Credit Rating Agencies and Speedy Payday Loans INTERNATIONAL RESOURCE ALLOCATION: Trade with Incomplete Information 4 INTERNATIONAL RESOURCE ALLOCATION: Trade with Incomplete Information 3 INTERNATIONAL RESOURCE ALLOCATION: Trade with Incomplete Information 2
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Archive for November, 2013

The Futility of Utility – Consumers

The Futility of Utility - Consumers

Consequently, the average profit rate of producers is equal to the average profit rate of consumers and both rates are equal to economic growth. Therefore, there is no surprise in the fact that...

The Futility of Utility – Introduction

The concept of “utility” came about 300 years ago, when the fundamentals of the mathematical theory of probability began to be developed and, deservedly, it is linked to the name of the...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Conclusions

Early Warning Indicator Model of Financial Developments Using an Ordered Logit - Conclusions

For central banks it is important to use early warning indicators to assess the possible implications of large asset price movements and the building up of financial imbalances in the economy. In...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Assessing the Robustness of the Model

Stability of the Coefficient Estimates In order to check the stability of our results, we conduct two procedures. Firstly, we examine the time invariance. Secondly, the coefficient stability in...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Empirical Results

Early Warning Indicator Model of Financial Developments Using an Ordered Logit - Empirical Results

After having selected the boom and bust periods the three different phases demand the use of ordered probit or logit model. Since the logit approach has advantages to detect extreme cases we use...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Defining Boom Phases

Early Warning Indicator Model of Financial Developments Using an Ordered Logit - Defining Boom Phases

The definition of asset price booms overtakes the proposal of Gerdesmeier, Reimers and Roffia (2011). In the literature, several approaches to identify asset price booms have been used. For instance,...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Results From a Logit Model Analysis

Early Warning Indicator Model of Financial Developments Using an Ordered Logit - Results From a Logit Model Analysis

The present study extends the analysis of Gerdesmeier, Reimers and Roffia (2010, 2011) which focused on predicting asset price busts and booms using different probit models, respectively. This...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Literature on Money, Credit and Asset Price Developments

Gerdesmeier, Reimers and Roffia mention that evidence that money and credit could be important for the analysis of asset price developments is not new. Already at the beginning of the 20th century,...

Early Warning Indicator Model of Financial Developments Using an Ordered Logit – Introduction

Early Warning Indicator Model of Financial Developments Using an Ordered Logit - Introduction

The recent financial crisis starting 2007 has shown that boom-bust-cycles can have devastating effects on the real economy. At least since the Great Depression, economists and policy-makers have...

Corporate Social Responsibility and Sustainable Tourism – Conclusion

Corporate Social Responsibility and Sustainable Tourism - Conclusion

Sustainable tourism can help overcome many of the negative impacts associated with tourism development. Based on the interviews conducted, it is clear that guidelines alone are not strong enough to...

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