It is well understood that bond markets play an important role in the development of the overall financial sector. Bond markets also help to make efficient investment and financing decisions, to improve efficiency in the design and implementation of monetary policy, provide financial stability...

Recent interest has been stimulated by the growth of income inequality in most developed countries during the 1980s and 1990s. However, considerable uncertainty still exists as to which factors have been the most important causes of this development. This article uses a measure of income...

This paper studies the labour market transitions of female workers from 1993 to 2004, a period of unprecedented economic stagnation for Japan. It provides an excellent setting to investigate how workers are affected and how firms have adjusted their workforces during difficult economic times. To...

Recent aggregate tests of the impact of taxes on long-run growth rates in the OECD countries remain vulnerable to two important criticisms. First, they typically use 'an aggregate average rate, or constructed marginal rate, that probably does not affect the rate that any particular economic...

Extract: As the Heckscher-Ohlin-Mundell paradigm predicts, in a world where capital markets are perfect and production exhibits constant-returns to scale, while aggregate wealth endowments can be an important source of comparative advantage, their internal distribution does not matter for the...

This study attempts to investigate the financial market contagion in a global perspective. We use a large sample of 26 countries representing different regions in the world and focus on the spillover effects of the 1998 Russian crisis. We use daily observations on three financial market...

Many economic reforms are undertaken at a time of economic crisis. But is this a good time for a country to undertake trade reform? In this paper we investigate whether an economic crisis at the time of trade liberalisation affects a country’s subsequent growth performance. We employ threshold...

With globalisation financial development has spawned across the world creating a two-tiered funds market, developed and emerging. This paper is about discriminating the characteristics, and identifying the variables that would help an analyst to distinguish a capital market to be termed a...

Extract: The global financial crisis of 2007-09 will go down in the history indubitably as the foremost economic and financial cataclysm of the twenty-first century, a seismic economic and financial event. It also acquired the dubious distinction of being the gravest crisis since the Great...

Introduced in the mobile telecommunications market across world, mobile virtual network operators (MVNOs) are considered an effective way to promote competition. However, possible adverse consequences for infrastructure investment of mobile network operators (MNOs) create concern. In this paper,...