This paper examines the selected Ottoman institutions during the so-called rise (fourteenth through sixteenth centuries) and identifies the institutional characteristics that may have led to the eventual fall of the Empire in 1918. We propose three criteria based on which the Ottoman...

The paper investigates the question whether constitutions are a proxy for institutional quality. It provides a discussion of institutions and states that constitutions are an example of a formal institution. As any other formal institution, constitutions are also influenced by countries'...

This paper expands on the work of Sarno and Taylor (1999) and develops three alternative models in which creditor moral hazard might occur in equity markets under different assumptions regarding the existence of asset market bubbles and implicit guarantees. Incorporating IMF-related news...

Previous tests of creditor moral hazard cannot distinguish between two types of investor behavior: expectations of implicit guarantees or better future economic fundamentals due to a prospective IMF program. The novelty of our approach lies in the inclusion of the forward foreign exchange rate...

This article provides empirical evidence for the contradictory effects of religiosity on subjective well-being (SWB). While a number of empirical studies demonstrate that higher religiosity is associated with higher happiness at the level of the individual, the published lists of happiest...