We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on...

Examination in both theoretical and empirical prospective of the Capital market, deduce that the major indicators of modern economic growth, depends on the extent of economic financialization, commonly defined as capital stock, industrialization and Technological Advancement. The focus of this...

Progress in achieving institutional changes should be evaluated through the prism of their influence on the development abilities of the relevant country. In Poland, during 20 years of comprehensive systemic shift, GDP increased more than in any other postsocialist country. To judge the...

Over 1.8 billion people, from Central Europe to East Asia, have been involved in the great systemic transformation to market economy, civic society and democracy. The process has brought mixed fruits. The diversification of the current situation is a result of both the legacy from the past and...

It is claimed that technology is a competitive advantage for a company and that finally fosters economic growth (Marinagi, et al., 2014). Besides it is held that logistics promote economic growth (Hayaloğlu, 2015), through the consumption-led growth theory. In the present paper an effort will...

This paper documents a strong association between total factor productivity (TFP) growth and the value of U.S. corporations (measured as the value of equities and net debt for the U.S. corporate sector) throughout the postwar period. Persistent fluctuations in the first two moments of TFP growth...

Recent evidence suggests that agents' expectations may have played a role in several cyclical episodes such as the U.S. "new economy" boom in the late 1990s and the real estate boom in Japan in the 1980s. These business cycles feature long and gradual boom and sharp bust phases. Existing...

An increase in the household debt to GDP ratio predicts lower GDP growth and higher unemployment in the medium run for an unbalanced panel of 30 countries from 1960 to 2012. Low mortgage spreads are associated with an increase in the household debt to GDP ratio and a decline in subsequent GDP...

We make four contributions in this paper. First, we provide a core of macroeconomic time series usable for systematic research on China. Second, we document, through various empirical methods, the robust findings about striking patterns of trend and cycle. Third, we build a theoretical model...

We construct economic policy uncertainty (EPU) indexes for a number of Latin American (LA) economies (Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela) and the region as a whole, based on reports in the Spanish press. Our measures are comparable across countries. We study the...