This study addresses the question of whether a more integrated stock market is associated with a higher degree of informational efficiency. We employ the adjusted pricing error from an equilibrium international asset pricing model as a proxy for market integration. The aggregate country-level...

This paper investigates the effect of group-affiliation on Indian corporate firms’ capital structure, based on data on 875 Indian non-financial firms for the period 2002–2010. The GMM turns out to be the most appropriate among the three alternative methods. Following our hypothesis,...

This paper applies a novel methodology to measure corruption levels in U.S. states, leading to insights which could be useful to policymakers in their effort to reduce unethical behavior. The level of public corruption is difficult to quantify because much of it goes undetected and because...

Economic analyses of farm policies generally focus on long run, steady state impacts while the transition dynamics are often overlooked. In this paper we develop a determinist dynamic computable general equilibrium analysis allowing agents to form adaptive versus perfect expectations. Using an...

Increasing crime rates invariably result in calls for more police protection which requires the allocation of additional scarce resources to policing and public order. In an environment of fiscal pressures, the effectiveness of such public spending in deterring crime emerges as an important...

A variety of censored dependent variable models are used to identify the impacts of social and economic variables on the decision to consume and the amount of expenditure on tobacco in Turkey. Using data from the Turkish Household Expenditure Survey, the odds of smoking and spending level on...

This paper examines the relationship among money, housing, and consumer price inflation in China since 1998. We use a standard multivariate dynamic model and show that when goods prices are sticky, monetary growth is initially transmitted to the real economy via changes in house prices; the...

The Critical Access Hospital (CAH) program has been created to protect small, financially vulnerable rural hospitals in the U.S. by granting them Medicare cost-based reimbursement. However, there have been concerns that this type of reimbursement might have a negative impact on the cost...

This paper investigates the causality interactions between potential financing sources of investment and economic growth in North African countries. For each one of them, trivariate vector autoregressive (VAR) models were estimated. We find that domestic saving follows their economic growth. We...

Since the second half of 2011, after a period of prolonged low growth, Italy has found itself at the center of a severe economic crisis. Concerns about the sustainability of its debt burden, along with gloomy growth prospects, have pushed up the cost of government borrowing, exacerbating current...