Recently, parallel to developments in the communication technology, online shopping has become increasingly popular for many products, like books, CDs, software, and computers. Most analysts conjecture that the future will witness a wider basket of products and a higher trade volume via the...

Some economic models need constraints imposed on control and/or state-space constraints. In most cases, nonetheless, the use of constraints is avoided because it brings significant technical difficulties to a model. This paper offers a new practical technique to solve control and state-space...

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called...

Under the standard neo-classical growth framework, conditional convergence studies assume that a country with a higher initial human capital among others \'performs\' better. Nevertheless the growth implications of health, another component of human capital, compared to education, have not been...

Recent contributions to growth theory stress the importance of localized innovation for the performance of more backward countries. In earlier papers, analyses by means of DEA techniques confirmed this intuition. In this paper, we extend this type of analysis by relaxing the macroeconomic...