Hansen and Lønstrup [Journal of Population Economics, 2012] construct a three-period, life-cycle model to study the famed Ben-Porath mechanism and attempt to reconcile it with the empirical findings in Hazan [Econometrica, 2009]:increased life expectancy has a positive effect on schooling but a...

This paper reexamines a 1999 study by Abrams, Clarke, and Settle (ACS) which finds that, for the 1950-80 period, state-level economic growth is positively and significantly related to financial depth but is not influenced by banking restrictions and fiscal policy variables. The study focuses on...

The main purpose of this paper is to underline the downfalls of neoclassical growth theory. The narrow and artificial framework given by the neoclassical economists have no correspondent in real life. With a 'refreshed breath' the Austrian School of Economics tried to explain the dynamic and...

While quantifying the foreign ownership premium has received a lot of attention in the empirical literature, there is only little known about productivity variations between foreign affiliates of multinational firms. In order to enhance the understanding of the economic causes of this...

Cultural resources are today the object of considerable attention in regional economics. Ground for new forms of innovation these resources have given rise to numerous works aiming at understanding the emergence and organisation of culture based economic activities and at identifying the role of...

Theories on corporate governance have developed in line with the development of the financial markets and the increasing power of institutional investors. Indeed, the financial markets' power can be measured by the ability of shareholders, and of institutional investors in particular, to...

A new economic geography of finance is emerging, and the current "financialization" of contemporary economies has contributed greatly to the reshaping of the economic landscape. How can these changes be understood and interpreted, especially from a territorial point of view? There are two...

Space has always been more or less present in economic theories. Nevertheless, traditional approaches, as well as the so-called new economic geography, introduce space subsequently. Economic theories are first built independently of spatial and temporal contexts, for example, through costs...

Measures of entrepreneurship, such as average establishment size and the prevalence of start-ups, correlate strongly with employment growth across and within metropolitan areas, but the endogeneity of these measures bedevils interpretation. Chinitz (1961) hypothesized that coal mines near...

We develop a political economy model of growth to examine economic development led by the interactions between an economic decision concerning a firm’s production technology (CRS vs IRS technology) and a political decision concerning public infrastructures. We show that multiple equilibrium...