pment in the process of economic growth, a convincing theoretical framework was lacking until the recent publications of McKinnon [19] and Shaw [25]. Indeed, neoclassical growth theories provide, in the main, a negative role to the monetary process. Here, a reduction rather than an increase in...

The analysis of Tobit model with non-normal error distribution is extended to the case of asymmetric Laplace distribution (ALD). Since the ALD probability density function is known to be continuous but not differentiable, the usual mode-finding algorithms such as maximum likelihood can be...