In this paper we tackle the problems of dimensionality of welfare and that of identifying the multidimensionally poor by first finding the poor using the original space of attributes, and then reducing the welfare space. The starting point is the notion that the "poor" constitutes a group of...

This paper suggests a model based on Poisson processes to estimate joint credit losses without the limitations of normality assumptions and non-negative correlation. Idiosyncratic and systematic risks are seen as “shocks” and defaults are driven by a latent variable (loans' lifetimes). The...

This paper investigates whether the country-level financial environment in which microfinance institutions (MFIs) have to work affects their operations. In particular, we argue that the efficiency of MFIs is determined by the extent to which financial markets of countries are developed. On the...

This paper studies the joint dynamics of momentum and reversal strategies in the U.S. stock market. Momentum investors face uncertainty about whether past patterns of price movements will continue (momentum) or reverse, thereby increasing volatilities of momentum returns and occasionally leading...

This research investigates the relationship between value and dividend policy in a bank, based on relevant empirical literature developed during the last twenty years. The approach of meta-analysis employed here allows studies to be grouped and analyzed according to precise research questions...

In this paper the authors focus on credit connections as a potential source of systemic risk. In particular, they seek to answer the following question: how do we find densely connected subsets of nodes within a credit network? The question is relevant for policy, since these subsets are likely...

In this paper, we empirically show how wavelet decomposition can provide an easy vehicle to study the systematic risk properties of return series to serve as protocol for different traders who view the market with different time resolutions. By using the separate catalogue of Large Cap, Mid Cap...

In this paper the authors focus on credit connections as a potential source of systemic risk. In particular, they seek to answer the following question: how do we find densely connected subsets of nodes within a credit network? The question is relevant for policy, since these subsets are likely...

This paper seeks to contribute to the ongoing controversy on the distributional effects of structural reforms in developing countries. Applying inequality indices and Fields' (2001) decomposition methodology to Bolivian household survey data of the years 1989 to 1997, we identify recent trends...

Unlike leaders and scholars in the rest of the world, at least one Chinese leader and a Chinese scholar have identified the need to establish economic democracy as basis for introducing political democracy. Economic democracy also increases survival for the many by reducing environmental...