We propose procedures for estimating the time-dependent transition matrices for the general class of finite nonhomogeneous continuous-time semi-Markov processes. We prove the existence and uniqueness of solutions for the system of Volterra integral equations defining the transition matrices,...

Ever since the Asian Financial Crisis, concerns have risen over whether policy-makers have sufficient tools to maintain financial stability. The ability to predict financial disturbances enables the authorities to take precautionary action to minimize their impact. In this context, the...

Social exclusion can be defined as a process leading to a state of multiple functioning deprivations. Cross-sectional headcount ratios of social exclusion may overstate the extent of the problem if most individuals do not remain in the same state in successive years. To address this issue, we...

The objectives of this paper consist on two main parts:a descriptive one and an explanatory one. For the first part I used transition matrices to identify people who entered and left the poverty line in Peru between 2001-2003.Probabilistic regressions models were used to explain the main...

This paper collects and reviews information about routes to retirement and exits from the labor force by older workers in Sweden. It gives a concise survey of rules of the major retirement schemes covering disability, sickness and unemployment. Usinglongitudinal micro data from the period...

An important research question examined in the recent credit risk literature focuses on the proportion of corporate yield spreads which can be attributed to default risk. Past studies have verified that only a small fraction of the spreads can be explained by default risk. In this paper, we...

This paper explores the mechanisms behind the intergenerational earnings mobility in Spain by means of three exercises: calculating the transition matrix, decomposing the sources of earnings elasticity and estimating quantile regressions. By calculating the transition matrices we find a strong...

The provision of the goods and services of a modern economy is controlled by a multiplicity of financial instruments. The basic properties of these instruments are considered here.

The fragile and structurally weak rural areas, in European Union terminology, are areas with important difficulties in maintaining their population and highly peripheral in nature. Generally, they have an aged population, a low density of population, a weight of the primary sector higher than...