We theoretically model and empirically investigate a society’s liberalization decision and its impact on income inequality. The motivation is that a blanket conclusion that globalization increases inequality within countries can be misleading. In the paper, the decision of the society rests on...

The empirical evidence on the Kuznets hypothesis ranges from positive or negative support to insignificant relationships. Most studies typically try this hypothesis in domains different than the one conceived by Kuznets, which pertains to the industrialization-led urbanization (i.e., significant...

This paper investigates the relationship between different classes of institutional investors and firm performance. Using industry level data from Finland, which is characterized by various institutional investors who own multiple ownership stakes in different firms across a broad spectrum of...

This study, using currency demand model, finds Australia’s underground economy to be around 2 to 3 per cent of gross domestic product. We extend the related literature (see, inter alia, Bajada, 1999 and Breusch, 2005) in three novel ways. First, we use Austrian levels of taxes and welfare...

We examine whether industry-level forecasts of CPI and PPI inflation can be improved when we use the “exchange rate pass-through” effect, that is, when we account for the variability of the exchange rate and import prices. We build a forecasting model based on a two or three equation system...

Using product-level trade data, we empirically investigate the export patterns of more than 150 countries in their exports to the U.S., Brazil, India and Japan. We document strong evidence that exporters specialize according to their relative factor endowments, technology, and economic size....

The Gallipoli Campaign was one of the hardest fought wars in modern human history. A manmade disaster that occurred exactly 100 years ago on a narrow geographic strip on the Gallipoli peninsula, it claimed the lives of a total of approximately 120,000 soldiers from the belligerent powers, the...

This study presents disaggregated food demand elasticities for Australia using data drawn from the latest two national Household Expenditure Surveys covering the period 1998/99 and 2003/04. Adopting an Almost Ideal Demand System approach, a food demand system is estimated for 15 food categories,...

Using a unique panel data set of privatised cement firms in Turkey, we test the hypothesis that privatisation and firm performance are determined simultaneously in a political economy context. By focusing on the short- and medium-run joint relationship between privatisation and firm performance,...

Despite a sizeable theoretical and empirical literature, no firm conclusions have been drawn regarding the impact of political democracy on economic growth. This paper challenges the consensus of an inconclusive relationship through a quantitative assessment of the democracy-growth literature....