We estimate the amount of income and consumption smoothing (risk sharing) between countries in the European Monetary Union (EMU) and between other developed countries during the period 1970–2003. In particular, we examine if EMU countries display different patterns of risk sharing than other...

In this paper we construct a new methodology to measure the international income smoothing and present stronger connection between international asset holdings and international income smoothing for OECD countries.

In this paper, we investigate the indirect economic effects of the Hizmet movement. Participants of the Hizmet movement have spread all around the world, opening various types of educational institutions (more than a thousand) ranging from kindergartens to universities since the early 1990s. The...

This paper investigates welfare gains and channels of risk sharing among 14 Middle Eastern and North African (MENA) countries, including the oil-rich Gulf region and the resource scarce economies such as Egypt, Morocco and Tunisia. The results show that, for the 1992-2009 period, the overall...

Following the launch of the Euro in 1999, integration among Euro area financial markets increased considerably. As a result, portfolio home bias declined across the European financial markets. However, greater market integration has generated a new bias: portfolio Euro bias, a situation where...

This paper examines the time varying nature of European government bond market integration by employing multivariate GARCH models. We state that unlike other bond markets, in euro markets the default(credit) risk factor and other macroeconomic and fiscal indicators are not able to explain the...

AGCC countries' output is heavily dichotomized into oil and non-oil. The oil shocks have similar effects on all member countries but little is known about their responses to non-oil shocks. This paper sets out to determine whether (1) aggregate demand (AD) and non-oil supply shocks (AS) are...

Purpose – This paper seeks to model the daily and weekly forecasting of the currency in circulation (CIC) for the State of Qatar. Design/methodology/approach – The paper employs linear forecasting models, the regression model and the seasonal ARIMA model to forecast the CIC for Qatar....