Risk assessment is one of the major challenges that must be addressed by each insurance company. To assess risk we need to know the value of losses as well as the probability of losses, since the risk cost is the basic component in evaluating the insurance indemnity. Statistical methods should...

In the wood industry, it is common practice to compare in terms of the ratio of two different strength properties for lumber of the same dimention, grade and species or the same strength property for lumber of two different dimensions, grades or species. Because United States lumber standards...

In recent years, there has been increasing interest in using appropriate instruments to measure household living conditions. Actually defining material living condition needs to consider the level of consumption as well as the economic resources in terms of income and wealth that enable...

This paper re-examines the stochastic properties of US State real per capita personal income, using new panel unit-root procedures. The new developments incorporate non-linearity, asymmetry, and cross-sectional correlation within panel data estimation. Including nonlinearity and asymmetry finds...

This paper evaluates the advisability of a monetary union in Latin America applying the theory of optimum currency areas (OCA). The analysis is based on the traditional OCA criteria and it suggests that there is no evidence for any monetary integration in Latin America even at a sub-regional...

Taking into account that one of the most important factors which have caused the financial crisis was the bad risk management practices in banks we want to confirm the need to develop more efficient risk management practices. The fact that return distributions are characterized by time varying...

We investigate the determinants of renewable energy R&D intensity and the impact of renewable energy innovations on firm performance, using several dynamic panel data models. We estimate these models using a large dataset of European firms of 19 different countries, with some patenting activity...

While estimates of models with spatial interaction are very sensitive to the choice of spatial weights, considerable uncertainty surrounds definition of spatial weights in most studies with cross-section dependence. We show that, in the spatial error model the spatial weights matrix is only...

This study presents a core-periphery model to determine the optimal size of the European Stability Mechanism (ESM), building on Jeanne and Ranciere (2011). While the periphery is subject to a probability of losing access to external credit, the core's incentive for setting up an ESM stems...

Due to its known weaknesses Value at Risk (VaR) has been modified to have a better market risk measurement model. 2007-2008 global financial crisis has increased the necessity to incorporate market liquidity into widely used models. This is to raise the required regulatory capital for trading...