New residential construction is significantly more procyclical in emerging markets than in developed countries, although the correlation between aggregate investment and output is similar across emerging and developed countries. This paper shows that a multi-sector stochastic growth model with a...

This dissertation presents three theoretical essays on insider trading in financial markets. The first essay studies the workings of a cash market and a futures market under uncertainty. The model in this essay is an extension of work by Danthine (Journal of Economic Theory, 1978), in which...

The dissertation examines an informal financial institution in Cameroon: the Rotating Saving and Credit Association. Its describes the operational procedures. RoSCAs are associations formed by a core of individuals who willingly and regularly contribute periodically a fixed or variable amount to...

The aim of this research is to investigate the hypothesis that the government may have interfered with the functioning of the private sector in Brazil, through the economic phenomenon which has been referred to in the economic literature as the "crowding-out" effect.

Investors in financial markets face several restrictions apart from wealth constraints. The first attempt to understand these restrictions in a general competitive equilibrium framework can be traced back to Radner (1972). Here these restrictions are assumed to be given exogenously, as first...

An abundant literature is concerned with the existence of equilibrium in incomplete markets where participation to financial markets is not restricted. To mention a few, Cass (1984), Werner (1985), Geanakoplos and Polemarchakis (1986), Duffie (1987), Duffie and Shafer (1985) and Magill and...

This dissertation extends previous research on bubbles by investigating whether changes in the financial asset prices of the S&P500 reflect changes in fundamentals. We propose that if this is not the case the volatility is due to a bubble. Hence, this is the general hypothesis from which several...

This dissertation has a twofold objective: to extend the Williamson asset specificity hypothesis and to empirically test both the asset specificity hypothesis and the extension. The Williamson asset specificity hypothesis asserts that the financial leverage used by firms is a function of the...

The study tested three types of models, i.e. financial, macroeconomic, and the combined financial-macroeconomic model (FINMAC), an aggregation of the expanded Gordon model and the IS-LM model. This was done to determine the impact of certain financial and macroeconomic variables on stock prices...

This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...