The functionality of the new economic system of Republic of Moldavia, based on market relations and opened to world, frequently marked by dynamism, often by uncertainty and risk, sometimes even hostility, depends, crucially, on the innovation activity. Innovation activity, formation of...

The Mexican government has recently launched several initiatives aimed at increasing the use of formal financial services, under the implicit assumption that they allow households to smooth consumption and finance investment in human capital. This study seeks to determine what is the impact of...

In a recent article, Ederington (1979) examined the hedging performance of financial futures markets using a portfolio model derived from the hedging theories of Stein (1961) and Johnson (1960). His article concluded that GNMA futures were more effective than T-Bill futures in reducing price...

I use new administrative data on mass layoffs and plant closings to study the effects of distressing economic news. Exposure to stressful events during pregnancy can impair fetal development. I find that announcement of impending job losses leads to a transient decrease in the mean birth weight...

In this paper, we consider a model that suggests that the theory of exchange with asymmetric information seems suitable to provide a possible explanation model of occurrence and duration of civil wars. We show that although civil conflicts are not Pareto optimal ex post they may be Pareto...

The fundamental aim of the paper is to analyze the presence and magnitude of the volatility transmissions in emerging markets, namely India, Hungary, Poland, Turkey and Brazil prior to, and during the latest financial turmoil. Using weekly returns of stock market indices from 2005 to 2011, the...

Emerging countries experience real exchange rate depreciations around defaults. In this paper, we examine this observed pattern empirically and through the lens of a dynamic stochastic general equilibrium model. The theoretical model explicitly incorporates bond issuances in local and foreign...

The BRIC countries (Brazil, the Russian Federation, India and China) plus Turkey contribute a significant proportion of the exports that originate from developing countries. The varieties imported from the BRIC countries plus Turkey in the textile, creative and leather industries are likely to...

Inextricable links between international trade, growth and role of knowledge-creation are well-established in the economics literature. The issues of creation of technology, its diffusion and actual adoption have been discussed on both theoretical and empirical planes. Effective assimilation of...

In this paper, we analyze the relationships among oil prices, clean energy stock prices, and technology stock prices, endogenously controlling for structural changes in the market. To this end, we apply Markov-switching vector autoregressive models to the economic system consisting of oil...