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New factors such as governance, ownership and citizen’s participation are now a central focus of development programmes, especially in the scope of the new international poverty reduction strategies (PRSP and HIPC initiatives). To gain a better understanding of countries’ trajectories and...
Persistent link: https://www.econbiz.de/10011072021
crowd-out local firms ; (ii) the second supports the idea of crowding-in local investment. The empirical study uses the GMM …
Persistent link: https://www.econbiz.de/10010707936
This paper reconsiders the theory of existence of efficient allocations and equilibria when consumption sets are unbounded below under the assumption that agents have incomplete preferences. Our model is motivated by an example in the theory of assets with short-selling where there is risk and...
Persistent link: https://www.econbiz.de/10010799311
This article is centred on the volatility of commodity prices. It presents the instruments offering a protection against volatility and shows how they can be employed. The first section exposes these derivative instruments. It distinguishes them in step with the need they respond and the way...
Persistent link: https://www.econbiz.de/10010905033
This paper uses a stylised asset-pricing model to show that sunspots may cause asset returns to be predictable, a widely documented feature of many speculative markets. This result parallels and extends previous works showing that sunspots render asset prices excessively volatile.
Persistent link: https://www.econbiz.de/10010905155
Acteurs incontournables des marchés financiers, les hedge funds demeurent mal connus. Qui sont-ils ? Quelles sont leur techniques de gestion ? Qu'offrent-ils de différent en termes de performance et de risque ?
Persistent link: https://www.econbiz.de/10010905264
Persistent link: https://www.econbiz.de/10010905321
Persistent link: https://www.econbiz.de/10010905435
The theory of existence of equilibrium with short-selling is reconsidered under risk and ambiguity modelled by risk averse variational preferences. A sufficient condition for existence of efficient allocations is that the relative interiors of the risk adjusted sets of expectations overlap. This...
Persistent link: https://www.econbiz.de/10011072068
In this paper, we show that behavioral features can be obtained at a group level when the individuals of the group are heterogeneous enough. More precisely, starting from a standard model of Pareto optimal allocations, with expected utility maximizers and exponential dis- counting, but allowing...
Persistent link: https://www.econbiz.de/10011072719