Given the secrecy that wraps the flows of the GCC countries’ petrodollar surpluses to the United States and the pressures on these countries to spend and recycle more, this study attempts to uncover the direct and reverse causal relationships between the GCC financial accounts and the US...

Does an expansion of the population size expose nation states to a higher risk of suffering from civil conflict? Obtaining empirical evidence for a causal relationship is difficult due to reverse effects and omitted variable bias. This paper addresses causality issues by using randomly occurring...

In this study, we investigate empirically the relationship between telephone penetration and economic growth, using data for developing countries. Using 3SLS, we estimate a system of equations that endogenizes economic growth and telecom penetration. We find that the traditional economic factors...