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Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...
Persistent link: https://www.econbiz.de/10013081100
Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...
Persistent link: https://www.econbiz.de/10009764425
Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...
Persistent link: https://www.econbiz.de/10011730420
Differently from Atkinson and Morelli (2011) who detect no clear link between increases in income inequality and systemic banking crises, we show that a large majority of crises occurred between 1982 and 2008 have been preceded by persistently high levels of income inequality. Such association...
Persistent link: https://www.econbiz.de/10013079867
Persistent link: https://www.econbiz.de/10001493867
Persistent link: https://www.econbiz.de/10000984169
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Persistent link: https://www.econbiz.de/10001807000
Maximum likelihood estimation (MLE) of stochastic differential equations (SDEs) is difficult because in general the transition density function of these processes is not known in closed form, and has to be approximated somehow. An approximation based on efficient importance sampling (EIS) is...
Persistent link: https://www.econbiz.de/10014183458
Persistent link: https://www.econbiz.de/10012888275