this paper explores the effectiveness of financial literacy programs. it further seeks to establish the relationship between financial literacy and certain demographic characteristics. this study adopted a correlational research design as the framework to examine the relationship between variables without determining cause and effect. data were randomly collected from 235 petty traders in kumas...

This papers studies the impact of a financial transactions tax on the trading volume and asset price volatility in a model with heterogeneous beliefs. To model heterogeneous beliefs we follow Kurz (1994, 1997) and restrict the class of beliefs to the subset of rational beliefs. We study a tax on bond and asset purchases. The simulated model shows that the introduction of a transaction tax resul...

Despite the popularity of financial compensation as a means for addressing trust violations, the question whether (more) money can indeed buy trust back remains largely unexplored. In the present research, we focus on the role of violation type and compensation size. The results of a scenario study and a laboratory experiment show that financial compensation can effectively promote the restorat...

In this paper, I study a number of statistical issues that arise in the formulation of stress scenarios for market risk in financial instruments. The possibility of reducing the number of scenarios through the use of data-based, statistical dimension reduction methods is explored. Using data on returns to spot exchange, stock market and interest rate products for a number of countries, I show t...

This paper discusses the implementation of monetary policy during the economic and financial crisis of 2007-10. After summarising the different measures adopted by the ECB during these turbulent times, we present a stylised theoretical model that allows us to focus on the main trade-offs faced in implementing monetary policy. We argue that it is the level of key policy interest rates and the wi...

Typical data sets employed by economists and financial analysts do not exceed a few hundred or thousand observations per series. However, in the last decade data sets containing tick-by-tick observations have become available. The studies of these data have turned up new and interesting facts about the pricing of assets. In this article we show that foreign exchange (FX) rate returns satisfy sc...

H umans have been going into space for a number of reasons: to “beat the other side” during the Cold War, out of curiosity, to make the first tentative steps into the great beyond or simply “because it’s there”. Yet, to justify continued or even a permanent presence of humans in space now requires better arguments: the aggressive space programmes by China and India, for instance, serve to demon...

New assessment guidelines for measuring the overall impact of mental health problems in Latin America have served as a catalyst for countries to review their mental health policies. Latin American countries have taken various steps to address long-standing problems such as structural difficulties, scarce financial and human resources, and social, political, and cultural obstacles in the impleme...

Background Chronic illnesses require a long standing or lifelong adaptation. Health care plays a crucial role in this adaptation. Seeking health care for such conditions, in many developing countries, imposes a devastating social and economic burden to individuals and their families, in form of catastrophic health expenditures or impoverishment. Millions of chronically ill persons avoid health ...