Recent contributions to growth theory stress the importance of localized innovation for the performance of more backward countries. In earlier papers, analyses by means of DEA techniques confirmed this intuition. In this paper, we extend this type of analysis by relaxing the macroeconomic...

This paper analyses whether societal norms help to explain cross-country differences in financial development. We analyze whether societal norms in addition to legal institutions have an impact on financial development. We address the implications of the inclusion of societal norms for the...

The literature on catching-up based growth has developed mainly in isolation of other theories on technology and economic growth. This paper presents an industry-level technology gap model in which evolving specialization patterns are the endogenous result of innovation, international technology...

Dutch nineteenth-century economics was more modern than conventional scholarship has suggested. In a number of studies of individual economists and of the formal aspects of academia, it has been concluded that at least before 1870 there were no original contributions by Dutch economists and...

A dynamic overlapping-generations model of a small open economy with imperfect competition in the goods market is constructed. A tariff increase reduces output and employment and leads to an appreciation of the real exchange rate both in the impact period and in the new steady state. The tariff...

The literature on international transfers largely ignores the fact that transfers are often given in the form of money. We analyze both the welfare consequences of financial transfers for the donor and the recipient, and their impact on the current account. Under normal circumstances transfer...

We analyse the development of world records speed skating from 1893 to 2000 for both men and women. The historical data show that it is likely that the relation between skating speed and distance of the various events is non-linear and converges to a limit value. We pay special attention to...

This paper looks at the changes in economic performance across the OECD area during the 1990s. More specifically it reviews the explanations for differences in growth and relative levels of productivity and per capita income. Firstly it looks at the performance of labour market indicators, such...

This paper examines the dynamic linkages among financial markets in Thailand and Indonesia. In particular, we focus on the cross-border relationship in individual markets and on the relationship between finan- cial markets within each country. We find that while tight monetary policy pursued by...

We explain the development of stock markets by both legal and societal determinants and analyze the relevance of both determinants in the Levine-Zervos (1998) cross-sectional growth regressions. We argue that the legal indicators as developed by La Porta, Lopez-de-Silanes, Shleifer and Vishny...