Using a Balance-of-Payments Constrained Growth model and a Convergence Quadrants Diagram this paper finds evidence of economic divergence of most European Union (EU) peripheral member states and the EU average between 1996 and 2019. In only two cases – Spain and Cyprus – do we find a trend...

This paper addresses the poor performance of the Expectation-Maximization (EM) algorithm in the estimation of low-noise dynamic factor models, commonly used in macroeconomic forecasting and nowcasting. We show analytically and in Monte Carlo simulations how the EM algorithm stagnates in a...

There is an ongoing consensus that we are on the brink, if not already started, of a major technological revolution. The Fourth Industrial Revolution has a wider and deeper transformative power. It could be considered a major paradigm shift of our time. Its importance is characterized by a wave...

This study examines whether there is convergence in military expenditures among NATO countries by using Philips and Sul (2007) convergence methodology. We obtained the primary dataset of 27 NATO member countries between 2009 and 2021 for their military expenditures to accomplish this. The...

This article examines how China’s subnational leadership rotations have affected local governments’ policy choices. Utilizing the annual government work reports that outline provincial policy priorities, I find that shuffled leaders choose similar economic policies across different...

Privacy regulations have the potential to inadvertently hinder access to app-based education for non-paying users. This could occur through two adaptation reactions—the erection of paywalls or the escalation of the frequency of advertisements—that have convergent consequences for access....

Using a global sample of 19,913 corporations from 76 countries during the 2010-2019 period and the nonparametric distribution dynamics approach, we analyse the transitional dynamics and long-run evolution of corporate carbon performance (CCP). We find that regardless of the period of...