We apply a stochastic frontier production model to data from 53 countries during 1991-2003 to estimate total factor productivity growth, and decompose it into technical efficiency change and technical progress. Our empirical results indicate that world productivity growth was led by fast-growing...

This paper explore the role of institutions to enhance the productivity growth across countries using a two stage Double Bootstrap Data Envelopment Analysis (DEA). The productivity growth is calculated on the basis of Malmquist productivity index. It also explores the sources of productivity...

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...

Recently, Mastromarco, Serlenga and Shin (2010) propose a two-step approach to examine dynamic transmission mechanism under which globalization factors foster technology efficiency. In this paper, we extend the MSS model by combining panel threshold regression technique advanced by Hansen...

This paper empirically investigates whether donor countries punish sovereign defaults by reducing foreign aid ows. Our findings reject the hypothesis formulated in the theoretical literature that a default leads to a loss of foreign aid for the defaulting country. Creditor countries directly...

In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for...

Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for...

The present paper adds to the already large existing literature on aid distribution as it runs an equation on bilateral aid allocation on a very rich dataset, covering 20 years (1980-99), 22 donors and 137 recipients, which permits a three-dimensional panel study (recipient-year-donor) and...

This paper empirically investigates whether donor countries punish sovereign defaults by reducing foreign aid ows. Our findings reject the hypothesis formulated in the theoretical literature that a default leads to a loss of foreign aid for the defaulting country. Creditor countries directly...

This paper develops a rare disaster asset pricing model with EZ preferences, in particular including the impact of macroeconomic consequences of the COVID-19 disaster. I estimate the probability of disaster, disaster states, and the duration of disaster to shed light on the frequency and size of...