The research proposes to model the way households and their assets move back and forth between the informal rural economy and the formal economy, particularly financial equity, entrepreneurs and workers. Several hypotheses are tested to establish understanding about the functions of the informal economy in the co-evolution of rural and urban economies. This work should lead to strategic options...

These notes aim at introducing Lévy processes in an informal and intuitive way. Several important results about Lévy processes, such as the Lévy-Khintchine formula, the Lévy-Itô decomposition and Girsanov’s transformations, are discussed. Applications of Lévy processes in financial modeling are presented and some popular models in finance are revisited from the point of view of Lévy processes.

This paper presents a simple two-period, dual economy model in which migration options may affect the informal financing of educational investments. When credit contracts are universally available and perfectly enforceable, spatially varied returns to human capital have no effect on educational investment patterns. But when financial markets are incomplete and informal mechanisms subject to imp...

Globally, micro and small businesses require finance to support their business activities. Most of them have low profits because the lack from formal financial system. Micro in developing countries a dire need for financing start-ups existing operations. The system government forces explore other mechanisms, making it important investigate alternative channels. This paper investigates whether i...

Access to formal financial services is a key determinant of inclusion and yet, informal mechanisms still dominate the system in developing countries. In this context, purpose our article investigate how growing effort harness mobile money designed for unbanked individuals may help overcome barriers access services. Using unique dataset obtained from an individual-level survey conducted Burkina ...

In this article, we give a brief informal introduction to Malliavin Calculus for newcomers. We apply these ideas to the simulation of Greeks in Finance. First to European-type options where formulas can be computed explicitly and therefore can serve as testing ground. Later we study the case of Asian options where close formulas are not available, and we also open the view for including more ex...

Four options for assigning a meaning to Islamic Logic are surveyed including a new proposal for an option named Real Islamic Logic (RIL). That approach to Islamic Logic should serve modern Islamic objectives in a way comparable to the functionality of Islamic Finance. The prospective role of RIL is analyzed from several perspectives: (i) parallel distributed systems design, (ii) reception by a ...

We examine the role of employee treatment in firms’ access to informal finance form trade credit. find that better improves amount a firm can obtain. This effect is stronger environments with (1) more intensive product market competition, (2) highly customized inputs, (3) lower social capital and (4) high demand for skilled labor. Furthermore, varies according firm's financial health liquidity....