This paper proposes two new panel cointegrating rank tests which are robust to cross-sectional dependency. The dependence in the data generating process is modeled using unobserved common factors. The new tests are based on a metaanalytic approach, in which the p-values of the individual...

This paper investigates the channels through which macroeconomic instability prevents or hinders innovative investment undertakings financed by the domestic business sector. The analysis is based on a sample of 48 countries, representing all levels of development, and uses various measures of...

This paper examines the effects of Islamic banking on the causal linkages between credit and GDP by comparing two sets of seven emerging countries, the first without Islamic banks, and the second with a dual banking system including both Islamic and conventional banks. Unlike previous studies,...

Semiparametric estimation shows that growth is contingent on openness, domestic performance and level of development. Economies with low degree of openness can adopt more open policies and stronger measures to achieve better domestic performance and hasten their growth

This paper examines the effects of Islamic banking on the causal linkages between credit and GDP by comparing two sets of seven emerging countries, the first without Islamic banks, and the second with a dual banking system including both Islamic and conventional banks. Unlike previous studies,...

This study analyzes the variations in industrial structure induced by income-sensitive patterns of final consumption, and how these changes can be captured by a multi-sector numerical model with a flexible demand system. We focus, in particular, on the estimation of parameters for an AIDADS (An...

This paper analyses the links between growth and public capital accumulation for a panel of 28 developing countries over eleven years (1981-1991). We estimate a simultaneous equations model to explain the GDP, as well as public and private capital formation. Accumulating public, private and...

This paper analyses the links between growth and public capital accumulation for a panel of 28 developing countries over eleven years (1981-1991). We estimate a simultaneous equations model to explain the GDP, as well as public and private capital formation. Accumulating public, private and...

This paper offers an empirical examination of the determinants of a nation’s ability to produce commercially viable innovations, measured as patents, across a sample of twenty three advanced economies. The approach employed is based on estimating National Innovation Capacity that focuses on...