The law of one price (LOOP) is an essential foundation of both the pure theory of trade and monetary theory. Strictly speaking, the law relates to prices of individual commodities. However, empirical tests of LOOP have often relied on aggregated data. In this paper, a model is derived and...

The spectacular growth in popularity of Part IX debt agreements raises the question of whether this insolvency option is fulfilling the task for which it was designed, ie providing a viable low cost alternative to bankruptcy for low-income insolvents with few assets and few creditors. This...

This paper examines the issue of stock market seasonality in the Asia Pacific stock market. Using the most recent set of data, the paper employs the GARCH(1,1) and GARCH(1,1)-M models to study the day-of-the-week, month-of-the-year, monthly and holiday effects in ten Asia Pacific countries,...

Maintaining a sustained level of productivity growth is an important aspect of the economic development process, particularly in periods of economic turbulence. This paper examines the determinants of total factor productivity (TFP) growth and their behavior in five middle-income ASEAN countries...