This paper presents a hybrid model for predicting the occurrence of currency crises by using the neuro fuzzy modeling approach. The model integrates the learning ability of neural network with the inference mechanism of fuzzy logic. The empirical results show that the proposed neuro fuzzy model...

The paper tests the hypothesis of a positive impact of democratization on growth and economic development in the sense of capabilities and improvements in well-being. We employ a probit model to estimate the probabilistic indicator for democracy for a large sample of countries. Panel regressions...

This paper develops a critique of the standard principal-agent approach to corporate governance by developing the idea of a family based corporate governance system (FBS). FBS is contrasted with the bank-led system (BLS) and equity market based system (EMS). Both BLS and EMS are closely...

This paper presents a hybrid model for predicting the occurrence of currency crises by using the neuro fuzzy modeling approach. The model integrates the learning ability of neural network with the inference mechanism of fuzzy logic. The empirical results show that the proposed neuro fuzzy model...

The main purpose of this paper is to offer a somewhat novel theory of deep democracy from a political and social economy perspective. The theory of deep democracy presented here makes a distinction between formal aspects of democracy and the deeper structural aspects. In order for democracy to...

The United States has a large and persistent current account deficit. Yet, U.S.'s income receipts from the rest of the world have exceeded its income payments to the rest of the world for many years. This appears to be paradoxical because for a country with a negative net foreign assets...

Following Schumpeter we assume that innovation in specific firms, or groups of firms, can have economy-wide effects. Models based on this idea can be shown to have multiple equilibria. The idea of a positive feedback loop innovation system or POLIS is formalized by picking an appropriate...

We examine the stock market reaction to the announcement of outside director appointments in Taiwan. We employ a sample of 58 outside director announcements made by Taiwan Stock Exchange listed firms during the period 1 January, 1999 to 30 June, 2003. Using this data, we can test some important...

In the fast developing digital technological revolution even the newly industrialized economies (the NIEs) have found it hard to catch up and maintain the pace required for not falling behind. The so-called developing economies are clearly at a great disadvantage in such a fast paced...