The main objective of this work is to propose an oligopolistic competition model thatincorporates product differentiation through quality of service in the Spanish bank loansmarket. This model allows us to detect the competitive behavior patterns in terms of the outputof all the financial...

Nonlinearly mean-reverting models can explain the high short-term volatility ofthe real exchange rate and the slow speed of adjustment to the equilibrium level. Anonlinearly mean-reverting model is used in this paper to fit to euro-dollar realexchange rate. This model implies that near...

The literature shows contradictory results in the direction and intensity of the relation between size and innovation. This study presents the results of a metaanalytic investigation, which aims to clarify this discrepancy. The sample used was made up of 87 correlations taken from 53 empirical...

This paper analyzes the relationship between ownership concentration andshares liquidity for a sample of 115 listed firms that traded during the period from April2000 to December 2000. Results show a negative influence of ownership of directors,major shareholders and outside shareholders on...

The focus of this paper is to analyze the evolution of spatial distribution of aggregate economic activity in the European Union during the period 1980-2002. The proposed methodology has as basis to incorporate, systematically, both the distance and the spatial interdependence among the analyzed...

The objective of this study is to analyze the macroeconomic performance of 16 Ibero- American countries over the period 1980- 199 1. Macroeconomic performance is defined as the ability of a country's macroeconomic managers to provide four welfare-enhancing economic services to their citizens: a...

This paper provides evidence that the expected real term structure contains information about the future real economic growth. We follow Harvey who uses the consumption-based asset-pricing model to derive a forecasting equation that links the stage of the yield curve to expected economic growth....

This paper draws attention to the internal consistency of the demographic statistics frequently used in applied work, population stocks and flows of births, deaths and net migration. We illustrate some inconsistencies found in these statistics provided by the Spanish central statistical office,...

This paper is founded in a previous estimation of the stock of capital of theSpanish economy incorporating two new developments. First, this new estimation is anestimation of the directly productive capital stock of the Spanish economy, whosepurpose is to know its productive capacity. Second,...

Forward exchange rate unbiassedness is rejected in test for international exchange markets. Such issue can be interpreted as evidence of a biased forward rate and/or time-varying risk premia. This paper proposes a stochastic general equilibrium model which generates substantial variability in...