Recent economic growth theory has suggested that wealth differences across nations must be due, at least in part, to the failure in many places to adopt existing production techniques. There are many potential reasons for the failure to adopt existing technology, including the political clout of...

The paper presents a three period model that studies the eects of IMF loans on borrowers’ and lenders’ welfare highlighting the fact that the IMF has both de jure and de facto seniority rights over private creditors. It is shown that an IMF intervention affects borrowers and...

This paper carries out a comparative analysis of the inflation effects on relative price variability (RPV) in two economies with a inflationary experiences clearly different: Argentina and Spain. The results indicate non-neutrality of inflation, particularly in extreme inflation. The main...

The effects of inflation on real wage dispersion and welfare are studied in a cash-in-advance economy with a Walrasian goods market but a labor market with search friction. In the labor market, firms post wages and both employed and unemployed workers search among the posted wages. In...

This paper studies a competitive market model for trading indivisible commodities. Commodities can be desirable or undesirable. Agents' preferences depend on the bundle of commodities and the quantity of money they hold. We assume that agents have quasi-linear utilities in money. Using the...

Affine term structure models are widely applied for pricing of bonds and interest rate derivatives but the consistency of affine term structure models (ATSM) in cases when the short rate may be unbounded from below remains essentially an open question. The main stress in the classification paper...

Based on Bergara and Licandro´s Model (2001), this paper studies the relationship between the requirements of prudential regulations for risks management and its effects on the loans portfolio. The financial regulation (Basle´s Accords, I and II) becomes sensible to risks (using Value at...

In this paper I describe group theoretic methods that can be used for analyzing the boundary problems, which arise when the Hamiltonian method is applied to solve the relaxed problem for the multidimensional screening problem. This technique can provide some useful insights into the structure of...

Financial Market is a Complex System.Quantitative analysis of Complex system is difficult. There is little mensurable method in this field. But we often need describe the running pattern in complex system. How can we describe and find the running pattern (structure) change in complex system. The...