Most regulatory government agencies to monitor the degree of compliance. These tasks are usually delegated to bureaucrats who, as self interested agents, may engage in corrupt behaviour. Opportunities for bribe taking are most likely to arise when the government (principle) is imperfectly...

In order to improve the small sample performance of the Generalized Empirical Likelihood Kleibergen type tests (GELK), we propose to re-weight the variance of moments matrix with GEL probabilities. Our modification improves GELK significantly by cutting the size distortion in half. Using...

Our review of the literature suggests that the effects of GATT/WTO are insignificant or relatively small for participants in general, but potentially very large for groups that make heavy use of it. Our empirical analysis suggests that these gains are disproportionately large for the...

The paper introduces lobby interaction in the ''protection for sale'' framework. Special interest groups provide unconditional contributions where the marginal contribution of a lobby is decreasing in the total sum collected by the government. In contrast to the ''protection for sale'' model,...

FX pricing processes are nonstationary and their frequency characteristics are time-dependent. Most do not conform to geometric Brownian motion, since they exhibit a scaling law with a Hurst exponent between zero and 0.5 and fractal dimensions between 1.5 and 2. This paper uses wavelet...

We begin by putting the size of Australia's crime problem in an international perspective thorugh comparisons with England and the U.S. Having established the magnitude of crime in Australia, section 3, rovides a framework useful for understanding the 'tough on crime' policy approach. Section...

The aim of this paper is to find approximate log-transition density functions for multivariate time-inhomogeneous diffusions in closed form. There are many empirical evidences that the underlying data generating processes for many economic variables might change over time. One possible way to...

For decades, earnings from farming in many African countries have been depressed by own-country policies such as export restrictions on cash crop products, as well as by governments of richer countries favoring their farmers with import barriers and subsidies. Both sets of policies have reduced...

In this paper, we study semiparametric estimation for a single-index panel data model where the nonlinear link function varies among the individuals. We propose using the so-called refined minimum average variance estimation based on a local linear smoothing method to estimate both the...

We examine a general equilibrium model with collateral constraints and increasing returns to scale in production. The utility function is nonseparable, with no income effect on the consumer's choice of leisure. Unlike this model without a collateral constraint, we find that indeterminacy of...