Using panel data from 120 developing countries from 1975 to 2000, this paper explores the direct and indirect channels linking social spending, human capital, and growth in a system of equations. The paper finds that both education and health spending have a positive and significant direct...

This paper represents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously...

This paper discusses possible strategies for developing countries in negotiations on trade in services in the ongoing WTO Doha Development Round (DR). The liberalization of service imports (including through direct investment) will generate benefits through higher quality, lower prices, and...

Most research on the performance and risk of hedge funds are based on calculations that just use the data from one index provider. Also most product providers and even more and more investors are using hedge fund indices for benchmarking purposes. As some academic articles pointed out, the world...

This article studies the residual behaviour of various stationary processes in the presence of change patterns. Three types of change patterns are considered, Additive Outliers, Innovative Outliers and Level Shift. The knowledge of the residual behaviour is important for monitoring production...

This paper considers maximum likelihood estimation and inference in the two-way random effects model with serial correlation. We derive a straightforward maximum likelihood estimator when the time-specific component follow an AR(1) or MA(1) process. The estimator is easily generalized to...