This paper examines nominal price rigidities in an environment, e-commerce, where literal menu costs can be assumed not to exist. We argue that if we can empirically show that nominal rigidities do still exist in the e-commerce environment, then it implies that other kinds of costs besides menu...

In spite of a sizeable literature exploring the formation of bid-ask spreads in stock markets, similar examination of the foreign exchange market has been lacking. The decentralized nature of the direct inter-dealer foreign exchange market distinguishes itself from the NYSE-type specialist...

Asian stock markets are compared with European markets before and during the 1997 Asian crisis. The clinical issue is whether regional inter-dependence became larger around the crisis, fomenting investor fears of contagion and reducing asset values because of lower diversification potential....

Most theoretical studies of corruption tend to focus on the micro models of the phenomenon studying individual acts of corruption, while the empirical papers typically study corruption at the country level. This paper builds an agent-based computational dynamic general equilibrium model of...

The Indian corporate governance system has both supported and held back India's ascent to the top ranks of the world's economies. While on paper the country's legal system provides some of the best investor protection in the world, enforcement is a major problem, with overburdened courts and...