In this paper, we check the hypothesis of a time varying cointegration relation between four industrial countries' per … the hypothesis of time evolving cointegration in all cases. Tests on the parameters of these cointegration relations show …

Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly … growth to examine the effects of inflation and financial development. A novel feature of the model is that the market for … productivity of the financial sector on welfare and per capita growth. The other is the effects of inflationonwelfareandgrowth …