This paper demonstrates that the current economic crisis has its roots in the evolution of the global economy during the 1960s. The gradual increase of US debt from the 1960s accompanied by the deficit in the US trade balance due to international competition from EU, Japan, and later from China...

Die Rolle der Hochschulen im Innovationssystem sowohl der BRD als auch der DDR hat sich in den letzten fünfzig Jahren zum Teil dramatisch geändert. Der Veränderungsprozess in der Bundesrepublik lässt sich grob in drei Phasen einteilen, die sich zwar überlappen, dennoch im wesentlichen eine...

There exists a widespread perception that Argentine households channel a large share of their savings into real state. However, no hard evidence has produced to date to measure how important this saving behavior is for the determination of housing prices vis-à-vis the traditional housing motive...

This study investigates the effects of financialization on research and development (R&D) investment by nonfinancial corporations (NFCs) in Korea from 1994 to 2009. The results indicate that increased dividend payments and stock buybacks impeded R&D investment by reducing internal funds and...

There is a growing literature on the history of investment in Britain. However, the role played by women as investors has been almost wholly ignored. This paper argues that women were an important class of stock market investors and produces empirical evidence, most notably share registers, to...

In this paper we study the opportunity loss of the Greek social security system in terms of risk and return, caused by the inflexible investment constraints under which Greek pension funds operated in the period 1958-2000. Using data on pension fund reserves as well as on money and capital...

Purpose – The purpose of this paper is to examine the day-of-the-week effect for three primary money market instruments in Canada. The sample period is 1980-2009. Design/methodology/approach – The authors use three approaches. First, a parametric t-test is employed to determine if a...

This paper explores the crisis and some implications against the Marxian profit rate (PR). The PR helps explaining a number of phenomena often considered disparate. The focus is on integrating exploded fictitious capital in the PR and to estimate a corrected PR. We estimate global fictitious...

In 1945, many Europeans still heated with coal, cooled their food with ice, and lacked indoor plumbing. Today, things could hardly be more different. Over the second half of the twentieth century, the average European's buying power tripled, while working hours fell by a third. <i>The European...</i>