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...

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...

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...

The objective of this study is to investigate the nexus between financial development (FD) in economic growth (GROWTH) in developing countries. The study uses panel data from 138 developing countries during the period 1980-2018. The relationship between financial development and economic growth...

Negative interest rates are an invention of monetary authorities to show that monetary activism does not have boundaries, i.e., as if there is no such thing as a liquidity trap. Their presence in the financial landscape has redefined the benefits to savers and to investors. Governments can now...

Financialisation, i.e., the process by which financial markets and their participants gain more influence over the functioning of enterprises/companies and the framework of the financial system, changes the functioning of the economic system, both at the macro- and microeconomic level. There is...