GMM estimation of autoregressive panel data equations in error-ridden variables when the noise has memory, is considered. The impact of variation in the memory length in signal and noise spread and in the degree of individual heterogeneity are discussed with respect to finite sample bias, using...

Production often causes pollution as a by-product. Once pollution problems become too severe, regulation is introduced by political authorities which forces the economy to make a transition to cleaner production processes. We model this transition as a change in "general purpose technology"...

Financial Inclusion in Developing Countries: Applying Financial Technology as a Panacea -- Revisiting the East Asian financial crises: Lessons from ethics and development pathways -- Financial Development and Natural Resources Rents-Human Capital Nexus: A New Approach -- Financial Inclusion...

Developing Asia has undergone a dramatic shift over the past 5 decades from a region of mainly low-income economies toward one that is largely middle income. Compared with world aggregate data, developing Asia now has a much greater proportion of middle-income economies. The region faces the...

This paper derives new theoretical results for forecasting with Global VAR (GVAR) models. It is shown that the presence of a strong unobserved common factor can lead to an undetermined GVAR model. To solve this problem, we propose augmenting the GVAR with additional proxy equations for the...

This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the...