This paper presents a multisector growth model where education enhances general human capital, which is essential for increasing or maintaining the mobility of workers across industries. The paper shows that education, combined with international trade, can affect growth positively in the long...

This paper surveys the empirical and theoretical link between education and growth in the growth process of Asian countries. Particular attention is paid to the link between education and productivity, and to models that characterize key features of growth processes of Asian countries. Empirical...

This paper presents a theoretical model and empirical evidence to explain the observation that a country in which the level of technology approaches the technology frontier tends to rely more on technology creation than adoption, and to invest more in basic research than in development. The...

The flow velocity of exhaust gas from an industrial stack varies from facility to facility and can easily change over time, even in a stack. To accurately measure the concentration of fine particles such as PM 10 or PM 2.5 emitted in such environments, the conditions for isokinetic sampling must...

We investigate the effects of the stochastic interest rates and the volatility of the underlying asset price on the contingent claim prices including futures and options prices. The futures price can be decomposed into the forward price and the additional terms and the options price can be...

We shall generalize the Black-Scholes option pricing formula by incorporating stochastic interest rates. Although the existing literatures have obtained some formulae for stock options under stochastic interest rates, the closed-form solutions have been known only under the Gaussian (Merton...

We investigate the effects of the stochastic interest rates and the volatility f the underlying asset price on the contingent claim prices including futures and options prices. The futures price can be decomposed into the forward price and the additional terms and the options price can be...

The paper suggests that when firms differ stochastically in their productivity, a bank may find it optimal not to bail out the failed nonconglomerate firms at all, but to bail out conglomerates fully. Expectation of such bailout policy may encourage risk-averse firms to join a conglomerate to...