This is the first study to apply to Japanese housing data the econometric analysis of piecewise-linear budget constraints arising from space-linked interest rates. Two models of housing demand are discussed: The first is a Hausman-type model for floor space with random preferences and...

The MENA Region has recently witnessed significant economic and financial development. Yet its trade and capital flows remain marginal on a global level, and risk perceptions and institutional underdevelopment are still a powerful obstacle to an increased access to capital markets, a better...