We examine the relationship between real and financial integration. Real integration is measured by productivities of capital and labor from trade data for 1982 to 1997. Financial integration is measured by the black market exchange rate. We find more evidence of convergence to equality for returns to capital than for returns to labor. There is some support for associating the convergence of bl...

Time series of prices as well as time series based on prices or time series which describe prices and their dynamism are called financial time series. These time series have some typical properties. There are two basic assumptions: normality and linearity of log returns of the financial time series. The distributions of log returns are usually skewed and more peaked that the normal distribution...

In this paper, a novel approach to building a dynamic correlation network of highly volatile financial asset returns is presented. Our method avoids the spurious correlation problem when estimating the dynamic correlation matrix of financial asset returns by using a filtering approach. A multivariate volatility model, DCC–GARCH, is employed to filter the fat-tailed returns. The method is proven...

In this article, it is argued that financial return on investment (ROI) is an unreliable and insufficient measure of coaching outcomes, and that an overemphasis on financial returns can restrict coaches’ and organisations’ awareness of the full range of positive outcomes possible through coaching. Furthermore, poorly targeted coaching interventions that myopically focus on maximising financial ...

I develop a general equilibrium model in which the quality of household financial decisions is endogenously determined by the incentives to exert effort in learning about financial opportunities. The model generates predictions for asset market participation and returns across households. Moreover, search for financial returns enables the model to generate a more skewed equilibrium wealth distr...

This paper investigates how financial-sector leverage affects macroeconomic instability and welfare. In the model, banks borrow (use leverage) to allocate resources to productive projects and provide liquidity. When banks do not actively issue new equity, aggregate outcomes depend on the level of equity in the financial sector. Equilibrium is inefficient because agents do not internalize how th...