Innovation activities contribute essentially to the regional dimension and growth. The technological infrastructure and innovation capabilities affect not only the regional growth, but also the whole periphery and economy as well. In the last decades, OECD /introduced some measures and indexes, concerning the Research and Development Expenditures, patents etc., that measuring the innovation act...

Becsi is an economist in the regional section of the Atlanta Fed's research department. Wang is a professor in the Department of Economics, Pennsylvania State University. They are grateful for valuable comments and suggestions from Tom Cunningham, Aruna Srinivasan, and Larry Wall.

The differences in financial development between advanced and developing countries are pronounced. It has been observed, both theoretically and empirically, that these differences in countries’ financial systems are a source of comparative advantage and trade. This paper points out that to the extent a country’s financial development is endogenous, it will in turn be influenced by trade. We bui...

We develop a credit market model with adverse selection where risk-neutral borrowers self select because lenders make use of a costly screening technology. The model has some features which are similar to the Rothschild-Stiglitz adverse selection model. If an equilibrium exists it is a separating equilibrium, and there exist parameter values for which an equilibrium does not exist. Equilibrium ...

We consider a general discrete-time financial market with proportional transaction costs as in [Kabanov, Stricker and Rásonyi Finance and Stochastics 7 (2003) 403–411] and [Schachermayer Math. Finance 14 (2004) 19–48]. In addition to the usual investment in financial assets, we assume that the agents can invest part of their wealth in industrial projects that yield a nonlinear random return. We...

This paper extends Nolan and Thoenissen (2009), hence NT, model with an explicit financial intermediary that transfer funds from households to entrepreneurs subject to a well defined loan production function. The loan productivity shock is treated as the supply side financial disturbance. Together with NT’s net worth shock that resembles the credit demand perturbation, both of the two-sided sho...

Due to the radical changing of the global economy, a more precise stock valuation helps providing important judgment principles to decision-makers and investors. With the advent of the third-generation (3G) or future forth-generation (4G) Internet, the mobile commerce (MCommerce) will become increasingly important. In addition, the mobile stock investment decision support system attracts great ...