We assess the behavior of real effective exchange rates (REERs) of members of the CEMAC zone with respect to their long-term equilibrium paths. A reduced form of the fundamental equilibrium exchange rate (FEER) model is estimated and associated misalignments are derived for the period 1980 to...

Most of the assets on the balance sheet of typical banks are illiquid. This exposes banks to liquidity risk, which is one of the key risks for banks. Since the value of assets is determined by their risks, liquidity risk should be included in valuation. This paper develops a valuation framework...

In this paper, we dissect with great acuteness contemporary insufficiencies of the IFS (2008) definition of the financial system and conclude from sound theoretical underpinnings and empirical justifications that the foundation, on which it is based, while solid for developed countries, holds...

Multilingualism, one of the major problems in the new reality, is considered to be of crucial importance for the European Union, as multilingualism can be identified as the phenomenon leading to the cultural diversity and protects the disappearance of certain languages, mostly regional and...

The main objective of the article is to examine the challenges of EU Studies in the South Caucasus in accordance with in the process of European integration as exiting political and geopolitical strategies of the region can be considered as the platform and a kind or “need assessment” for...

This article undertakes an empirical analysis of M&A-related risks based on evidence from eight listed U.S. bank holding companies over the period 2000-10. The research model is designed as an inter-domain risk matrix encompassing idiosyncratic and systematic risks underlying horizontal and...

We apply well-known results of the econometric learning literature to a standard RBC model with unemployment. The unique REE is always expectationally stable with decreasing gain learning, and this result is robust to over-parametrisation of the econometric model relative to the minimum state...

This study explores the determinants of health status in Turkey. Moreover, this study explores the willingness to pay for reducing the air and noise pollution. The estimates are based on data from the annual Income and Living Conditions Survey (ILCS) in Turkey which took place in period...

In Europe, the languages are like water: mobiles and actives, shapeless and elastics, indispensables but without power. Even if they are subject of discussions between different forces, they are not governing the relations between States. So, one can ask himself the following question: our world...

This article explains the peculiarities of institutional effects on growth rates in post-communist countries. By proposing a certain dependence of the institution-growth nexus on the nature of institutional emergence, the distinction between revolutionary and evolutionary processes of...