The purpose of this study is to investigate whether contagion actually occurred during three well-known financial crises in 1990s and 2000s: Mexican “Tequila” crisis in 1994, Asian “flu” crisis in 1997 and US subprime crisis in 2007. We apply dynamic conditional correlation models...

Global trade determines how we live. Technology determines the extent of the market and the ease of trade. The transportation revolution reduced costs and cut travel times. The communication revolution (ICT) improved the quality and quantity of information in the global market and cut the cost...

A great deal of the foreign aid-growth literature finds that the net effect of aggregate aid on total growth appears to be insignificant. This study argues that this aid-growth nexus can be better explained by testing the variation responses for each of growth sectors to their corresponding...

Financial innovation and institutional quality play a key role in financial development. This study investigates the impact of financial innovation and institutional quality on financial development in an emerging markets setting. We used the sample of 17 emerging markets based on the...

In this paper, we study the growth effects of the 2004 Eastern enlargement of the European Union (EU) using the synthetic control method. We estimate that this EU enlargement had an immediate but modest positive impact on the economic growth of the EU-8 countries in the first few years following...

"Financial crisis" is sometimes regarded as synonymous with "economic crisis", but this is an oversimplification and risks missing the feedback loops between the financial and real economies. In this paper, the role of money is revisited in the context of distinguishing the real economy from the...

US states have implemented lockdown measures to contain the COVID-19 pandemic. We assess the impact of state policy responses on local economic and health conditions, with the goal to shed light on marginal health benefits and economic costs associated with social distancing. We find that...

While emerging economies face the challenge of competing with developed nations, they are capable of catching up to the developed world. In this context, financial development and the degree of economic openness may provide better living conditions for the current generation without giving up...

This research is the earliest attempt to understand the impact of inflation and the interest rate on output growth in the context of Pakistan using the wavelet transformation approach. For this study, we used monthly data on inflation, the interest rate, and industrial production from January...

Disasters are often followed by a large-scale stimulus supporting the economy through the built environment, which can last years. During this time, official economic indicators tend to suggest the economy is doing well, but as activity winds down, the sentiment can quickly change. In response...