We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth. The effect is robust to alternative definitions of liberalization and does not reflect variation in the world business cycle. The effect also remains intact when an exogenous...

The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such...

This study reports the results of contingent valuation (CV) studies conducted in eight states in the United States. Over 1,100 telephone interviews examined valuation effects on residential properties impacted by Leaking Underground Storage Tanks (LUST). Negative discounts for marginal bidders...

Korea provides a unique opportunity to study the different behaviors or roles, if any, of limited flexibility and free floating exchange rate regimes. Korea shifted from a limited flexibility to a free floating exchange rate regime after the 1997 economic crisis. It is well documented that the...

In this paper, we examine whether adjustment costs are a significant source of the observed sluggish adjustment of Canadian and US import demand. We use a simple model of a utility maximizing domestic consumer under the assumption of integrated forcing variables to examine the importance of...

The contingency table literature on tests for dependence among discrete multi-category variables is extensive. Existing tests assume, however, that draws are independent, and there are no tests that account for serial dependencies - a problem that is particularly important in economics and...

This article proposes an estimation procedure for the affine stochastic volatility models with jumps both in the asset price and variance processes. The estimation procedure is based on the joint (here bi-variate) unconditional characteristic function for the stochastic process for which we...

This paper identifies Multifractal Models of Asset Returns (MMARs) for each of the eight nodal term structure series of monthly Japanese Treasury rates and, after proper synthesis, simulates those MMARs. All nodal rate series are found to be slightly anti-persistent, with the exception of the...

The paper documents the specification and estimation of an econometric model of the Brazilian stock market (Bovespa) using a GARCH(1,1) model. We used quarterly data for an estimation period spanning from January 1995 to December 2003. The empirical results show that GDP growth, exchange-rate...