As is well known in the bilateral monopoly model, the solution regarding the price of the intermediate product cannot be determined uniquely. In this note, the author proposes a new solution that has narrower solution bound than that suggested by J. M. Henderson and R. E. Quandt (1971)....

We use cross sectional data (1995–2005 yearly averages) for 88 countries to investigate the nonlinear relationship between tourism development and economic growth when a threshold variable is used. The degree of tourism specialization (qi, defined as receipts from international tourism as a...

This paper uses the panel data of energy consumption and GDP for 82 countries from 1972 to 2002. Based on the income levels defined by the World Bank, the data are divided into four categories: low income group, lower middle income group, upper middle income group, and high income group. We...

During the process of economic development, different economic policies are adopted in accordance with particular circumstances. Therefore, conventional methods of time-series analysis may give misleading results if the problems associated with regime switches are not considered. The...

Using the Stochastic Permanent Breaks (STOPBREAK) model, this study examines the relationships of the US stock market with the Japanese and eight European stock markets. The evidence indicates that the US stock market is temporally cointegrated with the markets in Japan, Germany, Netherlands and...