In this paper we test for the existence of a long-run savings-investments relationship in 18 OECD economies over the period 1970-2007. Although individual modelling provides only very weak support to the hypothesis of a link between savings and investments, this cannot be ruled out as individual...

In this paper we estimated the traditional cross-country growth model and corrected for model endogeneity bias and country-specific hetereogeneity effects. Using the System-IV Generalized Method of Moments (GMM) approach, we identified the key factors that determine GDP per capita growth rate in...

We use a panel cointegration model with multiple time- varying individual effects to control for the missing factors in the credit spread puzzle. Our model specification enables as to capture the unobserved dynamics of the systematic risk premia in the bond market. In order to estimate the...

This paper aims to give a contribution on the still questioned bell-shaped relationship between carbon dioxide polluting emissions and economic growth, which is commonly known in the literature as the Environmental Kuznets Curve hypothesis. In particular, it develops a panel analysis for a group...

Tourism is one of the most remarkable multi-faceted phenomena that contributes enormously to economic development for most countries around the globe. The steady growth of the world economy, rapid development in transportation systems, and visa facilitation have bolstered the industry by...

This paper aims to investigate the relevance of bank-lending channel (BLC) of monetary policy in a small-open economy, i.e. Malaysia by using disaggregated bank-level data set. A dynamic panel data method namely GMM framework proposed by Arellano and Bond (1991), Arellano and Bover (1995), and...

Recently some new techniques have been proposed for the estimation of the slope coefficients in presence of unobserved components. Though, the presence of common observed and unobserved factors is neither considered or the estimation of their impacts is not taken into account. In this work a...

This paper attempts to substantiate the Education-Growth relationship with a view to evaluate Pakistan’s Education Policy over the last two decades. With a view to the inadequacy of the generally used measures of education, we first estimate the no enrollment ratios, the average schooling...

The growth effects of remittances are controversial, but their welfare effects are less so. This paper provides evidence on the effect of remittances on poverty in an unbalanced panel of 40 high remittances economies. The endogeneity issue, driven by the possibility that remittances and poverty...

The relationship between public expenditure and aggregate income has long been debated in economic literature. According to Wagner, expenditure is an endogenous factor or an outcome. On the other hand, Keynes considered public expenditure as an exogenous factor to be used as a policy instrument...