While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on...

This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by...

This paper positions itself among the very rare microeconomic analyses on the consequences of civil war. Up to now, most analyses on this topic are based upon household surveys. The originality of the present study is that it investigates for the first time the likely predominant route by which...

Although very dynamic and flexible, Turkish SMEs are less innovative than their European counterparts. The analysis undertaken in this paper allows to assess whether this low level of innovative activities is related to a lack of entrepreneurial behaviour and/or to the weaknesses of the Turkish...

There is a growing body of literature exploring the skill content of jobs. This paper contributes to this research by using data on the task content of occupations in developing countries, instead of U.S. data, as most existing studies do. The paper finds that indexes based on U.S. data do not...

In this paper, the world distribution of personal incomes (WDPI) is estimated using a global sample comprising country sample clones. A clone is a random sample that reproduces – with predetermined high probability and precision – an unknown survey sample using information that is 'encoded'...

Special economic zones (SEZ) can play an integral role in enhancing both regional and national economic growth. To explore the relationship between regional growth and the presence of an SEZ in Songkhla province, Thailand, the CD Vine-Copula AutoRegressive (CD-Vine COPAR) models were constructed...

The Magna Carta of Women (R.A. 7910) is the Philippines comprehensive women's human rights law. The Magna Carta of Women is found to be consistent with Rawlsian notions of justice, particularly when it undertakes inequality evaluation in primary goods. Identity-based inequality evaluation is...

While financial inclusion is typically addressed by improving the financial infrastructure, we show that a higher degree of financial literacy also has a clear beneficial effect. We study this effect at the cross-country level, which allows us to consider institutional variation. Regarding...

Most scientific literature assumes that entrepreneurial activity, in a broad sense, is positive for economic growth. Our work analyses 74 economies in a period of 6 years, identifying those factors related simultaneously with an entrepreneurial spirit and economic growth. The results enable to...