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Recurrent financial crisis in LDCs
When estimating probabilities of repayment problems in Less Developed Countries (LDCs), the standard approach has been the application of logit models. Since there are few cases of LDCs, panel data has been used to increase ...
Equilibrium, efficient-markets, and liquidity in the cash-in-advance model
The existence of equilibrium is a test of the internal consistency of an economic model. In any model with domestic moneys and dividend-yielding assets, the first question is: will money be dominated by assets in equilibrium? ...