Are financial markets predictable? How to predict the financial markets? These important questions are not answerable in the existing framework of either finance or economics. This paper shows in details that these questions are also not answerable in the existing framework of modern physics. In...

Kaldor-Kalecki model is one of the first models that use non-linear functions to explain the chaotic behaviour of the economic system. Re-elaborating the model we tried to prove the existence of a Bautin bifurcation for the discrete version of the model with an adaptation of the mathematical...

Is capital more complementary to one of the genders? More specifically, which types of capital are complementary to which gender? This paper presents a first attempt at estimating capital-gender complementarities, at both aggregated and disaggregated levels. By employing a panel of 12 OECD...

The paper starts, on one hand, from the statement unanimously accepted, that corruption exists in all societies, and on the other hand, from the preoccupations existent in the international literature about proving scientifically the models of analysis of corruption and determining on this basis...

Kaldor-Kalecki model is one of the first models that use non-linear functions to explain the chaotic behaviour of the economic system. Re-elaborating the model we tried to prove the existence of a Bautin bifurcation for the discrete version of the model with an adaptation of the mathematical...

This paper provides a framework for examining developing-country financial crisis. It is based upon Hyman Minsky's financial fragility thesis and applied to the case of Thailand 1984-1999. There is empirical evidence for the evolution of the Thai economy through the Minskian regimes (hedged...

In this paper we develop the case for the creation of a single financial supervisory and regulatory authority for the Russian Federation. This case is based on three criteria: (a) it enables economies of scope to be exploite (b) it ensures regulatory parity (c) it satisfies prudential logic.

In this study, an attempt has been made of develop a dynamic macroeconometric model of Pakistan’s economy to examine the behaviour of major macroeconomic variables such as output, consumption, investment, government expenditure, money, interest rates, prices, exports, and imports. The model...

In this paper, we estimate a GVAR model in order to study the transmission of shocks between the EU15 and the USA economies, respectively, on a quarterly basis in the 2000 (Q1)–2011 (Q4) time span. Our work is based on the global variables of trade and credit which act as the transmission...

For decades, the prevailing sentiment among economists was that growth rates remain constant over the long run. Kaldor considered this to be one of the six important `stylized facts' that theory should address, and until the emergence of endogenous growth models, this was a fundamental feature...