This study examines the dynamic interdependencies between private investment and the stock market for the US economy for the 1970 to 2003 period. The main findings are as follows. First, both investment and stock prices seem to adjust to disequilibria from each other in the long run. Second,...

The present study aims at investigating the causal relationship between defence expenditures and economic growth in the case of North Cyprus using the Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration and Granger causality tests for the period from 1977 to 2007. The...

Cointegration tests based on Portugal’s annual data from 1833 to 1985 indicate that output and the price level move in a long-run equilibrium relationship. The short-run bidirectional causative chains between these two variables resulting from the error-correction model appear to confirm what...

English Abstract: As wages are the primary means of income for the majority of people in every country in the world, understanding the reasons for differences in wages is important for human welfare. One potential source of differences in wages between countries is differences in the degree of...

Brain drain is a big issue for a lot of countries. Understanding the underlying causes of brain drain is the first step in trying to bring brain drain under control. The purpose of the paper is to use cross country regression analysis to empirically look at some of the factors that may determine...

While various researchers have considered economic, demographic, regulatory, infrastructure, and other factors as potential determinants of diffusion, less attention has been given to the potential role that culture plays. This is unfortunate, because cultural factors may not just represent...

This paper applies a battery of panel unit root procedures to test for convergence in per capita energy consumption among 22 African countries. Specifically, the study implements both the conventional panel unit root testing procedures and the Sequential Panel Selection Method (SPSM). The...

This paper uses cross country regression analysis on a newly available index that comprehensively measures total national environmental performance to look at the effect of democracy, income inequality, and the size of the private sector on national environmental performance. The evidence tends...

The paper employs cross country regression analysis to estimate the effect of democracy and income inequality, adjusting for the level of income and other variables, on country innovation. It finds that both of these variables are of consequence for innovation. Different countries innovate at...

It is common to classify human behavior as normal or abnormal, but, what about economic behavior? What is a normal growth path for an economy over time? What is an erratic or eccentric growth path? In order to address these basic or primordial questions, eight possible growth states are defined....