This study investigates the intraday price and volatility spillover effect between the Japanese market and the Korean market, using a VAR-asymmetric BEKK GARCH model. In particular, the study considers three high-frequency (10-min, 30-min, and 1-hour) intraday datasets of TOPIX and KOSPI200 markets. The empirical results indicate a bi-directional price spillover effect in the 10-min intervals, ...

This paper provides a political economy analysis of (de)centralization when local public goods—with spillovers effects—can be substitutes or complements. Depending on the degree of complementarity between local public goods, median voters strategically delegate policy to either ‘conservative’ or to ‘liberal’ representatives under decentralized decision-making. In the first case, it accentuates ...

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...

The pervasive role of information and communications technology (ICT) in the new economy is well documented. There is now considerable agreement among scholars regarding the ICT contribution to national productivity growth. On the other hand, the production spillover and network externality associated with ICT capital draws its contribution beyond the neoclassical baseline. Many researchers hav...

Abstract This paper presents a two-country DSGE model with state-dependent pricing as in Dotsey, King, and Wolman (1999) in which firms price-discriminate across countries by setting prices in local currency. In this model, a domestic monetary expansion has greater spillover effects to foreign prices and foreign economic activity than an otherwise identical model with time-dependent pricing. In...

Computer suited challenge for research in artificial intelligence. For that reason, and due to the Poker popularity in Portugal since 2008, several member of LIACC have researched in this field. Several works were published as papers and master theses and more recently a member of LIACC engaged on a research in this area as a Ph.D. thesis in order to develop a more extensive and in-depth work. ...

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expresse...