By utilizing the extreme dependence structure and the conditional probability of joint failure (CPJF) between banks, this paper characterizes a risk-stability index (RSI) that quantifies (i) common distress of banks, (ii) distress between specific banks, and (iii) distress to a portfolio related...

Conventional economic wisdom predicts that free and competitive international trade should cause economies GDP to converge over the long run. Empirical evidence of sixteen developed countries suggests that the countries did converge in terms of labour productivity over the period of 1870 to...

This chapter addresses the General Agreement on Trade in Services (GATS) in relation to temporary migration policy. It is argued that Mode 4 of the GATS remains essentially subject to strict domestic regulations and limitations. Yet, many countries accept the importance of temporary migration as...

This study aims to investigate an extensive evaluation of the relationship between economic globalization and women's economic empowerment in Bangladesh. Using time-series data from 1975 to 2017, the study uses the female labor force participation rate (FLFPR), an indicator of women's economic...

In the two decades leading up to the 2008 financial crisis, numerous significant changes in federal law greatly reduced transactions costs in financial markets and made possible new types of trading in new types of financial instruments. The driving policy assumption behind these and similar...

We investigate the importance of ambiguity, or Knightian uncertainty, in executives' decisions about when to exercise stock options. We develop an empirical estimate of ambiguity and include it in regression models alongside the more traditional measure of risk, equity volatility. We show that...

Crude oil prices are particularly volatile. Managing such price risks is vital for participants in financial markets, in particular the oil market. In the perspective of a long position, we conduct an in-depth study of popular existing statistical approaches as well as a recently developed...

This article investigates ostensible financial stability of an economic sector caused by wealth inequality. When a sector is decomposed into two subsectors that possess a severe wealth inequality, the sector in entirety can look financially stable while the two subsectors have opposite extreme...

This paper presents opportunities for applying von Neumann – Morgenstern utility function as an instrument for choosing an alternative to overcome crisis of the organization. Choice between fuzzy triangular alternatives by means of definite (crisp) von Neumann – Morgenstern utility function...

We propose an original analysis of the second globalization era, using an alternative range of equity prices integration indicators based on the topological structure of world equity markets. The sample includes 32 countries over the period 1960-2015. Particular importance is given to the study...