This paper computes the fiscal stance in a small open economy and asses its position to relevant macroeconomic variables in order to protect the macroeconomic stability and promote development. Since 2006 change in income and tax structure shifts the implementation of fiscal policy, increasing...

The paper reviews studies analysing the relationship between infrastructures and economic performance. Four different approaches are separately considered along an ideal path from theory-based to data-oriented models: the production function approach, the cost function approach, growth-models,...

This paper describes the methods used to construct an index to measure the maritime potential of nations. This prototype uses a limited number of variables to measure (a) the locational advantage of having a long coastline in comparison to the landmass (Maritime Potential Index MPI) , (b) the...

This paper investigates the role of public expenditures and general government debt in microfinance performance. Our panel regression applied to the data of microfinance institutions (MFIs) in Latin America and the Caribbean confirms the high significance of public finance for the growth of...

The infrastructure (transport) is essential for the economic development of a region. If we are taking into consideration the tourism industry and other tourist activities, the importance of the infrastructure is higher, due to the fact that the attractiveness is increased by the comfort and the...

Economic growth is one of the most important issues discussed worldwide. Its dynamics over time seem to be crucial from the perspective of the ability of poor countries to catch up with highly developed economies. As can be easily noticed in world statistics, both GDP per capita and GDP growth...

This paper examines the impacts of the financial, food and fuel crises on the livelihoods of low-income households Nigeria. It uses primary household level data from Nigeria to analyse the impacts of induced price variability on household welfare. Our results indicate that aggregate shocks have...

The aim of the paper is to analyze how corruption contributes to the spread of shadow economy and damages viable economic development of any country. The unfreedoms that are created under the conditions of illegal transactions and corrupt practices considerably limit the opportunities of...

Growth rate of real GDP per capita is represented as a sum of two components – a monotonically decreasing economic trend and fluctuations related to a specific age population change. The economic trend is modeled by an inverse function of real GDP per capita with a numerator potentially...

This article has developed a new model of welfare dynamics under imperfect information or imperfect competition by introducing a new concept of ‘inefficient welfare equilibrium’. It assumes that an economy can be split into two virtual parts. For one part the fundamental welfare theorems are...