete market of nominal assets, and a competitive banking system, intermediate between consumers and a Central Bank. There is a finite number of agents, consumers and banks. Default is not...

We are interested in proving an equilibrium existence result in a general equilibrium model with incomplete nominal asset markets. When we relax the assumption of strict positivity of initial endowments, then, as it is the case for every general equilibrium existence problem, we need to...

This paper studies a simple stochastic two-period general equilibrium model with money, an incomplete market of nominal assets, and a competitive banking system, intermediate between consumers and a Central Bank. There is a finite number of agents, consumers and banks. Default is not permitted....

This paper studies a simple stochastic two-period general equilibrium exchange model with money, an incomplete market of nominal assets, and a competitive banking system, intermediate between consumers and a Central Bank. There is a finite number of agents, consumers and banks. Default is not...

The paper gauges export demand elasticities for Russia using an Error Correction technique within a cointegration framework. An extended version of the Imperfect Substitutes Model has been implemented to estimate the sensitivity of Russian exports without oil components to price and to Russian...

This paper considers the dynamics of human capital in Russia, examining its changes over the transition period. A theoretical model has been developed to explain why a significant endowment of human capital creates the possibility but not the certainty of sustainable economic growth. An overview...

This study aims to provide an overview of recent developments in the export performance and international competitiveness of Italy. Using a flexible approach based on a structural time series model, I have assessed the extent to which price competitiveness and non-price competitiveness affect...

type="main" xml:id="twec12153-abs-0001" <title type="main">Abstract</title> <p>This study investigates the drivers of export demand in the peripheral economies of the Euro Area, namely Greece, Ireland, Italy, Portugal, and Spain (GIIPS), for the period between 1980 and 2012. Recently, several authors have pointed out that...</p>

This article examines the main determinants of the Russian real effective exchange rate (REX) movements over the transition period started in the early 1990s. To understand the forces that drive exchange rate dynamics, five strands of the empirical literature have been combined ina time series...