How have house prices evolved in the long-run? This paper presents, for the first time, annual house prices for 14 advanced economies since 1870. Based on extensive data collection, we show that the past decades have seen a historically unprecedented boom in global house prices. Real house...

In many industries, the number of firms evolves non-monotonically over time. A phase of rapid entry is followed by an industry shakeout: a large number of firms exit within a short period. We present a simple timing game of entry and exit with an exogenous technological process governing firm...

The convergence debate of whether poorer countries are catching up with richer ones has recently focused on the concept of club convergence, hence convergence within groups of countries. Formally detecting club convergence in the distribution of countries' income per capita over time has,...

Uzawa s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e.g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The...

This contribution studies the impact of modernization on the onset of Islamist conflict. To capture the multi-dimensional phenomenon of modernization, we create a unique modernization index. Our empirical analysis for 154 countries for the 1971-2006 period provides robust evidence that...

We theoretically investigate the effects of interregional labor market integration on the dynamic interaction between migration flows, capital formation, and the price for housing services. The nature of this interaction depends on initial conditions at the time of labor market integration. In...

This paper examines the relationship between economic growth and the Small and Medium Enterprise (SME) sector for a panel of 503 Brazilian micro-regions for the period 1980-2004 using panel spatial econometrics. It investigates the importance of the SME sector size measured by the share of the...

Territorial cooperation, taken as collaboration "beyond national boundaries", among administrative bodies and/or political actors, generally offers the ground for functional cooperation towards problem-solving and challenge-tackling, along with the exploitation of the local and regional...

Slovakia is on route for searching its development model. It required courage to take bridge programs for invention, innovation and creativity. A new culture is created in relation to the third industrial revolution. It relies on the dispersion potential, universally available energy sources,...

The most limiting weakness of the human development index (HDI) is that it looks only at average achievements and does not take into account the distribution of human development within a country or population subgroups. All previous attempts to capture inequality in the HDI have also used...