The life-cycle accounts proposal for Social Security reform has been justified by its proponents using a number of different arguments, but these arguments generally involve the assumption of a high likelihood of good returns on the accounts. A simulation is undertaken to estimate the...

Economists have suggested a whole range of variables that predict the equity premium: dividend price ratios, dividend yields, earnings-price ratios, dividend payout ratios, corporate or net issuing ratios, book-market ratios, beta premia, interest rates (in various guises), and consumption-based...

Using generalized Hurst exponent, we investigate the presence of long-range dependence in the stock markets and exchange rates (vis-a-vis US dollar) of all in ation targeting countries having oating currencies. Many studies with a data set from pre-2008 crisis and that developed markets are less...

We propose a novel theory of self-ful?lling ?uctuations in the labor market. A ?rm employing an additional worker generates positive externalities on other ?rms, because employed workers have more income to spend and have less time to shop for low prices than unemployed workers. We quantify...

The finance-growth nexus that argue on the real effect of finance is examined in this study. Specifically, we investigated two related links; stock market development-growth link and financial openness-stock market development link for six East Asian nations (Indonesia, South Korea, Malaysia,...

This study attempts to forecast the next day’s returns of two time series in the Hang Seng Index (HSI) and Standard & Poor’s (S&P) 500 indices using Artificial Neural Networks (ANN) with past returns as input variables. Results from ANN are compared with those from the...

This paper investigates the transmission of market volatility between the emerging stock and bond markets. In order to examine this relation between the bond and stock market, we use the BEKK GARCH model; a decomposition approach of the multivariate GARCH (1, 1) model. The outcome of this study...

The purpose of this paper is to examine the effects of capital market and fiscal policy influences in determining the nexus of economic growth in Pakistan from July 2003 to July 2012. The authors utilize ADF unit root test, Johansen Cointegration test, VECM test, Granger causality test and...

En este documento se analiza la aplicación de las prácticas de gobierno corporativo, definidas en el código de mejores prácticas corporativas (Código País), en los emisores de la Bolsa de Valores de Colombia (BVC). Usando modelos de regresión se encuentra evidencia de la existencia de una...

The relationship between financial development and economic growth has received enormous attention in the economic literature in the last decade. The widely-accepted finding is that "financial development" has a positive effect on growth at either aggregate or industry, or firm, levels. While...