Set against the background of initial relatively low cross-country income and considerable poverty and deprivation in Sub-Saharan Africa (SSA), the question of whether globalisation is associated with a 'catching up' in terms of real income growth, in absolute and relative terms, is both...

This paper analyses the vulnerability of OECD member states to external shocks by estimating the degree of asymmetric effects from positive and negative shocks. We use asymmetric conditional heteroscedasticity models with endogenously determined regime changes in a context of progressive...

The recent financial crisis has led to a reduction in credit granted, a decreased volume of activity in international financial markets and an increase in risk-taking behaviour. Several rounds of banking reforms in China have aimed to improve the efficiency, enhance the financial stability and...

A new proxy variable for the investment part of the initial Feldstein and Horioka model is proposed. We denominate it 'modified gross fixed capital formation'. It is derived by subtracting the imports of fixed assets included in an economy's gross fixed capital formation from the gross fixed...

The CFA franc, originally created in 1945, currently serves as the common monetary unit for the eight member countries of the West African Economic and Monetary Union (UEMOA). In recent years, one has witnessed repeated calls from economists and politicians alike for the introduction of a new...

This paper contributes to the literature on happiness economics by testing whether a national smoking ban contributes to changes in smoking behaviour amongst smokers in England, Wales and Northern Ireland. Based on 'set-point' theory and the idea of the hedonic treadmill it is argued that the...

This paper aims to investigate the information content of cash flows in the context of dividend smoothing. Unlike previous studies, we propose a novel partial adjustment model based on cash flows, and compare it to Lintners (1956) model. The results show that UK firms smooth their cash flows and...

We subject country level data to causality tests within a panel cointegration framework, to examine the relationship between inflation rates and the uncertainty of inflation for a panel of twenty two emerging economies, over the time period 1968 to 2010. Using the GARCH framework, a time series...

Most of the studies about the Foreign Exchange market (Forex) analyse the behaviour of currencies that are allowed to float freely (or almost freely), but some currencies are still bounded by bandwidths (either disclosed or undisclosed). In this paper, I try to find out whether two...

The global financial crisis (GFC) and its aftermath have not just been a challenge to mainstream economics. It has also required a response from heterodox approaches. In the following paper we explore the Austrian response. We argue that Austrians have focused primarily on the role of government...