English Abstract: The banking sector, because of its important contribution to growth, alongside fiscal and monetary policies, is of primary interest to regulators and governments. It is the determinants of productivity that constitute a key element of analysis to provide adequate responses to...

We derive a definition of linear cointegration for nonlinear stochastic processes using a martingale representation theorem. The result shows that stationary linear cointegrations can exhibit nonlinear dynamics, in contrast with the normal assumption of linearity. We propose a sequential...

Using Hall and Heyde's (1980) representation theorem, we show that the stationary co-integration relations of an integrated system are generally non-linear stochastic processes. We propose a sequential non-parametric procedure to test stationary co-integration relations for non-linear dynamics,...

There is a renewed interest in how political risk affects multinational corporations operating in emerging markets. Much of this research has focused on the relationship between democratic institutions and flows of foreign direct investment (FDI), offering inconclusive evidence on the...

I review the crises and contagion literature as it has been formed during the last decade. The focus of the paper is to describe the main channels through which crises spread as they have been described in empirical studies and then present theoretical papers that support those views....

This paper examines how the macroeconomic effects of capital controls vary depending on which type of international financial transaction they cover. Drawing on Malaysia`s experiences in regulating the capital account during the 1990s, it finds, in an error-correction model, that capital...

The article introduces a new model of multiple-entity accounting system that evolved from triple-entry bookkeeping idea developed by Ijiri Y., the contract model of the firm proposed by Sunder S., and studies of money theory by Dobija M. The multiple-entity accounting model, by contrast to the...

We analyze the capital controls imposed in Malaysia in September 1998. In macroeconomic terms, these controls neither yielded major benefits nor were costly. At the same time, the stock market interpreted the capital controls (and associated events) as favoring firms with stronger political...

We study panel data on three birth-year cohorts to understand the changes in risk tolerance across different age groups. Interval regression models on cross-sectional data for each birth cohort are constructed to investigate how time-invariant factors and macroeconomic events such as September...

This paper takes an in-depth look at U.S. direct investment valuation adjustments. We develop a methodology to generate valuation adjustments at the quarterly frequency, which can be combined with the Bureau of Economic Analysis's quarterly direct investment flows to obtain quarterly estimates...