This was the first paper to study exclusively the effects of Ramadan on the United Arab Emirates Stock market. In doing so, the study aims to establish such impacts with the intention of advising the investors on whether it would be profitable to invest during the holy month of Ramadan or no.The...

The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion...

Sovereign nations grow faster than non-sovereign ones. When Pakistan ceded economic management to the IMF in the late 1980s, the turn to neo-liberalism led to 14 years of decline in long-run rate of investment and growth from which it hasn't recovered. This cost the economy an estimated $75.6...

The paper considers the transformation of the political system as countries pass through the Grand Transition from a poor developing country to a wealthy developed country. In the process most countries change from an authoritarian to a democratic political system. This is shown by using the...

The paper considers the transformation of the political system as countries pass through the Grand Transition from a poor developing country to a wealthy developed country. In the process most countries change from an authoritarian to a democratic political system. This is shown by using the...

The Grand Transition (GT) view claims that economic development is causal to institutional development, and that many institutional changes can be understood as transitions occurring at roughly the same level (zones) of development. The Primacy of Institutions (PoI) view claims that economic...

This chapter of the forthcoming Oxford Handbook of Financial Regulation considers, in broad historical perspective and also with respect to the global financial crisis, why financial systems are crisis-prone and the relationship between financial crises and regulation. It begins with an overview...

Theoretical models of the Kuznets Curve have been purely analytical with little contribution towards an understanding of the timing of the process and the presence of additional mechanisms affecting its timing. This paper proposes an agent-based version of Acemoglu and Robinson's model of the...

This paper estimates the domestic saving-investment correlations for 189 countries in the period 1980-2020 to study if the Feldstein-Horioka Puzzle still holds. We construct a panel data regression model with multiple econometric specifications and find a pair of U-shape Patterns in developing...

The equilibrium conditions for an economic system that produces output with several factors of production and which is subject to technological constraints are derived. Optimization of either output minus cost or integrated utility yields the conditions that output elasticities must be equal to...