This study examines the causal links between improvements in economic freedom and changes in GDP per capita of new EU members in transition in the period 2000-2009. The empirical results suggest significant causality running from changes in monetary and fiscal freedom, trade openness, regulation...

The controversial relationship between the political system and economic growth induced Bhagwati to coin the concept of cruel dilemma to illustrate the tension that may exist between the economic freedoms and the political homonyms. Thus, and since then, the economic-institutional empirical...

The new century opened with an unprecedented declaration of solidarity and determination to rid the world of poverty. In 2000 the UN Millennium Declaration, adopted at the largest-ever gathering of heads of state, committed countries — rich and poor — to doing all they can to eradicate...

The 1996 Report opens with a fundamental statement: "Human development is the end - economic growth a means." The Report argues that economic growth, if not properly managed, can be jobless, voiceless, ruthless, rootless and futureless, and thus detrimental to human development. The quality of...

La presente obra se centra en uno de los problemas fundamentales de nuestra época: el desenvolvimiento económico de la convergencia y el crecimiento en las regiones considerando a las instituciones y el comercio internacional. A lo largo del libro el autor discute los modelos teóricos y...

It is widely recognized that trade credit is an important financial mechanism, particularly in developing economies and transition economies where institutions are weak. This paper documents theoretical analysis and empirical accounts on what facilitates an effective supply of trade credit based...

Legal and institutional differences shape the ownership and terms of bank loans across the world. With strong creditor protection, we show that loans have concentrated ownership, long maturity and low interest rates. The impact of creditor rights on loans also depends on borrower characteristics...

Almost all recent US firm commitment IPOs between $20 million and $80 million in proceeds have been charged an underwriting spread of exactly 7%, while in the early 1980s only 25% of IPOs faced such clustering at exactly 7% [Chen and Ritter (2000)]. Such clustering, or specifically, the apparent...

A recent phenomenon in competition policy is the acquisition of a private firm by an enterprise that is either wholly owned by government or in the midst of privatization. Such an acquisition poses the question of how public ownership may alter the incentives of a firm to engage in...