Common currency areas and Asian common currency areas in particular are highly topical and somewhat controversial areas for research. We explore the hypothesis that the members of the Association of Southeast Asian Nations meet necessary conditions for forming a common currency area and whether...

The aim of the paper is to assess heterogeneity of the innovation process. Using exploratory factor analysis on micro data from the third Community Innovation Survey in 13 countries, we identify four factors that that can be interpreted as research, user, external and production ingredients of...

The aim of the paper is to assess heterogeneity of the innovation process. Using exploratory factor analysis on micro data from the third Community Innovation Survey in 13 countries, we identify four factors that that can be interpreted as research, user, external and production ingredients of...

For newly-founded and established firms different initial or prevailing conditions apply in the innovation process. Against this background, the question arises as to what implications this has for a firm's innovation behaviour and to what extent both groups of companies differ significantly...

Expenditures devoted to research and development (R&D) are scarce and thus need to be used as efficiently as possible given the financial constraints countries are facing. This paper assesses the relative efficiency of R&D expenditures for 26 OECD member countries and 2 non-member countries. As...

Since the early 1980s, models based on economic fundamentals have been poor at explaining the movements in the exchange rate (Messe 1990). In response to this problem, Frankel and Froot (1988) developed a model that uses two approaches to forecast the exchange rate: the fundamentalist approach,...

The nexus between stock return and inflation is assessed for Pakistan using the methodology of frequency based causality and continuous wavelet transform over a long sample period 1961:M07 - 2012:M02. The preliminary investigation using the frequency based causality suggests interdependence of...

This paper tests between fads and bubbles using a new empirical strategy (based on switching-regression econometrics) for distinguishing between competing asset-pricing models. By extending the Blanchard and Watson (1982) model, we show how stochastic bubbles can lead to regime-switching in...

In this paper, the stock price-inflation nexus is investigated using the tools of wavelet power spectrum, cross-wavelet power spectrum and cross-wavelet coherency to unravel time and frequency dependent relationships between stock prices and inflation. Our results suggest that for a frequency...

There has accumulated strong evidence in the literature that market beta (β) is time varying. This paper contributes to the literature by studying how to best model the time varying beta for REITs. We include several commonly used methods and evaluate their performances in terms of in-sample...