Liberalization of public utilities, especially the electricity sector, in developing countries is a significant trend. In addition, some developing countries are in the process of developing a regulatory framework for the liberalized sector. These countries are facing the core issue of how to...

This study contributes in bridging the dichotomy between economic growth and business cycle paradigms by providing dynamic characterisation of the link between economic growth, risk aversion, uncertainty and variability in industrial production, consumption and investment. In a system of...

In this work, we analyzed the export- biased productivity, wage growth and the ULCP in Turkey. Then, by using input- output methods , we could show that Turkey has an economy which is able to be a part of the Euro system and Euro is compatible under the export- biased productivity growth in...

Total factor productivity of twenty OECD countries for a recent period (1971-2002) is explained using six different models based on the established literature. Traditionally, entrepreneurship is not dealt with in these models. In the present paper it is shown that – when this variable is added...

We consider an economy where individuals face uninsurable risks to their human capital accumulation and study the problem of determining the optimal level of linear taxes on capital and labor income together with the optimal path of the debt level. We show both analytically and numerically that...

We introduce a new time series measure of the extent of federal regulation in the U.S. and use it to investigate the relationship between federal regulation and macroeconomic performance. We find that regulation has statistically and economically significant effects on aggregate output and the...

We study the optimal growth path of a natural resource rich country, which can borrow from international financial markets. More precisely, we explore to what extent international borrowing can overcome resource scarcity in a small open economy, in order to have sustainable growth. First, this...

We study the optimal growth path of a natural resource rich country, which can borrow from international financial markets. More precisely, we explore to what extent international borrowing can overcome resource scarcity in a small open economy, in order to have sustainable growth. First, this...

The article deals with the ability of the GDP indicator to interpret and capture economic performance, social progress and sustainable economic growth. Given the fact that the construction of indicators such as GDP does not monitor the quality of population, environmental changes or changes in...

In this paper, based on dynamic programming we investigate the military spending, trade and wealth accumulation in a stochastic endogenous growth model. For the Cobb-Dauglas utility function, explicit solutions of the optimal problem in the home country are obtained, and the optimal consumptions...