Since 1950s, most African nations have gained independence from their colonial powers. Fortunately, independence has brought many changes to these nations and these include multi-party democratic government and western education systems. Unfortunately, the Africa’s economy is the least...

In both developed and developing countries, there are basically two main sources of economic instability: exogenous shocks and inappropriate policies. Exogenous shock (terms-of-trade shocks, natural disasters and capital flow reversals) can throw an economy into disequilibrium and therefore...

For several decades, the international community has aspired to integrate the social, economic and environmental dimensions of sustainability. Yet, no country has achieved the patterns of consumption and production that could sustain global prosperity in the coming decades. Thus, with the...

Notably, the 20th century was dominated by the legacy of devastating global wars, colonial struggles, and ideological conflicts as well as effort s to establish international systems that would foster global peace and prosperity. Yet, insecurity and corruption not only remain, they have become...

Following Max Weber, many theories have hypothesized that Protestantism should have favored economic development. With its religious heterogeneity, the Holy Roman Empire presents an ideal testing ground for this hypothesis. Using population figures of 272 cities in the years 1300–1900, I find...

When income growth under price dispersion reduces the time of search and raises prices of purchases, the increase in purchase price can be presented as the increase in the willingness to pay for insurance or the willingness to pay for consumer credit. The optimal consumer decision represents the...

This paper explores the non-linear relationship between financial development and economic growth. It mainly relies on the Panel Smooth Transition Regression (PSTR) model of Gonzalés et al. (2005) and three metrics of financial development to endogenously assess the impact of financial...

In this book the author analyses three very important aspects of transition: human resources, foreign investments and financial sector. At the beginning there is an analysis of investments in human resources. It starts by definition and types of human resources, and continues with definition of...

In this study, we analyze the privations welfare in Cameroon considering poverty and social exclusion. The framework provided by the capability approach and construction of indicators of poverty and social exclusion by the fuzzy method from ECAM III survey data shows that the overall level of...

The aim of this paper is to empirically examine the relationship between Oil revenues, government spending and GDP growth in the kingdom of Bahrain. Oil revenues are the main source of financing government expenditures and imports of products. Increasing oil prices in the recent years have...