This paper analyzes the episodes of economic growth in Guatemala over the last fifty years, with special emphasis in the post-1999 deceleration. The results show two important facts. First, there are good reasons to believe that this phenomenon may be temporary. Second, the post-1999...

This paper gives an overview of some issues related to market aluation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...

Previous literature has studied the empirical characteristics of European Union Allowances (EUAs) and Certified Emissions Reductions (CERs) time series by using vector autoregression, impulse response function, and cointegration analysis (Chevallier (2010)). This paper extends the analysis by...

Previous literature has studied the empirical characteristics of European Union Allowances (EUAs) and Certified Emissions Reductions (CERs) time series by using vector autoregression, impulse response function, and cointegration analysis (Chevallier (2010)). This paper extends the analysis by...

This paper investigates a long-run relation for the trade weighted NOK exchange rate. I find that the NOK Trade Weighted Index (TWI) cointegrates with the real oil price, the price differential and the real interest differential. The paper documents a long-run solution for the TWI. The paper’s...

This article provides an econometric analysis of the determinants of the aggregate level of credit to the household sector in Austria. These are our most important results: An error correction model explaining real credit shows that the development of this variable has been in line with...

A main result of the RBC literature is that technological factors drive fluctuations of macroeconomic variables around its long-run growth path. Nevertheless, it has been shown that in some countries fluctuations of some fiscal variables may explain some of the business cycle fluctuations. In...

This paper uses a Cholesky Factorization in a var analysis to investigate the relative importance of foreign and domestic shocks in the Venezuelan economy during the 1960:i- 2004:ii period. The economy is assumed to be driven by foreign (U. S. gdp and oil prices) and domestic (exchange rate,...

After Lehman default (credit crisis which started in 2007), practitioners considered the default risk as a major risk. The Industry began to charge for the default risk of any derivatives. In this article we try to extend the work of V.Piterbarg who established the fundamental of a new world in...