We study how financial and educational institutions affect the evolution of income and income inequality in an overlapping generations model with heterogenous agents. While the literature mostly focuses on either physical or human capital, we make an attempt to study the joint evolution of these variables. In our model, we find that better educational institutions increase income of the individ...

“occupy wall street” movement which has aimed the heart of the global financial capitalist system enjoys a special significance in the perspective of social-economic- political, human rights (work force), moral and cultural heritage of nations and can be considered as a symbol of work force economic jihad in national and global level in order to realize justice and socio-economic equality. but ...

This paper investigates the effects of financial development on the intensive and extensive margins of countries exports, at different stages of economic development. The paper develops a partial equilibrium model with monopolistic competition. In this model, firms are heterogeneous in terms of productivity and have access to external liquidity. The effect of financial development on the intens...

For over 50 years in the middle of the 20’h century we had financial institutions that were bounded geographically as well as by type of product or service. They were insulated from other financial and non-financial institutions by restrictive charters and by regulations designed to limit competition between charters. All of this was in the name of safety and soundness, an outgrowth of the fina...

The bankruptcy of financial institutions shows the rapid changes in the risks profiles of financial systems and processes. Although financial institutions have always managed the operational risks, the profile of this kind of risks is changing due to the increasing international competitive pressure and the evolution of the financial institutions’ operational systems relying more and more on IT...