The standard vector error correction (VEC) model assumes the iid normal distribution of disturbance term in the model. This paper extends this assumption to include GARCH process. We call this model as VEC-GARCH model. However as the number of parameters in a VEC-GARCH model is large, the...

Regional GDP is a key indicator in the assessment of the economic performance of the Belgian regions. But for assessing the wealth of a certain region, another important indicator is the household disposable income.In this paper the evolution since 1985 and the level of regional per inhabitant...

For oil producing countries it is important to share rationally oil revenues between current expenditure and savings. The purpose of this paper is to study what impact will have change of the oil revenues accumulation on the dynamics of macroeconomic indicators.Modeling of dynamic stochastic...

In September 2013, the EU Parliament has called for a 6% limitation of crop-based biofuels (instead of 10% initially) and proposed a 2.5% binding incorporation target for cellulosic biofuels by 2020. In spite of this stated objective, the horizon of a large-scale adoption for advanced biofuels...

R&D and innovation are seen as key determinants of productivity and competitiveness and it has been recognized that the low growth performances of EU countries of the last decades can largely be attributable to their poor research performance, as compared to the US. As a consequence, most EU...

In the last years, Baltic countries joined or prepare to join the European Monetary Union. Accession comes in a time, were trading share between these countries and the Eurozone are declining. From a theoretical point of view, the optimality of currency unions depends on bilateral trade between...

Shadow "banks" are unidentified entities operating in the financial sphere, in different countries. Therefore their lending and borrowing activities must be based on some rationally determined interest rate. We make the hypothesis that it is determined by a Reinforced Learning process and try to...

Investigate how retail investors determine their stock trading through experience to achieve the desired portfolio returns. To examine how retail investors coordinate their expected returns and perceived risk. Verify how retail investors’ trade potentials augment transactions on the stock...

Recently it has become popular among oil-producing countries to establish oil revenue funds, which are believed to stabilize the economy. However their effectiveness is still under debates. The objectives of this paper to determine what makes funds effective in oil-producing countries. The...

The purpose of this article is to show the importance of tourism industry, indicate the current situation of tourism in Azerbaijan, show the current situation in the regions, the current policies and strategies for tourism, and in the conclusion to give proposals for future development of...