This paper investigates the conditional correlations and volatility spillovers between the dollar exchange rate return, gold coin return and crude oil return to stock index return. Monthly returns in the 144 observations (2005 - 2017) are analyzed by constant conditional correlation, dynamic conditional correlation, VARMA-GARCH and VARMA-AGARCH models. So this paper presents interdependences in...

We show that the impact of globalization on growth and wages crucially depends on the labor market structures of the countries involved. We contrast bargaining and perfect competition. Under perfect capital markets, convergence of capital and income per capita always occurs despite di®erent labor market structures. However, di®erent labor market structures prevent convergence of the income shar...

This paper investigates the effect of increased diversification on the internal capital market. Previous literature examines the relationship of lowering diversification level and internal capital market. They find that internal capital market becomes more efficient as firms spin off poorly performing segments. This paper examines how the efficiency of the internal capital market changes after ...

The interest rate and exchange rate fluctuations have very significant impacts on the domestic economy and capital market development. Adopted from the traditional theory such as the interest rate parity, capital flow theory and the classical theory of IS-LM model, the paper does an in-depth theoretical and empirical research and analysis on the interaction and complex relationship among the th...

We discuss a dynamic model where all agents contribute to a global externality, but only those in a speci c region su er from it. We model this in a dynamic setting via a two agent, non-cooperative overlapping generations model and analyze the consequences for economic growth and intertemporal choices. We nd that multiple steady states may result from this asymmetry. In particular, if the agent...

This paper develops the concept of institutional social capital and discusses its importance in the labor market. Institutional social capital is constituted by the resources inherent in an organization (such as a school) and thereby available to members of that organization. This is contrasted with the social capital available to individuals through their own personal networks. In the labor ma...