This supplement considers the role of trade in vertically differentiated final goods in the vintage human capital model, when countries differ in their borrowing constraints. Each new technology is a differentiated good of higher quality in the sense of Lancaster (1966).

This paper analyzes an informal financial institution that brings heterogeneous agents together in groups. We analyze decentralized matching into these groups, and the equilibrium composition of participants that consequently arises. We find that participants sort remarkably well across the competing groups, and that they re-sort immediately following an unexpected exogenous regulatory change. ...

We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the nodes is the correlation between these shocks. Daily dynamic centrality measures allow us to rank firms in t...

A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth, which raises critical questions, such as why do some countries have welldeveloped growth-enhancing financial systems, while others do not? The law and finance theory focuses on the role of legal institutions in explaining international differences in financial development. First, th...

This paper presents a Genetic Algorithm Fuzzy Data Envelopment Analysis (GA-FDEA) model that caters for optimal selecting of economic indicators for the measurement of relative productivity and performance of financial institutions. Imprecise or uncertain data of financial institutions due to varying monetary policies and market risk were retrieved from Nigeria Stock Exchange Commission and eva...

Within the article, the impact of modern digitalization processes on changing household credit behavior is considered. Much attention is paid to defining the essence of digitalization and exploring the features of its impact on the financial services market. Accordingly, the content of household credit behavior and its individual models are examined. This behavior is proposed to be considered a...

present paper intends to measure the determinants of performance of indian financial sector. the performance variables of banking sector and microfinance institutions in india are studied over a study period of six years i.e. 2006-07 to 2011-12. the financial sector of india is gaining strength over the years and its contribution to growth is overwhelming. banks are considered the main componen...

Financial sector is one of the most influential sectors in economic activities. Empirical and theoretical studies conducted in recent years have also confirmed the significant role of financial institutions in economic growth. Additionally, trade and financial liberalization policies have been particular concerned with strategic policies in developed and developing countries. According to dynam...

Financial systems reform and corporate reform are deeply intertwined and thus are best addressed simultaneously and comprehensively. Indonesia is seeking to do this by developing rules, institutions, and mechanisms to achieve good corporate governance, while working to build an effectively functioning financial system that facilitates good corporate governance. This paper explores this quest in...