This paper presents an empirical analysis of the relationship between national and regional output growth in Mexico, and the impact of domestic and international shocks on national, regional and state output movements. Our results suggest that there are similarities, but also significant...

The purpose of this paper is to develop Minskyan financial fragility indices for the government sector and to examine the financial structure of the Greek government before and after the onset of the sovereign debt crisis in 2009. We provide empirical evidence that clearly shows the growing...

This paper examines the dynamic and switching effects of volatility spillovers arising from US stock market returns and GDP growth on those of Australia, Canada and the UK. For this purpose, we use quarterly data (1961q1--2013q1) and a constant probability Markov regime switching model. We found...

This paper studies the effects of domestic and foreign demand impulses in euro area economies following the Great Recession of 2008--2009 and the Eurozone crisis of 2011--2012. Using a global Input--Output framework we apply a set of metrics to assess spillover effects of international trade in...

This study examines the relationship between labour productivity, real wages and inflation in Malaysia using the bounds testing approach to cointegration and also the Granger causality test. The findings of this study suggest that inflation is negatively related to labour productivity. However,...

Recent years have seen an increasing number of empirical papers using subjective indicators in cross-country quantitative analyses of growth. We evaluate potential observer biases in the three most commonly employed subjective measures of property rights -- taken from the Heritage Foundation,...

This review article surveys accounts of the recent global financial crisis by ten leading economists -- nine in the US and one, Martin Wolf, in the UK -- all of whom are critical of mainstream economic thinking. Since their explanations of the crisis are very similar, the review concentrates on...