The effects of oil price risk on international risk sharing are studied. Both petroleum importing and exporting countries within OECD-Europe are considered. The empirical analysis indicates that uninsured idiosyncratic oil price risk accounts for parts of the observed low consumption...

The effect of welfare on family size is estimated by means of an ordered probit analysis on low-income, two-parent families. A multiyear cross-sectional pooled data set derived from the US Census Bureau's Current Population Survey over the period 1979-1990 is analysed. Behavioural impacts from a...

This paper finds that when the Congress and Presidency are controlled by the different political parties in the USA the creation of the seigniorage revenue to finance spending is not higher than when those two branches are controlled by the same party. However, the hypothesis that the creation...

This paper provides estimates of income and price elasticities of demand for beer, wine and spirits in the UK and utilizes these elasticities to estimate the impact of the increase in tax rates, announced by the Chancellor in his revised November 1994 budget, on total tax revenues. The estimates...

Analysis of the nexus of India's export volume, real effective exchange rates and measures of global economic growth is performed using time series techniques of cointegration and causality. The results suggest that India would benefit from a policy of export growth that is managed, rather than...

The sustainability of budget deficits of the G-7 countries is examined in this paper. Following the approach taken by Hakkio and Rush it is found that in the case of Germany it appears for each dollar increase in expenditures, revenues increase by an equal amount. For France, Japan, and Italy...

The explosion of the rational expectations equilibrium models in the finance literature has occurred when the perfect market assumption of homogeneous information is relaxed and prices play the role of aggregating and transmitting information in the financial market. This paper shows that the...

This paper offers an empirical investigation of the presence of a long run relationship in stock prices in six Latin Emerging Markets. We find evidence of a long run relationship among all of these countries in a bivariate framework. Results indicate the presence of bidirectional rather than...

This letter examines alternative specifications of dynamic adjustment in the context of a linear approximate AIDS model of the demand for meat in Belgium. The model also incorporates demographic variables to account for structural changes in consumer preferences. Using a general first-order ECM...

The economic organization of the pharmaceutical industry is profoundly affected by the patent system, which provides a temporary monopoly as an incentive for innovation. The consensus of industry observers has been that potential benefits from stimulating pharmaceutical innovation are large and...