Using a general equilibrium endogenous growth model we explain underperformance in the small and medium enterprise sector as an effect of corruption and non-competitive banking. Limited competition in the banking sector causes a high loan-deposit spread, worsens the initial effect of corruption,...

We provide a formal model of entrepreneurship in human development. The framework is provided by the capabilities approach (CA). Hence we extend not only the conceptualisation of entrepreneurship in development, but the reach of the CA into entrepreneurship. From a CA view, entrepreneurship is...

Since the 9/11 attacks more attention has been given to the question why the United States is a major target for transnational terrorism. What conditions motivate these terrorist activities? Are there specific characteristics in the terrorists home countries that provide a breeding ground for...

This article analyzes the causal relationship between terrorism and economic growth, running a series of tests for Granger non–causality with panel data for a maximum of 160 countries from 1970 to 2007. The authors find that the causal relationship between terrorism and growth is...

A key feature of globalisation is the increasingly important role of Multinational Enterprises (MNEs) as vehicles for Foreign Direct Investment (FDI). Economic Theory recognises that MNEs can benefit from economic growth in developing countries through generating positive externalities...

Under uncertainty and irreversibility, real option-based models are widely accepted for assessing investment projects. So far the existing post-tax analyses do not provide a general analytical description of investor reactions towards profit tax rate changes. This paper sets out to fill part of...