This paper examines Wagner's Law of Public Expenditure, which emphasizes economic growth as the fundamental determinant of public sector growth, using time series data drawn from the G7 industrialized countries over the sample period 1960 1993. It presents evidence on both the short- and...

: This paper estimates the relationships between alternative measures of US defense spending and economic growth and government spending growth. The estimated relationships are derived from a plausible partial adjustment model that is based on the common practice of multi-year defense...

Previous studies on the relationship between government expenditure and economic growth have, invariably, aggregated periods of strong and weak GDP growth and reported a single government expenditure response coefficient estimate. We argue that traditional test specifications of this...

We examine co-movements of nine Asian equity markets with both the US and Japan with special interest in distinguishing co-movements during periods of positive returns from those during periods of negative returns. A discrete asymmetric piecewise linear conditional mean returns specification is...

This paper employs data from the last four decades to analyse major determinants of household saving for the Group of Seven (G-7) nations. Particular attention is paid to the effects of interest rates, government saving, and social security contributions. Regression analysis is used to control...

Intertemporal stationarity tests of the variance-covariance matrix of monthly returns on seven international equity indices are conducted over the most recent period. Pairwise covariances are then decomposed into their component statistics for further examination of the source(s) of stationarity...