This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

Am 22. und 23. März 2007 findet die CESifo International Spring Conference statt. Hauptthema der Veranstaltung ist die Verfassung der Finanzmärkte in einem Umfeld sich abschwächenden weltwirtschaftlichen Wachstums. Was sind die Risikopotentiale nach Jahren ohne nennenswerte Krisen angesichts...

In this paper, we assess the macroeconomic determinants of stock market capitalization in a panel of 17 countries in the Middle East and Central Asia, including both hydrocarbon-rich countries and economies without sizeable natural resource wealth. In addition to traditional variables, we...

Purpose – The purpose of this paper is to test the hypothesis that, given the financial development of an economy (whether developed or not), e-finance technologies enhance economic growth because they lower processing costs for suppliers and information costs for consumers and therefore...

In this paper we estimated the traditional cross-country growth model and corrected for model endogeneity bias and country-specific hetereogeneity effects. Using the System-IV Generalized Method of Moments (GMM) approach, we identified the key factors that determine GDP per capita growth rate in...

China has experienced outstanding economic growth in recent decades, but not without environmental problems and costs. Environmental costs have included increased air and water pollution, loss of natural vegetation cover and deforestation, soil erosion and a decline in the fertility of the soil...

Even though the economic and social benefits of thriving entrepreneurship and innovation are evident, it is critical to recognize that these benefits will only accrue if the key gaps in the ecosystem are addressed. Five key areas that an entrepreneur would need to address on a priority basis are...