We analyze a standard employee selection model given two institutional constraints: First, professional experience perfectly substitutes insufficient formal education for insiders while this substitution is imperfect for outsiders. Second, in the latter case the respective substitution rate...

The institute of social responsibility is considered as mandatory addition of market and state institutes, since it reduces the transaction costs of the socio-economic system by eliminating discrimination in the relations. One of the most important missions of the state is the formation and...

Anti-discrimination laws on the basis of sexual orientation have been adopted by many states to counteract perceived discrimination in the labor market. We �find that relative to married heterosexual men, homosexual men earn less and anti-discriminatory laws, over time, partially lessen this...

Wage and employment differences between male and female agricultural labourers in the under developed countries including India is not new. With the help of a simple theoretical model it is here proved that public policy like implementation of National Rural Employment Guarantee Scheme (NREGS)...

In recent years the financial markets known a rapid development and become more and more complex. So, many regulatory requirements, focused on banks as well as insurance sector, have been developed. These regulatory are concentrated essentially on business risk control and required capital to...

Traditionally, learning organizations face certain constraints related to both exogenous and endogenous factors. In this paper, I model three well established constraints that employees face while being part of their organizations. These are in the tune of constraints on their natural behavior...

Economic development presumes not only the existence of formal institutions such as property rights and the rule of law under which behave economic agents, but also certain norms or social values that promote exchange, savings and investments. In this context, we discuss cultural dimension of...

This paper examines the associations between diversity of board members and financial performance of the firms listed on the Indonesia Stock Exchange (IDX). Three demographic characteristics of board members—gender, nationality, and age—are used as the proxies for diversity. Using a sample...

This article analyses the competition between cash and payment cards against the backdrop of the dual role of central banks - as issuers of cash and as institutions with a mandate to foster the efficiency of payment systems in general. It is argued that this dual role results in a number of...

Whilst economic, political linkages and relationships constitute the theme of this paper, the paper also attempts to address why central bank independence still lacks certain vital attributes which embody adequate governance and accountability mechanisms - which are necessary if better results...