This paper incorporates human capital into the well-established portfolio theory by allowing for job security in personal portfolio choice. Our model predicts that young people hold more cash to hedge against risk associated with human capital (layoff risk). As people age, layoff risk decreases,...

As the use of languages is playing a more and more important role in economic activities with the globalization of the world economy, there is growing interest in the relationship between language and economic theory. The rapidly expanding literature in this field, however, is highly fragmented....

The new models of development take into account the influence of social capital in inducing the economic growth. Assuming that trust is one of the main dimensions of the social capital, we demonstrate that it is able to reduce the transaction costs and to lay off large amounts that can be...

Despite advancing extant theory, studies have tended to oversimplify the roles of human and social capital influences on nascent activity by underemphasizing the importance of motivational factors, construct dimensionality and context. This study seeks to extend previous efforts by investigating...

We examine whether the effect of sibship size on education differs by the individual's birth order in low-income countries, using data from Matlab, Bangladesh. Exploiting exposure to the randomized family planning program in Matlab for identification, we find evidence that sibship size has...

Social capital has recently been introduced in the economic literature as a growth factor. In this paper we study the interactions between social and human capital, and their contributions to economic growth in an endogenous growth model. In particular, we are interested in comparing the results...

Models of economic growth are typically based on the use of one or more stocks of productive assets to create goods for utility-generating consumption. The roles played by man-made capital, natural capital and human capital have been explored, often separately, in the literature, and more...

The internal migration flows from the Italian Mezzogiorno to Central and Northern Italy have recently begun to increase once more. The idea suggested in this article is that the intensification of internal migration in Italy can be associated with a twofold dynamics residing in the significant...

Purpose–This paper aims to empirically analyze the role of FDI technology spillover effects in the development patterns of ASEAN. Design/methodology/approach–The paper is based on the analytical framework of Borensztein by utilizing time-series data between 1990 and 2008 in ASEAN countries....