By nature, people are guided by self-interests. Although all income groups have a stake in economic matters, the highest income groups are likely to have a much greater say in affecting the macro economy. Identifying the interests of higher income groups with regard to the economy is, therefore,...

This paper uses regression analysis to investigate the relationship between military expenditure and stock market performance for the United States and the United Kingdom. Specifically, the study applies the Bierens-Guo unit root procedures to ascertain the time series properties of the...

Since the highest income groups have tremendous influence over economic policy by virtue of money, position, and connection, it is important to identify the interest of these groups with regard to economic conditions. Recently, annual time series data on the shares of the very highest income...

Identifying determinants of income distribution is in itself of significant importance as well as being a necessary precondition for appropriate policy design. The United States is the strongest military power in the world and one of the world’s biggest arms merchants. Given the overwhelming...

Deininger and Squire in their article, A New Data Set Measuring Income Inequality, investigate the relationship between growth and the Gini coefficient from their new data set to test the Kuznets hypothesis. They find no support for the Kuznets hypothesis. The purpose of this paper is to use the...

Using a conventional multi-region, multi-sectoral global trade analysis project (GTAP) model, we analyze the effects of India’s trade liberalization policies on its output, trade, and welfare. We also analyze three trade policy scenarios: full trade liberalization, joint cooperative trade...

This study examines the dynamic interdependencies between private investment and the stock market for the US economy for the 1970 to 2003 period. The main findings are as follows. First, both investment and stock prices seem to adjust to disequilibria from each other in the long run. Second,...

The present study aims at investigating the causal relationship between defence expenditures and economic growth in the case of North Cyprus using the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration and Granger causality tests for the period from 1977 to 2007. The...

Cointegration tests based on Portugal’s annual data from 1833 to 1985 indicate that output and the price level move in a long-run equilibrium relationship. The short-run bidirectional causative chains between these two variables resulting from the error-correction model appear to confirm what...