Udenlandsk låntagning er en integreret del af udvikJingsprocessen, og der var indtil i al fald begyndelsen af 1980erne udbredt enighed om det nyuige I at overføre udenlandske opsparingsoverskud til u-Iandene. Sådanne overførsler giver for det første mulighed for at øge investeringerne og...

This article analyzes the relationship between growth and income distribution in developing countries. Three important hypotheses are scrutinized: The U-hypothesis, the absolute income hypothesis and the hypothesis of conflict between growth and a more equal income distribution. After a review...

The objective of this paper is to highlight the idea according to wish the current misery of the DRC would be mainly dependent on the debt crisis of the years 1970-1980. To analyze this problem, the econometric approach was privileged and more precisely the cointegration. By the cointegration,...

I had the pleasure to hear Dr. Soheil Mahmoodzadeh discuss his job market paper (Mahmoodzadeh & Gençay, 2015) recently at the University of Victoria Department of Economics seminar. The paper studies the effect of changes to tick size from pip to decimal pip for major currency pairs by the...

Foreign aid has evolved considerably over the last five decades in response to a dramatically changing global political and economic context. This paper takes a retrospective look at this process and discusses whether aid has been effective in furthering economic growth and development. The...

Tail hedging is a portfolio management strategy meant to reduce the risk of large losses. For an investor who holds a stock market index fund, the strategy entails buying out of the money put options on the index. Research suggests the strategy works well in practice and I explore the returns to...

Exploration is a costly activity that helps a business improve their understanding of a potential mineral deposit. Yet, even with strong exploration results, the business faces uncertainty over the value of the mine. I model this situation as a game of chance. The game starts by giving an agent...

The design of an adequate pension system is a very complex because it must contemplate multiple objectives. Must be inclusive, reduce poverty in old age, providing appropriate incentives in the labor market, increasing the aggregate savings of the economy, the ability to smooth consumption...

This paper develops a model of valuation of investment projects which includes nano-medical scientific and industrial dynamics, and its regulation. First critically analyzes the literature on valuation of investments, arguing that the methodology of real options is the most appropriate. It is a...

Consider an agent who holds a stock, but is allowed to buy and hold some quantity of at-the-money put options on the stock. Such an agent must decide the optimal use of financial derivatives under trade restrictions. This paper uses simulation to compare the optimal quantity when the agent...