This article studies the monetary transfers system that was created by the short-term inland bill of exchange markets. For decades this system was the most practical way of channeling the growing volume of transfers which were taking place as a consequence of the growth of the Spanish economy....

In the context of limited dependence at large lags, Andrews (2002) showed the magnitudes of the error in rejection probabilities of the symmetric two-sided block bootstrap t, Wald and J tests. Andrews (2004) introduced the block-block bootstrap and proved that it obtained better asymptotic...

This paper proposes several new tests for structural change in the multivariate linear regression model. One of the most popular alternatives are Sup-Wald type tests along the lines of Bai, Lumsdaine and Stock (1998), which Bernard,Idoudi, Khalaf and Yélou (2007) show to have very large size...

We analyze extreme movements of the main stocks market indexes in the European Union. We find that the Sweden and UK markets are the preferred ones for risk averse investors since they present the best risk-return performance. Moreover, the UK market is found to have a very low dependence with...

We have analysed extreme movements of the main stocks traded in the Eurozone by sectors in the 2000's decade. We find several patterns. <italic>First</italic>, we can classify firms by sector according to their different estimated Value-at-Risk (VaR) values but we cannot find differences according to their...

The objective of this article is to analyse the determinants of preferences for redistribution in Spain both at an aggregate and regional level. Using country level data, we put to the test the Alesina and Angeletos' (2005) hypothesis, the strong and positive relationship between the 'belief...