In contrast to existing work which takes an ex-ante approach and looks for policy prescriptions which yield welfare improvements, we take an ex-post approach. We ask whether there are indicators which show whether welfare has risen or not in the wake of a reform. That is, we look for evidence of...

In this paper we use high frequency interest rate data for a group of Latin American countries to analyze the behavior of volatility through time. We are particularly interested in understanding whether periods of high volatility spillover across countries. Our analysis relies both on univariate...

Recent work emphasizes the primacy of differences in countries' colonially-bequeathed property rights and legal systems for explaining differences in their subsequent economic development. Barbados and Jamaica provide a striking counter example to this long-run view of income determination. Both...

A simple stylised model, that incorporates transaction costs, is developed. The Law of One Price (LOP) is assumed to hold with regard to a reference market that is not taken into account in the empirical testing of the Law. It is shown that under these assumptions the empirical tests of the LOP...

“Being rich in energy resources – a blessing or a curse” finds that an energy resource curse plagues many EU supplier states. This in turn directly affects Europe’s energy supply security and threatens to engulf Europe in unwanted hostilities at home and abroad. The study addresses seven...

The small and medium industries played a key role in providing employment opportunities, in addition to its significant share in total value added and they provide goods and services at affordable prices for a substantial segment of the low-income, which is seen as a useful tool to guide the...

This paper constructs a two-country (Home and Foreign) general equilibrium model of Schumpeterian growth without scale effects. The scale effects property is removed by introducing a distinct specification in the knowledge production function which generates semi-endogenous growth. In this model...

In this recent decade, many of the economists and policymakers attempted to investigate the suitability of the East Asian region to form a currency union and based on the European countries experience as a benchmark. This study aims to investigate the long-run real convergence in GDP per capita...

The issues of international stock markets linkages had been investigated over the time. Since the Asian financial crisis in 1997, many economists are concerned about the relationship between Asian stock markets and others in the world. This paper is conducted to examine the linkages between...

The author argues that although the collapse of the Doha “Development” Round in early summer of 2006 was triggered by the refusal of the United States to agree to the reduction of the ceiling on the amount of domestic subsidies paid to the US farmers, there were some fundamental reasons...