Differences between domestic financial systems can lead to international trade. A country with relatively developed or decentralized financial systems will export innovative commodities while a country with less developed and centralized financial systems will export traditional commodities....

The purpose of this study is to examine the impact of financial and economic development on cross-country income inequality using a panel data set from 50 low-income developing counties over a long period 1970-2008. The results show that financial development helps in reducing inequalities,...

In this paper, we analyze the relationship between international financial integration and macroeconomic volatility. Looking at a panel of 90 countries over the period 1960-2000, we find that domestic financial conditions matter when assessing the impact of financial integration on consumption...

Financial development is definitely a determinant of the extent of foreign direct investment (FDI) inflow into an economy. Yet, the contribution of financial development (FD) can be dependent on the political situation of the recipient nation. Higher political stability aids financial...

The aim of this paper is to analyze the relationships between common shocks affecting the real economy and those underlying co-fluctuations in U.S. financial markets. In order to do this, we test for links between these common factors and also use the econometric theory of nonstationary panel...

We examine whether the three-point rule—the increase in rewards for a win from two- to three points that FIFA adopted in 1995—makes Bundesliga games become more exciting. Using regression discontinuity design as the empirical strategy, we do not find evidence that the three-point rule makes...

This paper empirically examines the influence of firms’ one-year lagged of total new products (t-1), one-year lagged profitability (t-1), and market share of new products to firms’ amount of sales revenue in pharmaceutical generic companies in Indonesia. The data used in this study was panel...

The goal of this research is to verify whether, and to what extent, differences in the availability of both internal and external financial resources explain differences in intangible activity between the Centre-North and the South of Italy. The paper focuses on Italian manufacturing firms over...

This paper explores the non-linear relationship between financial development and economic growth. It mainly relies on the Panel Smooth Transition Regression (PSTR) model of Gonzalés et al. (2005) and three metrics of financial development to endogenously assess the impact of financial...

Managing capital flows and liquidity demand has been a central issue for emerging-market countries. In an era of global imbalances, rapid accumulation of foreign exchange reserves by surplus countries is also an issue for the international system. In a well-functioning international financial...