Do investors completely ignore the basics of portfolio theory? Given their over-exposure on domestic risk, investors should try to hedge this risk by picking foreign assets that have low correlation with their home assets. In the data though, we find a robust positive relationship between...

We build a continous-time general equilibrium model of a two-country, pure-exchange economy featuring taxes on the repatriation of dividends. We find approximate closed-form expressions for asset prices, returns joint dynamics and equity portfolios, thus giving a full description of equilibrium...

This article provides insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. To preserve financial stability, Europe has to choose between financial opening and independently determining how to regulate finance. Among the five...

Fragmented payment systems are a major obstacle to financial integration at the regional and international levels. The European Union has launched ambitious policies for the ceation of common payment systems among its country members. Significant results have been achieved in some aspects, but...

This papers provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing "normal times" from...

The paper analyses the economic relationships between China and Sub-Saharan African countries, including original contractual relationships that link exports from Sub-Saharan Africa to China and investment by Chinese firms in Sub-Saharan Africa. Unlike the 'traditional' partners of Sub-Saharan...

We examine the middle-run eff ects of the Global Fund's malaria control programs on the educational attainment of primary schoolchildren in Sub-Saharan Africa. Using a quasi-experimental approach, we exploit geographic variation in pre-campaign malaria prevalence (malaria ecology) and variation...

As planned large investments in road infrastructure continue to be high on the agenda of many African countries, only few of these countries have actually ammended their investments strategy. In many cases, there seems to be a preference for a status quo that can easily be explained by political...

We examine the middle-run effects of the Global Fund's malaria control programs on the educational attainment of primary schoolchildren in Sub-Saharan Africa. Using a quasi-experimental approach, we exploit geographic variation in pre-campaign malaria prevalence (malaria ecology) and variation...