Institutional Separation between Supervisory and Monetary Agencies
The paper investigates whether monetary policy and banking supervision should be separated, or not. It starts with a historical evolution of the...
A Note on the Proposal for a Council Directive on Deposit Guarantee Schemes
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Financing and Development in Eastern Europe and the Former Soviet Union
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Banking and Industry in Japan
This paper contains a review the history of the Japanese economy since 1931.
A Theory of Debt Based on the Inalienability of Human Capital
Consider an entrepreneur who needs to raise funds from an investor, but cannot commit not to withdraw his human capital from the project. The...
Diffusion of Technical Change and the Identification of the Trend Component in Real GNP
The paper analyzes identification issues raised by general dynamic specifications of the trend, as opposed to the conventional random walk, in both...
The Relative Importance of Permanent and Transitory Components: Identification and some Theoretical Bounds
Much macroeconometric discussion has recently emphasized the economic significance of the size of the permanent component in GNP. Consequently, a...
Auction and Dealership Markets: What is the Difference?
In the 1980s, the practice of listing stocks in several exchanges has become more frequent, and as a result investors have gained access to...
Central Bank Forex Intervention Assessed in Continuous Time
This paper looks at some of the principal characteristics of foreign exchange intervention by central banks. The approach is novel in that virtually...
Quadratic Arch Models: A Potential Re-Interpretation of Arch Models
A new Quadratic ARCH model for the conditional variance of a time series is introduced. This model can be interpreted as a second-order Taylor...
Increasing Social Returns, Learning and 'Catastrophe' Phenomena
We develop a new microeconomic formulation for increasing social returns to labour in an overlapping generations model with production. The economy...
Is There Chaos in Economic Time Series? A Study of the Stock and the Foreign Exchange Markets
Financial markets occasionally exhibit extreme price fluctuations that are difficult to explain, notably October 1987. A mathematical system in which...
