In this paper I discuss the general statistical relationships between beta- and sigmaconvergence (for a definition see section 2) and the implications of the Solow-Swan and Ramsey-Cass model for an OLS-estimation of beta- and sigma-convergence of the log of per capita GDP over a cross section of...

The integration of the central and eastern European countries into the international capital markets has been and will be determined by the process of European Union (EU) integration. Our analysis shows that southern and eastern European countries already appear to be surprisingly similar...

This paper examines how capital account liberalization (CAL) affects Foreign Direct Investment (FDI) inflows. The authors use the System Generalized-Method-of-Moments (GMM) estimator developed for the dynamic panel model for a sample of 17 Middle East and North Africa (MENA) countries from 1985...

This paper evaluates the evolution of European venture capital investments since 1990, using the distribution dynamics methodology. It tests and rejects the hypothesis that the international allocation of venture capital investments is driven by a pathdependent process of agglomeration, in which...

This paper compares the traditional gravity model with a bidirectional approach when multilateral resistance is implemented to analyze the effect of inward foreign direct investment (FDI) on exports. We use cross-sectional HS trade data disaggregated at a 6-digit level in 2010 with controls for...

For many low-income countries, the impact of structural reforms on economic growth and poverty alleviation crucially depends on the response of aggregate agricultural supply to changing incentives. Despite its policy relevance, the size of this parameter is still largely unknown. This paper...

Using count data on Indian joint ventures (JVs) and wholly owned subsidiaries (WOS), we present an empirical analysis of FDI-related ownership choices and their relation with host country characteristics and indicators of transaction costs. Our Negative Binomial regression models offer only weak...

A popular interpretation of the Rational Expectations/Efficient Markets hypothesis states that, if the hypothesis holds, then market valuations must follow a random walk. This postulate has frequently been criticized on the basis of empirical evidence. Yet the assertion itself incurs what we...

We study return predictability of stock indexes of blue chip firms and smaller hightechnology firms in Germany, France, and the United Kingdom during the second half of the 1990s. We measure return predictability in terms of first-order autocorrelation coefficients, and find evidence for return...