Common stochastic trends among major international stock price indices has been a very intensively analyzed issue mainly as a result of the 1987 stock market crash and the need for policy coordination in financial markets. This paper investigates the existence of common stochastic trends among...

The proposal of mathematical models needs in almost all the cases the verification of some assumptions. The Cox model is a regression model for survival data. The use of the Cox model without performing the verification of the assumptions is a common practice. In this paper, we present the...

After a short preface about the importance of the subject, reasons are given for the applicability of the model of Kindleberger and of the models of financial crises in emerging markets to the banking crisis in Bulgaria. The history and scheme of the crisis are considered. The structure of the...

Is liberalization in developing countries good for growth even if it leads to crises? The answer is a clear yes. But then, how can we explain the less-than-stellar growth performance of Mexico, a prominent liberalizer and member of NAFTA? In this paper we address these questions by analyzing the...

There is a growing interest for designing polices that may help increase the use of formal financial products by poor people. We use a panel database of families with access to these financial products and analyze why some use these products and others not. To verify the robustness of our...

El documento propone, a partir de la problemática del sistema financiero, revisada en la primera parte de este estudio, modificaciones en el entorno económico que enfrentan las empresas financieras, así como una participación activa del Estado en la supervisión y control de las entidades...

Este documento realiza un diagnóstico de la situación del sistema financiero peruano a principios de 1990. La principal problemática que se observa es la pérdida de importancia del sistema financiero en el proceso ahorro-inversión en el Perú que se agudiza a partir de 1988. Este es un...

Bank loan syndicate structure can be considered as an organizational response to agency problems stemming from the syndication process. The banking environment also influences the syndication process. We investigate how syndicate structure is influenced by the characteristics of the banking...

Since the preparation of the Single Market program in the 80s, financial integration in Europe has been expected to provide gains in growth by favoring competition and efficiency on financial markets. Our paper aims to check whether financial integration has taken place on the banking markets,...

L'Islam interdit le riba, mot arabe signifiant a la fois usure et interet. L'interdiction du riba figure dans la loi islamique, nee dans l'Arabie du Moyen Age. Elle est a la base de la finance islamique qui connut une expansion remarquabke durant la deuxieme moitie du XXe siecle. Nous nous...