Real energy prices jumped by 80% from 1973 to 1974. At the same time, the market value of firms plunged by 40%. Is the energy crisis responsible for the dramatic decline in the stock market? Many economists, starting with Baily (1981), have concluded that higher energy prices resulted in the effective scrappage of a substantial fraction of the capital stock. The fall in the stock market reflect...

To strengthen the capital market, there is a need to integrate the capital markets within the region by removing legal or informal restriction, specifically, stock market liberalization. Thus the paper is to investigate the effects of the subsequent stock market liberalization on stock market integration in 4 ASEAN countries (Malaysia, Indonesia, Thailand, Singapore) and Korea from 1997 to 2007...

Despite intensive study, a comprehensive understanding of the structure of capital market trading data remains elusive. The one known application of audification to market price data reported in the 1990 that it was difficult to interpret the results probably because the market does not resonate according to acoustic laws. This paper reports on a technique transforming the data so it does reson...

We consider a general equilibrium model a la Bhaskar (Review of Economic Studies 2002): there are complementarities across sectors, each of which comprise (many) heterogenous monopolistically competitive …rms. Bhaskar’s model is extended in two directions: production requires capital, and labour markets are segmented. Labour market segmentation models the di¢ culties of labour migrating across ...

• Capital markets have undergone massive changes in the past decade; in Western Europe but of course more fundamentally in the Central and Eastern European Countries (CEEC). • The euro has fostered the transformation of financial systems toward a more market based approach. Its impact in Eastern Europe will be even stronger. • To ensure the success of EMU an active and open-market stance is req...

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In modern economics, Intellectual capital is described as an intangible asset which can be used as a source of sustainable competitive advantage. However, intellectual capital components have to interact in themselves to create value. The paper seeks to examine the impact of intellectual capital on firms’ market value and financial performance. The efficiency of the value added by corporate int...

Mincerian econometric estimates including health (indicated by stature), schooling and experience show adult human capital has increasing returns in Mexico. These may result from recent pro-market reforms. In addition, probit estimates show that childhood nutrition and health (also indicated by stature), as well as parental education, have substantial and possibly increasing returns in the acqu...