This research assesses the distributional characteristics of growth in Pakistan by applying statistical techniques suggested in the empirical literature on poverty and income inequality. An attempt is also made to determine the relative contribution of economic growth and distribution of income...

Systematic risk has been a focus for stress testing and risk capital assessment. Under the Vasicek asymptotic single risk factor model framework, entity default risk for a risk homogeneous portfolio divides into two parts: systematic and entity specific. While entity specific risk can be...

The Basel Accords have created the need to develop and implement models for PD, LGD and EAD. Although PD is quite well researched, LGD and EAD still lag both in theoretical and practical aspects. This paper proposes some empirical approaches for EAD/LGD modelling and provides technical insights...

Based on Aghion et al. (2005), this article provides new insights regarding whether financial development can affect economic growth non-linearly by adopting the concept of threshold effects. The empirical approach adopted in this article allows for the finance-growth relationship to be...

This paper presents an open economy model with tradeable and nontradeable sectors in which households cannot supply labour in both sectors at the same time. In this economy, the Frisch elasticity of labour supply is infinite. I analyse how the infinite labour supply elasticity interacts with the...

The purpose of this paper is to analyze the impact of the adoption of the Euro on trade within the Euro-zone, in particular on how it specifically affects the Iberian Peninsula, more specifically the country of Portugal. The literature on monetary unions has argued that there are benefits and...

This contribution to the Festschrift in memoriam of Karl Brandt and Alfred E. Ott establishes the axiomatic unity of circuit, money, price and distribution theory. From the history of economic methodology and from actual practice follows: one cannot not axiomatize. The crucial question is not...

The concept of resilience has attracted increasing interest in regional economics. In the flourishing literature, however, results are far from being conclusive, even when referring to the same case study. Undoubtedly, this mixed evidence potentially stems also from different operationalization...

A unique dataset of social and economic networks collected in 60 rural Gambian villages is used to study the ways in which households with links outside the village (that are considered as a proxy for market connections) behave in the locally available exchange networks for land, labor, input...

Many carriers, such as airlines and ocean carriers, collaborate through the formation of alliances. The detailed alliance design is clearly important for both the stability of the alliance and profitability of the alliance members. This work is motivated by a real-life liner shipping "resource...