In the wake of the recent crisis many countries face problems caused by budget deficits. To be able to lower their budget deficits these governments should conduct their expenditures at the lowest possible prices. To achieve this objective many countries use auctions to administer government...

The goal of this study is to investigate the causal relationship between financial development and economic growth in Gulf Cooperation Council (GCC) countries, i.e. Bahrain, Oman, Kuwait, Qatar, United Arab Emirates and Saudi Arabia, over the period 1980-2012. We employ panel unit root tests,...

In the past decade, electronic mechanisms have started to overtake the conventional methods of procurement for both governments and enterprises because of the cost and time saving effects of e-procurement. Economic theory suggests that the success of e-procurement depends on the number of...

This paper theoretically investigates the optimal monetary policy regime for post-war Iraq. We analyze the macroeconomic dynamics (inflation, output and exchange rate) and the credibility and reputation of the Central Bank of Iraq (CBI) under alternative monetary policy regimes. We construct a...

This article investigates whether the Federal Reserve's (Fed's) private Gross Domestic Product (GDP) growth forecasts, as reported in the Greenbook of the Fed, contain information about future real and excess stock returns. I implement long-horizon regressions to analyse the predictive power of...

There are numerous empirical and theoretical studies that show that stock returns are affected by implementations of monetary policy. But, as mentioned in Bernanke and Kuttner (2005), very few studies tackle the question of why the stock market reacts to monetary policy. Romer and Romer (2000)...