The main thesis in this manuscript is that a social choice theory based on aggregating individual preferences and values is insufficient to confront the social choices that today’s world is facing. It is defended in here that institutions play a critical role in any social choice, and that the...

This study inquiries the determinants of trade Costs of Afghanistan with its Major Trading Partners. The study elaborates the determinants of trade costs include transportation costs (both freight costs and time costs), policy barriers (tariffs and non-tariff barriers), information costs,...

This paper describes one proposition about dynamic Markowitz portfolio selection in an open economy. Here it is proved that, assuming that two countries in an open economy share the same risk absolute aversion coefficient and the same information set with some conditions, the portfolio each...

The recent global recession requires policy makers to identify the relative importance of shock transmission mechanisms in each region and devise counter policy measures against future idiosyncratic shocks. In the last decade, world dynamics have changed considerably due to increased openness...

Connection between interest rate and foreign exchange is important because of the economic volatility of the two variables, which has an impact on several macroeconomic indicators: inflation, real income, exports and imports. This papers aims to establish a series of characteristics regarding...

Large dollar reserves in Asian EMEs accompany large US fiscal and current account deficits. Analysis of strategic sales by Asian EMEs suggests that an attack on the dollar is not certain but is possible. A unique equilibrium where Asian EMEs sell their reserves does not exist but there are...

Die Volkswirtschaften der Schwellenländer: Beziehung zwischen Liberalisierung und Leistung Die Kernaussage dieses Beitrags besteht darin, dass der Fortentwicklung und Liberalisierung der Finanzsysteme von Schwellenländern signifikante Wachstumsimpulse beizumessen sind. Deregulierung schafft...

This paper addresses the dynamics of the Swedish external position, with a particular focus on its inter-relation with the external value of the krona. We argue that financial globalisation means that a broader conceptual framework is required, whereby exchange rate fluctuations operate through...

The strategy type at the company level has an impact upon the selection and implementation of the strategy at the business level. The international strategy at the company level is different from the international strategy at the business level through the diversification extension degree (both...

The purpose of this paper is to explain the magnitude of the misalignment of the real exchange rate and its determinants for the MENA countries. Misalignment is defined as the deviation of the real exchange rate from its equilibrium level, unlike volatility which is defined as fluctuations that...