This note reports research undertaken to establish whether the factor price for labour has converged across regions of the European Union between 1980 and 1994. A Markov chain is employed to examine relative average regional pay for a cross-section of 57 EU regions. Results suggest average...

This note provides evidence that there exist long-run benefits for Taiwan investors from diversifying in the equity markets of the Hong Kong, Japan, South Korea, Thailand and the USA over the period of 6 January 1997 to 30 December 1998. The evidence is based on tests for pairwise cointegration...

In this study microdata from the Guatemala household Survey are analysed using a testable model of endogenous growth in order to detect any external effects of education. In the first stage of the analysis, a wage equation is estimated and the internal effects of education are filtered out. In...

The paper makes two contributions to the literature on economic growth. Firstly, a two-sector growth model is extended to consider m -types of capital. Conditions are identified which aid classification of models as either exogenous or endogenous. Secondly, a preliminary empirical application...

In the paper the unemployment rate series of nineteen countries are examined by means of fractionally integrated techniques. The results show that unemployment series are more persistent in some countries, such as Finland, Belgium or Spain, than in others, like the USA, Japan, Austria, Italy or...

A long-standing question in range management concerns the relative importance of the stocking rate versus the length of time during which animals graze a particular rangeland. Recently, Batabyal and co-workers provided a theoretical answer to this question. Given the importance of this question...

Following Arnold (1997), this paper examines demand-for-money functions in Australia and its states. The results suggest that the stability and fit of demand-for-money exercises carried out on an artificially constructed pre-EMU European monetary aggregate may not survive the regime change to...

This paper examines the relationship between government regulations and land transactions using Korean data for 1994. The results indicate that a heavy burden put on land ownership does not affect the frequency and amount of land transacted, nor does it accelerate the urbanization process....

A compelling motivation for dividends remains elusive in the face of double taxation, yet firms continue to pay dividends. This note identifies two previously unrecognized benefits of dividends. First, positive dividends can finance investors preferred consumption streams under some conditions,...

Using data simulated from a random production function it is shown that technical efficiency estimates computed by Data Envelopment Analysis are biased even if the exact aggregator function is used to aggregate inputs.