The purpose of this study was to explore the reasons behind the rapid growth and apparent dynamism of Zimbabwe’s small-firm industrial clusters. The hypothesis behind the study was that these small-firm clusters are emergent phenomena. The study analysed the capital utilisation techniques of...

In developed countries, had been created formidable conditions for encouraging the factoring business, because using this instrument of investment and financing have grown the economic and financial stability of the company and generated a more efficient management of accounts receivable by the...

The present study examines the relationship between return on equity (ROE), leverage, size of firms and total assets turnover. A sample companies registered under Bucharest Stock Exchange were examined. The study employed regression method to estimate the impact of debt level on profitability...

In this study we develop a financial performance aggregate index (FPAI) for modelling the relationship between fiscal policy and financial performances. There are seven variables used to compose the index, that specifically reflect the influence of fiscal, financial, and social policies on the...

We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries while foreign...

This note proposes a simple, more precise, necessary condition for symmetry breaking in Matsuyama (Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations, Econometrica, 2004 ), i.e., the positive interest rate response to income changes, which essentially arises...

It is well known that a symmetric soliton in coupled nonlinear Schrödinger (NLS) equations with the cubic nonlinearity loses its stability with the increase of the energy, featuring a transition into an asymmetric soliton via a subcritical bifurcation. A similar phenomenon was found in a...

The last one and a half centuries have witnessed dramatic changes in the world economy. The service (tertiary) sector, which at the beginning of the 20th century was of little importance relative to agriculture and manufacturing, has become the dominant sector today, accounting for 80% and more...

In this paper we study the dynamics of a system of two linearly coupled, parametrically driven pendulums, subject to viscous dissipation. It is a continuation of the previous paper (E.J. Banning and J.P. van der Weele (1995)), in which we treated the Hamiltonian case. The damping has several...

This article discusses some key results in the theoretical literature on credit market imperfections, household wealth distribution, and development by conducting three types of analysis, which progressively build on one another. The first, a single dynasty model, explains how a household may be...