Daily changes in the logarithm of stock market index from 1997 to 2004 are analyzed for countries from three subgroups of economies classified by the International Monetary Fund (IMF): developing Asian countries, newly industrialized Asian economies and major advanced economies. For all markets, the daily changes are well fitted by a non-Gaussian stable probability density. The time evolution o...

Cross-border integration is a complex process, but it could bring benefits to the nations involved in motivating trade and tourism. Air transport has been playing an important role accelerating of economies countries Association Southeast Asian Nations (ASEAN). The introduction visa-free exemption agreement 2006 ratification semi-ASEAN open skies 2016 have stimulated intra-ASEAN travel trade. H...

in this paper, monopolistic behavior of opec, as the largest and most stable international organization between jan. 1973 to sep. 2008, is studied. for this purpose, fundamentals of game theory is used as a basis to come-up with a criterion to make a distinction between two market structures based on mutual dependency of institutions. then using such criterion, a regressive model based on expla...

the aim of this paper is to analyze total factor productivity (tfp) growth and its components in asian countries applying stochastic frontier analysis (sfa) to the time series data of 44 asian countries from 2000 to 2010. using battese and coelli approach, tfp is divided into technical efficiency change and technical change. tfp decomposition using sfa method for the years 1998 to 2007 indicate...

many empirical papers have applied a semi-parametric two-stage procedure named tobit model to investigate the sources of inefficiency in different industries over the last two decades. using this approach in small samples has recently been criticized for a possible bias in its results. in very recent papers simar and wilson (2007) have tackled this problem by suggesting an alternative bootstrap...

This paper considers the Greenspan/Summers/IMF (GSI) argument that the Asian way of doing business was the deep cause of the Asian crisis. The IMF reform programme for the crisis-affected Asian countries suggested they should abandon the Asian business model and adopt the US corporate model. The main findings are: a) contrary to GSI doctrine, poor corporate governance and lack of competition ar...

Article history: Received 18 September 2014 Received in revised form 24 September 2014 Accepted 15 October 2014 Available online 20 October 2014 This paper investigates product-specific scale economies of banks with respect to off-balance sheet operations. The cost benefits from the non-separability of outputs available to banks that imply the role of OBS activities on bank scale economies are ...

This paper shows that state control of some industries may have contributed to the increase in European unemployment from the 1970s to the early 1990s. We develop a simple model with both publicly-run and privately-run enterprises and show that when economic turbulence increases, higher unemployment rates may result in economies that have a larger public sector. JEL Classification: E240, J450, ...

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current balance variables of corresponding economies. JEL Classification: G15, F31

We investigate the connection between equilibrium existence and its attainability through simple market mechanisms in exchange economies with indivisibilities and complementarities. The analysis suggests that attaining efficient outcomes through simple non-combinatorial auctions may be problematic even when market clearing prices exist. JEL classification code: C62, D44, D51