Costa Rica's Program of Payments for Environmental Services (Pago de Servicios Ambientales, PSA) provides a unique opportunity to evaluate direct payments as a conservation policy tool. This paper reports evidence on how much more forest has been conserved in Costa Rica as a result of PSA...

The purpose of the paper is to evaluate and measure the effect of financial liberalization (FL) on bank risk exposure. We pursue these questions by assessing the changes in market-based asset values and risk exposure measures for commercial banks (CB) before and during a FL program. We do this...

We analyze volatility contagion between the U.S. and Chinese stock markets and international capital markets. The volatility is modeled using: GARCH, TARCH, EGARCH, APARCH, IGARCH, FIGARCH, ACGARCH and GAS models under Gaussian, GED and t-Student distributions. 21,000 intraday observations of...

We analyze volatility contagion between the U.S. and Chinese stock markets and international capital markets. The volatility is modeled using: GARCH, TARCH, EGARCH, APARCH, IGARCH, FIGARCH, ACGARCH and GAS models under Gaussian, GED and t-Student distributions. 21,000 intraday observations of...

Deviations from efficiency widely documented for the case of developed capital markets include the presence of seasonal patterns. These anomalies, fairly well known by investors, could possibly lead to obtaining extraordinary gains. Although markets from the developing and transitional economies...