For the past nearly forty years, China has experienced average annual real GDP growth of close to ten percent, much of it driven by investment and capital accumulation. By 2014, gross capital formation had reached 46 percent of aggregate expenditures. This paper documents the role of investment...

The main aim of the paper was to analyse the economic and social development of the European Union (EU) member states (28 countries) on the basis of selected five multicriteria indices (the Global Competitiveness Index, the Economic Freedom Index, the Global Innovation Index, the Corruption...

This paper studies the distributional implications of intermediation costs. We built a "Bewley" model economy where individuals experience uninsurable idiosyncratic shocks on labor productivity and financial intermediation is costly. Individuals smooth consumption by making deposits to a...

The “crisis exaggerators” are telling us that current economic conditions amount to an “unprecedented” global economic recession. This is historically incorrect. What is unprecedented is the degree to which economic commentators and political leaders are talking up economic downturn....

This article studies socially optimal allocations, from the point of view of a benevolent social planner, in environments characterized by fixed resources, endogenous fertility, and full information. Individuals in our environment are fully rational and altruistic toward their descendants. Our...

Startup companies are expected to become the new engines of economic growth through the rise of new innovation- based entrepreneurs. The Penta Helix framework is widely used as a framework to analyse factors related to the development of innovation-based companies. The use of the Penta Helix...

Over the past 30 years (1990-2019), African economies have experienced remarkable improvements in real macroeconomic conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation, which deserves to be called a "Great African Moderation"....

Demand and Growth Regimes (DGR) and Macroeconomic Policy Regimes (MPR) frameworks have taken prominence within the post-Keynesian literature. However, the majority of studies based on these conceptual frameworks have focused on developed economies. The main contribution of this paper is to...

There is a consensus that within the European Union, Germany is presently the country lagging farthest behind in terms of economic dynamics. Most researchers blame rising wages, welfare costs, and overregulated labour markets for this poor position. Some add that as a result of membership in the...

This paper studies the effect of financial repression and contract enforcement on entrepreneurship and economic development. We construct and solve a general equilibrium model with heterogeneous agents, occupational choice and two financial frictions: intermediation costs and financial contract...