In this paper we introduce a new method to describe dynamical patterns of the real exchange rate movements time series and to analyze contagion in currency crisis. The method combines the tools of Symbolic Time Series Analysis with the nearest neighbor single linkage clustering algorithm. Data...

This paper studies the impacts on economic growth of a small tourism driven economy caused by an increase in the growth rate of international tourism demand. We present a formal model and empirical evidence.The ingredients of the dynamic model are a large population of intertemporally optimizing...

The present paper argues that, in line with Nelson-Phelps (1966), there exist important complementarities among educational attainment, Ramp;D activities (and their derived innovations) and economic growth, although subject to a quot;skill-loss effectquot; (delta;-effect), due to the presence of...

Routinely, practictioners and academics alike propose the use of trading strategies with an alleged improvement on the risk-return relation, tipically entailing a considerably higher return for the given level of risk. A very popular example is "A quantitative approach to tactical asset...