The determinants of small firm 'presence' in the Indonesian manufacturing sector are investigated using data for eight small industries over eight time periods. Vertical integration, higher productivity and a robust economic environment are factors that determine small firm presence in the...

The purpose of this paper is to estimate the cost inefficiency of Japanese municipal hospitals using the stochastic cost frontier approach. It is assumed that hospital cost inefficiency has a truncated normal distribution in order to avoid the restrictive feature of the half-normal distribution....

Recently numerous studies have maintained that post-1990 data no longer supports a long-run M2 demand relationship. Suggestive of the failure, several authors have shown that the errors associated with forecasting real income fluctuations increase once the M2 demand vector error-correction...

A bargaining licensing game is developed to study how the patent holder's bargaining power affects his licensing policy as well as the social welfare. Indeed, a modification in the patent's holder bargaining power is not innocuous for the economy. Therefore, a social agency that is concerned...

The paper studies the dynamic behaviour of the conditional mean and volatility of weekly financial variables in relation to the business cycle for the USA and UK economies. The mean US S&P stock returns steadily increases before a recession, then declines approximately six weeks prior to the...

This paper examines auctions of incentive contracts, where the principal (a government agency) contracts with a private vendor to supply a given quantity. The contract is incomplete as the agent's research behaviour is unobservable and is not in the principal's objective function. The agent,...

For a number of EMU member Governments, prices of their (mainly) DM-denominated debt are compared with otherwise identical debt issued by the German Government, so as to extract implied risk-neutral default probabilities. In most cases, the probabilities are small, though in the case of Italy...

Most of the empirical evidence on how development of the financial sector impacts on economic growth is in a cross-country context. This paper considers the evidence from one country, New Zealand, which has in recent times been subject to substantial economic reforms, not least in the financial...

The wage that a worker receives is observed only when he/she is employed. The employment of the worker, however, depends on two sequential decisions: the worker's decision to work and the employer's decision to hire. The wage sample, thus, is obtained through a double selection process....

A ranking is provided of Southern economics departments and Southern economists using research output data indexed by the Journal of Economic Literature's EconLit database from 1982-1997. Ranking results from a smaller 'core' of each Southern institution's American Economic Association members...