Few studies on federalism analyze the role of courts as safeguards of the federal arrangement, and those that do tend to be too optimistic about what courts can do. This article analyzes the effect of judicial review on the interaction between the central and a regional government in a...

The Brazilian economy has gone through a significant transformation during the past decade. Following nearly a quarter-century with very little growth in per capita GDP, there was a major change beginning in 2004. GDP per person (adjusted for inflation) grew at a rate of 2.5 percent annually...

In a call for papers, for the special issue to be devoted to “Urban Economy” late in 2015, that the <i>Economies</i> editors issued recently, I noted the increased attention that has been given to urban economies during the past quarter century. This is concomitant with the increased importance and...

Certain exotic options cannot be valued using closed-form solutions or even by numerical methods assuming constant volatility. Many exotics are priced in a local volatility framework. Pricing under local volatility has become a field of extensive research in finance, and various models are...

The 2008 credit crisis changed the manner in which derivative trades are conducted. One of these changes is the posting of collateral in a trade to mitigate the counterparty credit risk. Another is the realization that banks are not risk-free and, as a result, cannot borrow at the risk-free rate...

The study seeks to establish the presence, or otherwise, of real exchange rate, demand and supply shocks synchronicity in the West African Monetary Zone (WAMZ) and to suggest alternative exchange rate arrangements, other than a monetary union, in case these shocks do not co-move. On the whole,...

This paper formulates and discusses the hypothesis of a long run unbalance between Saving and Investment. Various remedies are proposed for such a problem, in the actual situation of economic crisis, depending on such unbalance. Among them there are: an agreement at G20 political level, for the...

В статье рассматривается ряд вопросов, связанных с управлением совокупным спросом, включающим потребление населения, финансирование предприятий и...

В данной статье рассматривается роль государственно-частного партнёрства в становлении общественной системы смешанного типа. Система направлена на...

Recent debate on the effectiveness of tax rebates has concentrated on the degree to which they can affect economic activity, which depends on the methodology, the state of the economy, and the underlying assumptions. A better approach to assess the effectiveness of these monetary transfers is by...