The recent literature on endogenous political institutions highlights domestic economic factors, such as recessions, economic growth and inequality, as key determinants of political transitions. We argue that international capital flows and the possibility that foreign governments, in order to...

Employing a bivariate GARCH(1,1) process for spot and futures markets returns, this paper determines the structure of the variance-covariance matrix in the BEKK model. Daily data from December 1995 to April 2001 are used for estimation. The differing structures, dynamic, diagonal and constant,...

In this article, i examine the relationship between monetary and fiscal policies in a panel of 70 developing countries. I find that the size of the government's deficit and the methods by which it is financed are strongly related to monetary policy reactions to increase in both government credit...

We study extinction in a commons problem in which agents have access to capital markets. When the commons grows more quickly than the interest rate, multiple equilibria are found for intermediate commons endowments. In one of these, welfare decreases as the resource becomes more abundant, a...

This study builds on the existing literature by investigating the long-run locational determinants of FDI flows to Pacific Asia under the broad categories of cost-related, investment environment improving, macro-economic and the political ideology factors of the host country.

Japan has maintained tight control over its oil market with the result that Japanese consumers face higher net-of-tax oil product prices than other OECD consumers. However, in April 1996, the market will be deregulated. We explore, through simulation, the welfare effect of deregulation, taking...

price stability conflates two ideas: low inflation, and steady inflation. The typical quadratic objective function is unsatisfactory in various ways. Blindness to a mean-amplifying, variance-preserving transformation of inflation rates is one of them, and fixation with the year unit another....

This paper evaluates the impact on the performance (profitability) of the bannking system in Jordan of aspects of market structure. It considers the Struture-conduct performance and the efficient market hypotheses. The econometric findings contrast with the prevalent view in the literature that...

This paper assesses the strength of the Environmental Kuznets Curve (EKC) which posits an inverted-U relationship between per capita income and pollution, in the light of a number of recent criticisms.