This paper examines the interaction between financial development and economic growth of the Economic Community Of West African States (ECOWAS) and West African Economic and Monetary Union (WAEMU) using non-stationary panel data methodology and a panel cointegration approach. We estimate a...

The global financial crisis that started from 2007 onwards spread around the world and impacted the performance of banks in major economies. Many governments have used a variety of intervention policies to recover their financial systems. By examining the dynamic changes in bank performance...

With the exception of Bitcoin, there appears to be little or no literature on GARCH modeling of cryptocurrencies. This paper provides the first GARCH modeling of the seven most popular cryptocurrencies. Twelve GARCH models are fitted to each cryptocurrency and their fits are assessed in terms of...

A five cent $0.05 investment in Bitcoin on July 17, 2010, the first date in which there appears to have been a published value had grown to $7,383.39 on July 18, 2018. While Bitcoin as a currency has existed for less than a decade ̶ it had a very limited liquidity and usage during the first few...

In almost every area of empirical finance, researchers are confronted with multiple tests. One high profile example is the identification of investment managers that outperform. Many beat their benchmarks purely by luck. Multiple testing methods are designed to control for luck. Factor selection...

This paper uses occupational employment and wage data for over 270 industries from 1990 to 2017 to estimate the percentage of an industry’s annual labor costs paid to perform regulation-related tasks. We hypothesize that this measure reflects the intensity of regulations that incentivize firm...

Expected returns and risk assessment are important issues when evaluating capital investment projects. We use VARX-MGARCH models and asset pricing theory to model the expected rate of return in Brazil, Colombia, Mexico and Peru for late 2006. The main objective of this paper is to present an...

This paper explores the extent of efficiency improvements achieved by New Zealand banks over the period 1996 to 2002, using data envelopment analysis (DEA), on a time-series, rather than cross-sectional basis. <p> Evidence is found for improvements in bank efficiency through time, some of which can...</p>

The rise of conglomerate banks and their interrelated balance sheets, pose new challenges to theories of financial regulation. We measure the impact of recent legislative changes in Australia upon systemic risk, for banking and near banking sectors, and demonstrate a significant reduction post...

In this paper, I estimate the degree of market power at the bank-level for 84 banking systems worldwide. Subsequently, I analyze the sources of bank competition, placing emphasis on the impact of financial reform and the quality of institutions. I find that financial liberalization policies...