Beginning in the mid-1980s, the phenomenon of capital flight from developing countries received considerable attention in the economics literature. Capital flight destroys the domestic macroeconomic environment and decreases transparency and accountability. It restricts financial resources when a country is looking for economic growth and development. The purpose of this article is to measure t...

 In this paper, a version of the Vector Auto Regression (VAR) model has been used to investigate the interacted and dynamic effects between social capital and economic development in Iran during the period 1987-2006. To this purpose, variables of human capital, health and income distribution have been considered as the proxies of economic development. In addition, the volume of risky bank chequ...

We study a finite-depositor version of the Diamond-Dybvig model of financial intermediation in which the bank and all depositors observe withdrawals as they occur. We derive the (constrained) efficient allocation of resources in closed-form and show that this allocation provides liquidity insurance to depositors. The contractual arrangement that decentralizes this allocation has debt-like featu...

Using a model of deterministic structural change, we revisit several topics in inflation dynamics explored previously using stochastic, time-varying parameter models. We document significant reductions in inflation persistence and predictability. We estimate that changes in the volatility of shocks were decisive in accounting for the great moderations of the United States and the United Kingdom...

depending on the assumptions that are made in new keynesian models, one can attain different new keynesian phillips curves. in this study, three different new keynesian phillips curves and two different central bank behavioural functions are presented which leaves six new keynesian dsge models to study. the purpose of this study is the comparison of these six models and selecting the best model...

Based on dynamic capability and contingency theory, authors examined the direct connection between Service innovation, Marketing innovation Customer satisfaction, interacting mechanism of competitive intensity. The research model hypotheses were developed from extant studies. Respondents 300 microfinance banks participated in survey. Analyses Smart PLS software showed that positively significan...

To sustain growth in an aging economy, it is important to ease the financing of small firms by bank loans. Using bank internal data of small business loans in Germany, we examine the determinants of loan rates in the period 1995-2010. Beyond characteristics of the firm, the loan contract, and the lending relationship, demographic aspects matter. However, collateral and relationship lending play...

Article history: Received 12 January 2007 Accepted 9 November 2008 Available online 24 November 2008 Based on a questionnaire surveying dealers in the Taipei inter-bank foreign exchange market that was conducted in March 2001, I attempted to answer the question of who initiated the wider currency spread. It was found that the risk-averse dealers of small banks quoted wider spreads in order to c...

This paper is a contribution to the literature on the factors behind financial stability, focusing on monetary policy design. In particular, it assesses empirically for a sample of 79 countries in the period 1970 to 2000 whether the choice of the central bank objectives and the monetary policy strategy affect financial stability. We find that focusing the central bank objectives on price stabil...

Article history: Received 7 August 2014 Received in revised form 20 June 2015 Accepted 29 June 2015 Available online 9 July 2015 This study investigates whether a firm with strong corporate governance (CG) requires political connections (PCs), that is, we examine whether CG and PC substitute for or complement each other. Using 71,069 individual bank loan contracts from Taiwan, we examine how lo...