Over the past two decades, the financial services industry has experienced a significant increase in competition and internal rivalry. Driven by deregulation and advances in information technologies, many historical institutional distinctions among financial intermediaries have disappeared or...

Niche markets of agricultural products are experiencing rapid growth. One suchniche market is organic pork. Organic pork production is a relatively new and expandingsegment of the pork industry. Similar to some other niche markets, it has also experiencedrapid growth (Organic Trade...

Following a trend of sustained and accelerated growth, the VIXfutures and options market has become a closely followed, active andliquid market. The standard stochastic volatility models | whichfocus on the modeling of instantaneous variance | are unable to t theentire term structure of VIX...

The paper shows that in a stylized model with two countries, characterized bydifferent levels of nancial development, the following facts can be replicated: 1)persistent current account surpluses and 2) high TFP growth in China. Because ofliquidity shocks and credit constraints, investment by...

This paper studies how liability dollarization conditions the effectof exchange rate exibility on growth. It develops a model with creditconstrainedrms facing liquidity shocks denominated in tradables while theirrevenues are both in tradable and nontradables. With frictions in the...

Conventional wisdom about the relationship between income distribution and economicdevelopment has been subjected to dramatic transformations in the past century. Whileclassical economists advanced the hypothesis that inequality is beneficial for growth, theneoclassical paradigm dismissed the...