Limit laws of transient excited random walks on integers

We consider excited random walks (ERWs) on integers with a bounded number of i.i.d. cookies per site without the non-negativity assumption on the drifts induced by the cookies. Kosygina and Zerner [KZ08] have shown that when the total expected drift per site, delta, is larger than 1 then ERW is transient to the right and, moreover, for delta>4 under the averaged measure it obeys the Central Limit Theorem. We show that when delta in (2,4] the limiting behavior of an appropriately centered and scaled excited random walk under the averaged measure is described by a strictly stable law with parameter delta/2. Our method also extends the results obtained by Basdevant and Singh [BS08b] for delta in (1,2] under the non-negativity assumption to the setting which allows both positive and negative cookies.Comment: 27 page

The Effectiveness and the Efficiency of the Banking Supervisory Activity. An Empirical Analysis

The recent financial crisis has proven just how expensive the process for the reestablishing of the financial stability and for restoring the public confidence in the banking system, actually is. Given its effects and the skepticism regarding the effectiveness of the supervisory systems of the financial markets, it is only natural to wonder whether the compliance with the regulatory standards in the prudential banking field, can be considered as sufficient for ensuring the viability and resilience of the banking systems. The answer was given by the reaction of the political factors, consisting in the setting up of a new regulatory and supervisory framework at EU level, well structured and integrated, which must, however, be sustained by reconsidering the approach on the supervisory activity at each Member State’s level. Therefore, the assessment of the supervision of the credit institutions, performed by the national supervisory authorities, represents a key factor.prudential supervision; efficiency; effectiveness assessment; risk matrix.

Marriage and Work: an analysis for French couples in the last decade

This paper looks at French couples’ labour market behaviour over the last thirteen years, from 1990 to 2002. We find that the proportion of dual earners couples has been steadily rising over time. Joint activity rates have gone up from 52% in 1990 to over 58% in 2002. About a fifth of women in dual earners couples in our sample earns a higher gross monthly salary than their husbands. The proportion of male breadwinners couples has diminished steadily overtime, from 30% in 1990 to 22% in 2002; while that of female breadwinners has increased from 5% to 7%. We provide some descriptive and exploratory analysis of the determinants of the labour market states of spouses, accounting for class endogamy as well as for changing macroeconomic conditions. W e find that class endogamy is an important determinant of the labour market states occupied by spouses. Wives that earn more than their husbands are either low-educated women with a low-educated husband or high-educated women. Classification-JEL : D1, J12, J21 Keywords : Marriage, work behaviour, household economics.

MANAGEMENT OF PUBLIC PASSENGER TRANSPORT SERVICES DURING ECONOMIC CRISIS

Urban transport and especially its core component, local public transport of passengers, is one of the most important functions of a city, because through it is ensured the unity and coherence of all its activities. In this context, the article presents the main characteristics of urban transportation in Romania.public transport, passenger transport, cities, Romania.

An Alternative Asymptotic Analysis of Residual-Based Statistics

This paper presents an alternative method to derive the limiting distribution of residual-based statistics. Our method does not impose an explicit assumption of (asymptotic) smoothness of the statistic of interest with respect to the model's parameters. and, thus, is especially useful in cases where such smoothness is difficult to establish. Instead, we use a locally uniform convergence in distribution condition, which is automatically satisfied by residual-based specification test statistics. To illustrate, we derive the limiting distribution of a new functional form specification test for discrete choice models, as well as a runs-based tests for conditional symmetry in dynamic volatility models.Le Cam's third lemma, Local Asymptotic Normality (LAN)