Drawing on the debate over the destiny of the coordinated market economy versus the expanding liberal market model, this article argues that the analysis of the re-regulation of capitalism must address the embedding infrastructure of the market. Since social support sectors are an important part...

The causality between energy consumption and real income in developed countries has been a very vital research topic in recent years. Raising concerns about climate change and global warming increase the pressure on policy makers to take action against energy depletion. Unfortunately these...

The standard vector error correction (VEC) model assumes the iid normal distribution of disturbance term in the model. This paper extends this assumption to include GARCH process. We call this model as VEC-GARCH model. However as the number of parameters in a VEC-GARCH model is large, the...

Renewable energy deployment is growing rapidly on a global scale. China, Germany, Japan and the US are among the countries with highest capacity of renewables installed. In Germany, for example, the large growth in renewable power generation (RPG) capacities in the past has been mainly due to...

The canonical economic literature on path dependence provides only a limited explanation of why and how new technological pathways are created initially. The motivation of this paper is to address this gap in the literature and argue that evolutionary economics theories of path dependence need...

According to economic theory, market forces guarantee efficiency and customer orientation. But in public transport, such a market often does not exist, given that most services are provided under licenses which guarantee the operator an exclusive right to provide the service, thus evidently...

Traditionally, univariate time-series models have largely dominated forecasting for international tourism demand. In this paper, the ability of a genetic program (GP) to predict monthly tourist arrivals from UK and Germany to Balearic Islands, Spain is explored. GP has already been employed...

In this article, we test the presence of financial contagion during the subprime mortgage crisis of 2007. For this purpose, we propose a new procedure for testing the non-linearity of the mechanisms of the shock distribution estimated through a model of long-term interdependence. We apply this...

The European welfare regimes face two sets of challenges. One internal, specific for the welfare state itself, and the other external, imposed by changing economic, political and economics conditions. The first challenge lies in the growing gap between the rigid welfare state design and flexible...