This paper examines the relationship between FDI inflows and welfare improvement in North African countries. Using net per capita FDI inflows and the UNDP's HDI as the principal variables, our analyses confirm the positive and strongly significant relationship between net FDI inflows and welfare...

This study identifies the factors affecting the ratings assigned to Canadian firms by the rating agency Standard and Poor's, and proposes a multinomial logit model to predict ratings. We first propose a two-class model which classifies ratings as either investment or speculative grade. We then...

Using quarterly financial statements and stock market data from 1982 to 2010 for the six largest Canadian chartered banks, this paper documents positive co-movement between Canadian banks' capital buffer and business cycles. The adoption of Basel Accords and the balance sheet leverage cap...

This paper studies the causal relationship between foreign direct investment (FDI) and financial market development (FMD) using panel data from emerging markets. Most studies of the relationship between FDI and FMD have focused on the role of FMD in the link between FDI and economic growth, with...

This paper analyzes the risk-management practices of a vulnerable credit insurer by studying the effects of time-varying correlations, asset risks and loan maturities on the risk-based capital that backs credit insurance portfolios. Since asset correlations may change over a business cycle, we...