The purpose of this paper is to study the direction of causality between the stock market and macroeconomic variables. India is taken as a case study. Although, there have been many studies which attempted to find out the relationship between Indian stock market and economic variables, this...

This paper seeks to close the gap of the lack of empirical evidence surrounding the different impact of conventional interest rates on Islamic finance components – Islamic stock markets, Islamic banking and Islamic insurance (called takaful). Such evidence remains imperative in order for the...

Generally, Shariah (Islamic) indices are considered to have lower portfolio betas relative to conventional ones. The lower portfolio beta of Islamic indexes is a logical result of Shariah screening. As Shariah screening eliminates stocks with high financial leverage, the resulting portfolio beta...

Econometricians had been blamed for the financial crises that occurred due to their giving a ‘false hope’ to investors and policy makers using untested theoretical assumptions. Therefore, econometricians had been challenged to reform their studies by grounding them more solidly on reality....

It is shown that the evolution of modern developed societies results into reduction of the role of centralized governance as well as economic and political competition, whereas the role of collaboration mechanisms is growing. This process is supported by cultural changes: increasing trust,...

I discuss goals of institutional experimentation as well as obstacles for its realization. The special attention is given to regional experiments. Institutional experiment reduces transformation costs, in particular, by diminishing probability of formation of erroneous reforms trap. The analyses...

The problem of finding a Pareto point which would satisfy additional conditions in the form of equalities is stated. A theorem on existence of a solution is proved. Examples are given.

We describe the negotiated-price mechanism, introduced in the USSR in 1985, to increase flexibility of retail prices. We discuss a possibility to improve interactions between manufacturing and retailing through negotiated prices, and demonstrate a methodology to estimate them, using consumer...

An abstract model of an industrial process provides conditions which make it possible to increase the net outputs and lead to a significant simplification of the proof and an extension of numerous results which follow from Braverman’s model with nonequilibrated prices. The actual possibility...

It is a typical case in the practice of reforms, when a reformer, who seeks to introduce an institution with desired properties, discovers that its immediate implementation is impossible because of resource, technological, cultural, political or institutional constraints. In this case, one has...