In this article, we explore the long-run cointegration between output, capital and energy consumption, in per worker terms, for Albania, Bulgaria, Hungary and Romania. We use the augmented Solow (1956) model and the ARDL bounds procedure (Pesaran et al., 2001) to examine the short-run and...

Purpose This study aims to examine the impact of terrorism on return and systematic risk of Pakistan’s equity industries. Daily data from 1 January 2000 to 31 December 2014 for 12 industries based on the specific types of companies listed on Karachi Stock Exchange are used for the empirical...

Using an over-lapping generations (OLG) model, we show how small open economies can enhance their growth through educational subsidies financed via government debt. In our model, we endogenize human capital and fertility without the strong assumptions of altruism or positive spill over effects...

Using an over-lapping generations (OLG) model, we show how small open economies can enhance their growth through educational subsidies financed via public debt and reduce their fertility rate. We show that subsidizing education through public debt leads to a Pareto improvement of all...

Zusammenfassung Hier wird ein Modell der Neuen Wachstumstheorie mit endogenem Fertilitätsverhalten betrachtet, um die Auswirkung eines Rentenversicherungssystems nach dem Umlageverfahren auf das Wirtschaftswachstum in Entwicklungsländern zu analysieren. Es zeigt sich, daß ein Umlageverfahren...

The aim of the paper is to investigate how child allowances affect population growth and pension benefits of pay-as-you-go (PAYG) pension systems in small open and closed economies. We apply an overlapping-generations (OLG) model in its canonical form, where we consider endogenous fertility and...

In this paper, we theoretically analyze the effects of three types of land taxes on economic growth using an overlapping generation model in which land can be used for production or consumption (housing) purposes. Based on the analyses in which land is used as a factor of production, we can...

In this paper, we investigate if an increasing competition in an oligopolistic market will enhance the real incomes and consumer surplus in the long run. For this purpose, we apply a two-sector overlapping generation model in which members of the young generation own the oligopolistic firms. We...

The aim of the study is to investigate the influence of the capitalist spirit in conjunction with the distribution of income on economic growth. The capitalist spirit is represented by the fact that savings rates increase with increasing relative income. We extend an endogenous AK growth model...

In this paper, we develop an overlapping generation model with imperfect competition and land to provide a theoretical foundation for some empirical observations made since the end of the 1970s. The problem is that these new 'stylized facts' do not coincide with Kaldor's stylized facts and...