This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...

This paper presents a World Bank led and Russia trust fund financed work program to measure financial capability and the effectiveness of financial education in low and middle income countries. The two activities and their staging have been motivated by the lessons of high-income countries with...

The service sector is an avenue for economic transformation as not all countries have a competitive edge in manufacturing. The growing literature on service sector primarily focuses on its development in the US and Europe and on Asian emerging service economies like India. Not as much attention...

This paper critically discusses the theoretical and empirical literature on the quantitative andqualitative employment impact of technological change, compares the relative explanatorypower of the competing theories, and explains in detail the macro and micro evidence on theissue, with reference...

This research suggests that a Darwinian evolution of entrepreneurial spirit played asignificant role in the process of economic development and the dynamics of inequality withinand across societies. The study argues that entrepreneurial spirit evolved non-monotonicallyin the course of human...

This paper discusses the occurrence of Skill-Enhancing Technology Import (SETI), namelythe relationship between imports of embodied technology and widening skill-basedemployment differentials in a sample of low and middle income countries (LMICs)...

This paper investigates the effects of organizational and technological changes on jobstability of different occupational categories in France. We conduct an empirical analysis inwhich we make extensive use of a unique data set on a representative sample of Frenchestablishments...

The literature has pointed to different causes to explain the productivity gap between Europe and United States in the last decades. This paper tests the hypothesis that the lower European productivity performance in comparison with the US can be explained not only by a lower level of corporate...

This paper develops a two-sector model that illuminates the role played by agricultural modernization in the transition from stagnation to growth. When agriculture relies on traditional technology, industrial development reduces the relative price of industrial products, but has a limited effect...

This study examines the relationship between the diffusion of IT and changes in collaboration patterns across institutional and national borders. To undertake the research, the authors match an explicit measure of institutional IT adoption (domain names, e.g. www.umsl.edu) with institutional...