Economics Working Papers, Economics Research Paper

Asymptotic tests regarding fractional integration, like the Geweke-Porter-Hudak test, the modified rescaled range test and Lagrange multiplier type tests, exhibit size-distortions in small-samples. This report looks into a parametric bootstrap evaluation approach, for size-correction, using ...

A couple of weak constraints on equilibrium market structures are that businesses which consider to enter make adequate gains to cover entry costs and fixed costs of production, and that no fresh organization could profitably ...

This report looks into the short-run price change near the acquisition announcement and the long-run upward tendency of the cross-sectional average buy-and-hold returns. We use the geometric Brownian motion model to decompose the cross-sectional average ...

Trade between the whole of Africa and China (imports and exports summed) grew from $10.6 billion to $73.3 billion between 2000 and 2007, and between Sub-Saharan Africa and China from $7 billion to $59 billion ...

Governments all over the world grant different types of subsidies to firms which are said to have a lack-of-capital problem. However, it is unclear if governments have the information and motivation to target firms which ...

We look at the option of economic reforms when policymakers have present-biased preferences and may opt to discard information (maintain confidence) to offset disturbances from excess discounting. The decisions of policymakers and corporations are found ...

The report looks at the recent conduct of monetary policy and the central bank’s rule-based behaviour in Russia. Making use of various policy rules, we test whether or not the central bank in Russia reacts ...

The paper provides detailed empirical assessment of the role of non-residents in the development of Rus-sian financial crisis in 1997-1998. It is established that non-residents behaved differently during the pe-riod of crisis and significantly contributed ...

We make use of a dynamic heterogeneous panel model to estimate real equilibrium exchange rates for high level transition countries. Our method is dependant on out-of-sample estimations from middle-income and high-income countries, and we make ...

In a typical supposition of the economics of tax evasion, extending beyond the basic Allingham-Sandmo model, the option of a taxpayer to evade taxes is dependent upon the perceived fairness of the tax system. The ...