This paper provides further empirical results on the relationship between black market and official exchange rates in six emerging economies (Iran, India, Indonesia, Korea, Pakistan, and Thailand). First, it applies both time series techniques and heterogeneous panel methods to test for the...

Since the beginning of the 1990s the shareholder value concept is discussed intensively as being amanagement concept especially for listed enterprises. In contrast to the immense relevance of smalland medium enterprises (SME) for the German economy, value orientation of the management ofSMEs is...

This paper is concerned with the impact of food scares, principally the BSE crisis, in the UK and focuses on price adjustment at different stages in a vertically-related market. From a theoretical perspective we show that if market power has an effect on the margin between retail and farm prices...

This paper empirically investigates and identifies the main contributing factors to output and productivity growth in Australia for the period 1950-2005. Cointegration and a vector error-correction model are used along with Granger causality tests, impulse response functions and forecast error...

Exchange Rate Pass-Through (ERPT), commonly defined as the extent to which exchange rate changes are reflected in the price levels of an economy, has important implications in a number of policy-relevant areas. Despite this, estimates of ERPT in the Maltese economy are scarce and do not take...

We propose and implement an index of macroeconomic vulnerability to foreign shocks based on a structural time-varying bayesianVARwith a block-exogeneity hypothesis for a given pair of a large economy and a small open economy. The index is based on the sum of the responses of the small open...

Purpose: Corporate governance in essence is designed to lead to economic growth. Nevertheless, despite placing great emphasis on promoting corporate governance practices over the years, countries in Sub-Saharan Africa (SSA) have so far achieved insignificant or no economic growth. This, however,...

We propose a statistical identification procedure for recursive structural vector autoregressive (VAR) models that present a nonlinear dependence (at least) at the contemporaneous level. By applying and adapting results from the literature on causal discovery with continuous additive noise...

In this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we estimate a...

This paper investigates the medium- and long-term growth effects of the global financial crises on Low-Income Countries (LICs). Using several methodological approaches, including impulse response function analysis, growth spells techniques and panel regressions, we show that external demand (ED)...