The implantation of the Euro in the eleven of the EU has driven the big banks to expand their presence in other European countries, which may have negative consequences on their credit risk in view of the disadvantages involved in entering new markets. The aim of this paper is to analyse the...

This paper presents a model in which players interact via the formation of costly links and the benefits of bilateral interactions are determined by a coordination game. A novel contribution of this paper is that the fraction of the cost borne by each player involved in a bilateral link is not...

This paper investigates the implications of major ¯nancial markets crises for the human capital accumulation decisions of households. We use data for Argentinean households over the period 1995-2002 to examine households' response to negative idiosyncratic income shocks in di®erent...

This paper analyzes Spanish economic growth and the effect of interaction between human capital accumulation and sectoral structure. Data show significant differences in sectoral human capital stocks per worker for the period 1965-95. When tested, the effect of human capital, both as an input...

In this paper we provide a general equilibrium model that helps explaining payment choice at the retail level: cash, electronic and paper-based instruments. In particular, it provides theoretical foundations to reconcile previous empirical evidence on this issue. The payment pattern of a given...

According to neoclassical models, economies converge to their steady-states. In this paper we confirm that both significant differences among Spanish regions¿ steady-states and fastconvergence to them exist. We analyse their time stability over the period 1964-93 and their possible...

The objective of this study is to analyze the macroeconomic performance of 16 Ibero- American countries over the period 1980- 199 1. Macroeconomic performance is defined as the ability of a country's macroeconomic managers to provide four welfare-enhancing economic services to their citizens: a...

This paper analyses the importance of different technological inputs (R&D and human capital) and different spillovers in explaining the differences in patenting among Spanish regions in the period 1986-2003. The analysis is based on the estimation of a knowledge production function. A region¿s...

This paper analizes the effect of education on job productivity, via improvements in workers humaii capital. Together with conventional measures of human capital such as the average years of school attainment, some alternative measures which take into account the distribution by levels of...

This paper contains an analysis of the economic effects of human capital onproduction, measured as Gross Value Added per full-time equivalent worker. To thisend, a Cobb-Douglas type production function has been used, with Gross Value Added(GVA) a function of human capital and private and public...