This paper proposes a novel approach of classifying and modeling the nonlinear behavior of commodity prices using regime-switching models with exogenous transition variables. The approach rests on using the International Commercial Terms (Incoterms), also known as border prices, to classify...

One way that physicians learn about new treatments and technologies is through interactions with other physicians. Such interactions are shaped, in part, by the structure of group medical practices: physicians who work in the same practice have more opportunities to exchange ideas. To quantify...

The objective of this paper is to examine the impact of demutualization upon the performance of stock exchanges' in terms of their liquidity as per the share turnover velocity and the returns that are generated from the broad indexes. The impact of demutualization has been examined upon a global...

While the economic theory predicts that developing countries will gain the most from technology spillovers, there have been only a few analyses looking at this question empirically. The present study focuses on a panel of 27 transition and 20 Western European countries between 1990 and 2006 and...

I study the effects of uncertainty on technology adoption and thereby on volatility and growth. I present an analytically-tractable model in which: (i) uncertainty about the returns to adoption delays technology diffusion; and (ii) the mean and volatility of output growth are jointly determined...

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it...

Efficiency scores of the National Innovation System (NIS) for 22 countries, including the BRICS, G7, are calculated with the Data Envelopment Analysis (DEA). Relevant factors that may affect the innovation system efficiency are summarized based on the NIS Approach and the New Growth Theory....

Efficiency scores of the National Innovation System (NIS) for 22 countries, including the BRICS, G7, are calculated with the Data Envelopment Analysis (DEA). Relevant factors that may affect the innovation system efficiency are summarized based on the NIS Approach and the New Growth Theory....

While the economic theory predicts that developing countries will gain the most from technology spillovers, there have been only a few analyses looking at this question empirically. The present study focuses on a panel of 27 transition and 20 Western European countries between 1990 and 2006 and...