The current research emphasis on institutions as key determinants of economic performance, rather than on resources and resource productivity, has uncovered important questions for further research. For example, if institutions are central to economic performance, then what explains observed...

Institutions either promote or constrain economic performance, but which parts of institutions advance or restrict performance, and why do economies sharing similar institutions sometimes perform differently? This paper is a modest attempt at addressing a small part of these questions. It...

This paper aims to evaluate the trade potential of manufactured products between the members of the EU25 in the threshold of its Eastern enlargement. We estimate, for 2002, a cross-section gravity model, whose coefficients will be used to project the “natural” trade relations between them....

In this paper, we survey a wide range of theoretical and empirical papers on derivatives markets to address the information contents of trading activities in derivatives markets. Both theoretical and empirical research on options market and futures market indicate that the presence of...

This paper decomposes the large regression residuals of income across 84 U.S. Native American economies (USNAEs) into Solow and Solow-like parts. Decomposition is accomplished algebraically. The calculations find a weak to negative correlation between income and Solow residuals, and a strong...

The study of the territorial/regional development in Spain has nowadays a relatively long tradition, but from the point of view of cities development the number of studies and documents decreases drastically. This paper tries to improve the knowledge of the Spanish urban system. The aim of this...

The article discusses the possible cost savings of contracting out refuse collection in the Netherlands. According to foreign econometric studies, contracting out refuse collection leads to cost savings of approximately 20%. Our findings indicate that similar cost savings apply to the...

This paper examines a broad set of alternative temporal cross- section specifications of the demand for money as a means of estimating the degree of substitution between demand deposits and other liquid assets. Despite differences in data bases, model specifications and estimation techniques,...

The primary purpose of this article is to investigate the relationship between bank capital and credit risk taking in emerging market economies. We also investigate the influence of several regulatory, institutional and legal features on the relationship between risk and capital. We apply a...

We consider mean-reverting stochastic processes and build a self- consistent model for forward price dynamics and their applications in power industries. This model with stochastic volatility of the forward price is built using the ideas and equations of stochastic differential geometry in order...