Since the global recession that took hold around the first decade of this century, Malta registered a more favourable economic performance than most of the other euro area states. It is difficult to reconcile Malta’s relatively high rate of economic growth with the openness of a small economy...

Both common macroeconomic shocks and country-specific developments have subjected the flexibility of wage setting mechanisms in the euro area to a stress test in recent years. Against this background, this paper takes a fresh look at wage flexibility in EMU and attempts to draw a few lessons...

This paper discusses the endeavours of policy makers to come to some degree of wage coordination among EU countries, aiming at aligning wage growth with labour productivity growth at the national levels. In this context, we analyse the wage and productivity developments in Germany, the European...

This paper looks at productivity growth rates in Malta and Cyprus and proposes policies as to how these island states countries might augment their productivity and competitiveness. We identify three possible growth strategies for the islands: an Innovation-Oriented Economy, a Controlled...

This note gives a short proof that both fixed-fee and royalty licensing under patent protection can always create higher R&D investment.

We investigate R&D incentive under patent protection with cooperation option. Chowdhury [Economics Letters, 2005, 89(1), 120-126] claims that patent protection may decrease R&D incentive when the tournament effect (TE) is negative. However, We show that patent protection in the presence of R&D...

We investigate R&D incentive under patent protection with cooperation option. Chowdhury [Economics Letters, 2005, 89(1), 120-126] claims that patent protection may decrease R&D incentive when the tournament effect (TE) is negative. However, We show that patent protection in the presence of R&D...

I study the cross sectional variation of stock returns and technological progress using a dynamic equilibrium model with production. In the model, technological progress is endogenously driven by R&D investment and is composed of two parts. One part is product innovation devoted to creating new...

The financing of innovation impacts on economic growth. What’s, among bank-based or market-based system, the best organizational form? The paper supports the view that both forms have to be merged into a unique approach (law and finance view) embracing not only the overall quality of the...

This paper investigates the channels through which macroeconomic volatility prevents or hinders innovative investment undertakings financed by the domestic business sector. The analysis is based on a sample of 48 countries, representing all levels of development, and uses various measures of...