This paper proposes a novel wavelet-based approach for constructing composite indicators. The wavelet-based methodology exploits the ability of wavelet analysis to analyse the relationships between variables on a scale-by-scale, rather than aggregate, basis. A wavelet-based index which combines...

The literature on aggregate investment has recently shifted attention away from the stock market in favor of the bond market as a consequence of the disappointing empirical results of stock market's Q and the ability of credit spreads to forecast investment and output growth. In this paper we...

In this paper we revisit the issue of integration of emerging stock markets with each other and with the developed markets over different time horizons using weekly stock indices data from June 1997 until March 2005 of the five major MENA equity markets (Egypt, Israel, Jordan, Morocco and...

In this article we investigate the empirical relationship between overall specialization and per capita income. The metric we use to measure overall specialization is the median of the sectoral distribution of the Balassa Index of Revealed Comparative Advantages applied to four-digit (SITC...