Proponents of liberal economic policies in the financial market often refer to the moral and economic authority of Adam Smith, the founder of economics as a science, to add weight to their recommendations. They think, they can do so, because Adam Smith is in these circles considered a prominent...

Die Vielfalt von möglichen wirtschaftlichen Konsequenzen von Banksolvenzproblemen trägt auch dazu bei, dass wissenschaftliche Fragen über die Eigenkapitalregulierung im Bankensektor schon seit einigen Jahren ziemlich intensiv diskutiert werden. Die Effekte von Eigenkapitalregulierung können...

This paper investigates the causes of capital flight from Zimbabwe for the period 1980 to 2005. The results show external debt, foreign direct investment inflows, and foreign reserves to be the major causers of capital flight. Economic growth is negatively correlated with capital flight. The...

Public debt is an important means of bridging government financing gaps. Effective and efficient utilization of public debt can increase economic growth. However, excessive reliance on public debt raises macroeconomic problems. A large gap between revenue and expenditure forces a country to...

TWe study the impact of both microeconomic factors and the macroeconomy on the financial distress of Chinese listed companies over a period of massive economic transition, 1995 to 2006. Based on an economic model of financial distress under the institutional setting of state protection against...

We explore the relation between variability in the rate of return to human capital and investment in education in the context of migration. Specifically, we show that if migration is a possibility, such variability in the rate of return to human capital can induce residents of developing...

We study the impact of macroeconomic instability on business exit in a world where acquisition and bankruptcy are co-determined. Our objective is to discover how the processes that determine bankruptcies and acquisitions depend on the macroeconomic environment, particularly, macroeconomic...