Like the most developing countries, the Mediterranean countries have also given priority to the development of tourism industry as a part of their economic growth strategy. This study intends to investigate the relationship between tourism development and economic growth in eight Mediterranean...

We estimate the steady state growth rate for the Nordic countries using a “knowledge economy” approach. An endogenous growth framework is employed, in which total factor productivity is a function of human capital (measured by average years of education), trade openness, research and...

We estimate a Factor Augmented Vector autoregression (FAVAR) to identify idiosyncratic exchange rate shocks and examine the effects of these shocks on different sectors of the economy. We find that an unexpected shock to the exchange rate has significant effects on the tradable sector of the...

How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...

How does the yield curve respond to a jump in financial uncertainty? We address this question by conducting a local projections analysis with US monthly data, period: 1962- 2018. The state-of-the-art financial uncertainty measure proposed by Ludvigson, Ma, and Ng (2019) is found to predict...

We investigate whether the daily betas of individual stocks vary with the release of firm-specific news in an emerging market. Using intraday prices of all stocks traded on the Borsa Istanbul, Turkey over the period 2005-2013, we find evidence that average market betas increase significantly...

In this paper, we empirically look at the effects of uncertainty on risk measures for exchange rates, by focusing on two recent specific periods: the Brexit and the outbreak of the Covid-19. Based on a Fama regression extended with uncertainty measures, we forecast exchange rate in the short run...

This paper examines the effect of foreign exchange news announcements on the volatility of stock returns in Nigeria, using the daily closing All-Share Index from The Nigerian Stock Exchange from 2000 to 2015. We extended existing literature by augmenting the EGARCH econometric model with...

This paper investigates the relationship among investments, exports and economic growth for G-7 countries for the period 1975-2017, except for Germany (1991-2017), estimating a simultaneous system equations model. The Group of Seven countries (G7) is a group consisting of Canada, France,...

The current article attempts to investigate the causal relationship between human capital and economic growth in postwar Greece. For this purpose, we use annual time series data from 1952 to 2017 retrieved from the Penn World Table (PWT) version 9.1 and we apply the Toda -Yamamoto (1995)...