In this paper an attempt is made to assess the hypothesis of re- gional club-convergence, using a spatial panel analysis combined with B-Splines. In this context, a 'convergence-club' is conceived as a group of regions that in the long-run move towards steady-state equilib- rium, approximated in...

There is a general acceptance of the fact that a significant direct relationship between financial markets and macroeconomic variables exists, especially by considering the assertion that developed financial markets correspond to high GDP levels. This paper provides an investigation of the...