Misspecification of agents' information sets or expectation formation mechanisms maylead to noncausal autoregressive representations of asset prices. Annual US stock prices are found to be noncausal, implying that agents' expectations are not revealed to an outside observer such as an...

This paper illustrates how Lorenz Curves can be used to identify the best income distribution on social welfare grounds, within a set of alternative income distributions generated by different policy options. After highlighting some drawbacks of using specific functional forms of the Social...

Recipient countries and creditors have different perspectives on proposals for reform of the international financial architecture. The difference arises from varying perceptions of the causes of the East Asian crisis. Creditors emphasize inappropriate policies of borrowing countries, and...

The article explains the status of adoption of IFRSs in the major countries of the world. Study of the strategy adopted by other nations in convergence with IFRS can teach valuable lessons to ensure that convergence as envisaged in India becomes a reality as per the schedule.

For a few years the revenue services of the DGDA have increased in a spectacular way in Democratic Republic of Congo. Thus, the objective of this paper is to empirically examine the evolution of these monthly receipts of 1982 to 2005. The Heteroskedastic Conditional Autoregressive model (ARCH)...

In this paper we present a comparative analysis of poverty and income inequality prevalent in the seven towns of Lahore. Further, an analysis of gender inequality and overall social development is presented by considering education, health, and labor market conditions. We have computed the...

The paper finds that countries which practice democracy are less prone to unequal outcomes especially when it comes to wage inequality and income inequality whereas autocracy is associated with higher level of wage inequalities but its impact on income inequalities are insignificant. Though...

The paper analyses the relationship between the popular Barro and Lee (2001) ‘Average years of Schooling’ with income inequality, wage inequality, and income deciles and income percentiles for the sample of developed and developing countries. The results suggest that countries where students...

Using the Cambodia Socioeconomic Survey 2004 and employing micro-static simulation techniques, we measure the potential impacts of cash transfer programs for children to identify targeted groups that will have the most effect on poverty and school attendance. We conclude that the largest impacts...

This article investigates empirically whether foreign and domestic credit rating agencies tightened their standards for evaluating Japanese regional banks from 2000 to 2009. We extend and enhance previous studies, including Gonis and Taylor (2009), by estimating an ordered probit model using...