The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific...

The paper considers theoretical facts on the relationship between real exchange rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with the stock market. We discuss the impact of exchange rate fluctuations on market risk in terms...

This paper discusses the legal loopholes in financial markets and proposes changes aimed at providing efficient, transparent and symmetric information. The last years have witnessed several scandals concerning both accountancy and corporate governance matters which leads to the collapse of...

In the last years the interest in the Value at Risk (VaR) estimation has significantly growth due to international financial instability. We modelled the daily VaR estimation trough different static and non-static variance techniques in order to evaluate the changes produced in financial risk...

This paper presents a new empirical methodology for evaluation of the institutional system's development in transition economies and the impact it has on economic performance. We have developed and used a methodology of estimation of an operational indicator of institutional system dynamics to...

The paper investigates whether the decline in environmental quality in BRIC economies is due to high energy consumption level which is a resultant of rapid economic growth. We answer this using environmental, macroeconomic and financial variables along with Kyoto Protocol indicators based on...

The paper investigates the linkage between economic and financial development and decline in environmental quality in BRIC economies for the period 1992 – 2004. As measure of robustness, we also introduce and examine behavior of results considering USA and Japan. We employ feasible general...