This paper analyses the dynamics of return to knowledge where knowledge is acquired through the combination of interactive and individual learning. We suggest that in light of this new definition of knowledge, choosing the optimal level of education is no longer an individual exercise of present...

In the financial crisis literature, it is usually argued that, contrary to the case of currency crises, building a time series index to identify banking crisis episodes is highly difficult, particularly because of the lack of reliable data on banking sector variables (non-performing loans,...