In this essay, we test the presence of the contagion phenomenon during the US sub-prime crisis. We adopt the test of adjusted correlation coefficients between markets and propose a new procedure which involves testing the non-linearity of the propagation mechanisms shocks, estimated with a model...

Global pharmaceutical pricing strategies have been debated in published literature; however, these debates have not accounted for the differences in elasticity of demand between the public, private and cash paying markets. A mathematical model is presented that explores several plausible...

The connectedness of international equity markets can be measured building on the well-established forecast error variance decomposition framework. This approach permits the assessment of the propagation of shocks (spillovers) across equity markets on a day-to-day basis. The focus of our...