Our purpose in this paper is to depart from the intrinsic pathology of the typical mean-variance formalism, due to both the restriction of its assumptions and difficulty of implementation. We manage to co-assess a set of sophisticated real-world non-convex investment policy limitations, such as...

The paper develops a model of public fiscal behaviour of the aid-recipient government in the presence of both endogenous and heterogeneous foreign aid. We endogenize aid on the grounds that the recipient government has some influence over aid disbursements. Regarding aid heterogeneity, it is...

As one of globalisation's most visible dimensions, foreign direct investment (FDI) is central to the prospects for developing countries in the world economy. Key issues include the direction of causation between FDI and growth, the potential role of the new information and communication...

The paper uses the methodology of Toda and Yamamoto to test for causality between growth and savings in order to avoid problems and possible misleading inferences associated with the asymptotic nature of Granger causality testing in time-series studies. The relationship between gross domestic...

The present paper examines the impact of different aid types, namely project aid, program aid, technical assistance, and food aid on the fiscal sector of the aid-recipient economy by using time-series data for Côte d'Ivoire over the period 1975-99. Our empirical results show that when a single...

This paper examines the causal relationship between FDI and economic growth by using an innovative econometric methodology to study the direction of causality between the two variables. We apply our methodology, based on the Toda-Yamamoto test for causality, to time-series data covering the...

The aim of this paper is to provide an integrated modeling and optimization framework for energy planning in large consumers of the services' sector based on mathematical programming. The power demand is vaguely known and the underlying uncertainty is modeled using elements from fuzzy set...

The present paper uses panel integration and cointegration tests for a dynamic heterogeneous panel of 17 African countries to examine the impact of financial sector development on private savings. We used three different measures of financial sector development to capture the variety of channels...

The world driven by the concern for climate change and by growing prices for fossil fuels is trying to make a more drastic shift towards renewable energy sources (RES). The Kyoto Protocol mechanisms are considered to assist this process in both developed and developing countries. The scope of...