This study analyses the performance of the International Monetary Fund (IMF) World Economic Outlook output forecasts for the world and for both the advanced economies and the emerging and developing economies. With a focus on the forecast for the current year and the next year, we examine the...

This article empirically investigates the growth performance of European noneuro area countries during the recent global crisis depending on their respective exchange rate regime. Usually, floating exchange rate regimes are considered to better help countries cope with negative real shocks....

This article studies the effect of credit constraints on the jobs created by multinational enterprises in host countries. Although most FDI is labour intensive, few studies delve into the determinants of foreign direct employment (FDE). This article constructs a model of limited commitment...

Heterogeneous panel causality tests are employed to consider the relationship between urbanization change and economic growth. Urbanization causes economic growth in high-income countries, but noncausality could not be rejected for both middle-income and Latin American countries. A...

Given that private rewards have mixed effectiveness in the realm of prosocial behaviours (Bénabou and Tirole, 2006), we explore whether a 'public' reward (denominated in additional units of public good provision) successfully encourages prosocial behaviour in the form of increased donations to...

The purpose of this article is threefold. First, we measure both technical and scale efficiency of major Australian banks during the period 2006 to 2012 using data envelopment analysis (DEA). Second, the robustness and sensitivity of efficiency scores are tested based on a bootstrap approach....

This paper examines the impact of terrorism on volatility of stock returns over 17 market indices between 1994 and 2005. Using a volatility event study approach methodology, we find that terrorism has a significant impact on the stock market volatility. We also propose a new semi-parametric...

We revisit the relationship between informal institutions and income levels. The empirical literature on institutions finds that indices of 'informal institutions' such as trust, respect, respect, self-determination and obedience are more important than 'formal institutions' such as...

We explore the role of powerful CEOs on the extent of risk-taking, using Bebchuk, Cremers and Peyer's (2011) CEO pay slice (CPS). Based on more than 12,000 observations over 20 years (1992-2012), our results reveal a nonmonotonic association. In particular, relatively less powerful CEOs exhibit...