In the last two decades, financial integration has increased dramatically across the world. At the same time, the fraction of countries in default has more than doubled. Contrary to theory, however, there appears to have been no substantial improvement in the degree of international risk...

Features of sovereign debts restructuring in 1980s and 1990s are quite different in two aspects. One is that the renegotiation periods are longer in 1980s than in 1990s, in spite of the fact that sovereign borrowing in 1980s is mainly bank loans with several big creditors, while in 1990s it is...

We consider a Bayesian analysis of the stochastic frontier model with composed error.Under a commonly used class of (partly) noninformative prior distributions, the existence of the posterior distribution and of posterior moments is examined.Viewing this model as a Normal linear regression model...