This report discusses some of the technical issues involved in formulating a multiannual fiscal strategy for the Lao People’s Democratic Republic. The strategy aims to achieve national growth and to reduce poverty, while maintaining sound government finances. It is important to address the...

ResumenEl ejercicio de valorar el riesgo crediticio en Colombia es una tarea ardua,toda vez que los elementos del contexto que deben ser considerados enel mencionado proceso son diversos. Esta situación conduce necesariamentea la combinación de métodos, tanto cuantitativos como cualitativos,...

El artículo, estudia las relaciones de dependencia entre los mercados financieros internacionales, indagando sobre el efecto del contagio financiero entre dos series de retornos de índices accionarios: el Dow Jones (DJ) y el índice general de la Bolsa de Valores de Colombia (IGBC). Lo...

A market-oriented housing finance system has been under discussion in Turkey recently. In this article we analyze different types of mortgages that have been used in developed and developing countries to select the one that is most appropriate for Turkey-one which minimizes risks for both...

The Indian stock market is one of the earliest in Asia, being in operation since 1875, but remained largely outside the global integration process until the late 1980s. In this context, international equity market integration is a topic that has been extensively researched, but still holds much...

This paper proposes the Lagrange multiplier test for the null hypothesis thatthe bivariate time series has only a single common stochastic volatility factor and noidiosyncratic volatility factor. The test statistic is derived by representing the model in alinear state-space form under the...

The random-walk hypothesis of asset prices suggests that prices traded in a market cannot be predicted based on historical information. Employing unsecuritized UK commercial property returns, we analyze this hypothesis. Our results uncover multiple changes in persistence in both aggregate and...

Large institutional investors allocate their funds over a number of classes (e.g. equity, fixed income and real estate), various geographical regions and different industries. In practice, these allocation decisions are usually made in a hierarchical (top-down), consecutive way. At the higher...

The nature and indicators of financial stability of the state are presented. An issue of innovative development of the state is considered, its main difficulties and contradictions are defined. Trends and economic conditions for financial stability of the state in supporting innovation are...

A model is developed which explains deep recessions like the recent crisis by a lack of economic confidence, going along with a high liquidity preference of both private households and the private bynking system. Thus the paper argues for a new form of Keynesian policy, which rests on monetary...