according to the literature, economic liberalization is an important factor affecting the intra industry trade (iit). present paper is trying to examine the positive effect of economic liberalization on iran’s iit as well as to review the effectiveness of important components of economic liberalization including privatization, trade liberalization, exchange rate liberalization and financial lib...

this research aims to use var as a risk measure to find the optimum portfolio in tehran stock exchange. in this research var which is calculated with parametric method by using the 15 daily returns of 100 companies from march 21, 2001 to november 22, 2007 was added to the markowitz model of portfolio optimization as additional constraint. by changing the accepted var and accepted confidence lev...

Despite the predictions of standard trade theory, countries in the North are not indifferent between free migration and free trade. Explanations include the redistributive policies of the welfare state (Wellisch and Walz, 1998, this Review). This paper offers an explanation using the concept of social capital and extends the analysis to the South. The movement of people differs from the movemen...

Government budget balance forces the endogenous use of distortionary tax instruments when an exogenous reform is implemented. The aggregate efficiency of such reforms is based on comparisons of simple summary measures of the Marginal Cost of Funds of the various tariff or quota changes with the Marginal Cost of Funds of the alternative taxes, or of the Marginal Benefit of Government supplied go...

We analyze how economic shocks and policies affect the intensity of social conflict. We view conflict phenomena such as crime and civil war as involving resource appropriation activities. We show that not all shocks that could make society richer reduce conflict. Positive shocks to labor intensive industries diminish social conflict, while positive shocks to capital intensive industries increas...

This paper studies empirically the relationship between trade policy and individual income risk faced by workers. The analysis proceeds in three steps. First, longitudinal data on workers are used to estimate time-varying individual income risk parameters in various manufacturing sectors. The estimated income risk parameters and data on trade barriers are then used to analyze the relationship b...

An Empirical Analysis of Trade-Related Redistribution and the Political Viability of Free Trade Even if free trade creates net welfare gains for a country as a whole, the associated distributional implications can undermine the political viability of free trade. We show that trade-related redistribution increases the political viability of free trade in the US. We do so by assessing the causal ...

Recently, a significant share of the empirical analysis on the impact of public capital on regional growth has used multivariate time-series frameworks based on vector auto regressive (VAR) models. Nevertheless, not as much attention has been dedicated to the analysis of the long-run determinants of regional growth processes using multi-region panel data and applying panel integration and co-in...

In this note we consider the treatment of structural breaks in VAR models used to test for unit roots and cointegration. We give practical guidelines for the inclusion and the specification of intervention dummies in those models. JEL Classification Code: C32, C52, E43.

This paper analyses the application of a switching volatility model to forecast the Ž . distribution of returns and to estimate the Value-at-Risk VaR of both single assets and portfolios. We calculate the VaR value for 10 Italian stocks and a number of portfolios based on these stocks. The calculated VaR values are also compared with the variance–coŽ . variance approach used by JP Morgan in Ris...