The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific...

In the last years the interest in the Value at Risk (VaR) estimation has significantly growth due to international financial instability. We modelled the daily VaR estimation trough different static and non-static variance techniques in order to evaluate the changes produced in financial risk...

This paper presents a new empirical methodology for evaluation of the institutional system's development in transition economies and the impact it has on economic performance. We have developed and used a methodology of estimation of an operational indicator of institutional system dynamics to...

The paper investigates whether the decline in environmental quality in BRIC economies is due to high energy consumption level which is a resultant of rapid economic growth. We answer this using environmental, macroeconomic and financial variables along with Kyoto Protocol indicators based on...

The paper investigates the linkage between economic and financial development and decline in environmental quality in BRIC economies for the period 1992 – 2004. As measure of robustness, we also introduce and examine behavior of results considering USA and Japan. We employ feasible general...

In this paper we propose an empirical model that considers theoretical facts on the relationship between real exchange rates and the net exports of the economy to supplement the interaction of a number of financial and economic factors with the stock market. We discuss the impact of exchange...

Is there any interrelationship between firm level FDI in the form of cross border Mergers amp; Acquisitions and capital markets growth and quality? We addressed this question using panel data of cross border Mamp;A for nine emerging economies. Our study period goes from 1987 to 2006. We find...

The objective of this paper is to examine whether FDI inflows in South amp; East Asian economies posses any barriers which are deterring to attract FDI of their actual potential? If so, what are those various set of barriers? These questions are addressed in this study using cross section time...

In the past years we have attended to the diverse accounting and corporative government scandals leading to the collapse of the financial markets. Consequently the confidence of the minority shareholders has substantially diminished entailing to a loss of liquidity in the markets. In addition,...

The paper tests the democratization-development hypothesis, namely that democratization has a positive impact on growth, economic development and changes in well-being. We employ a probit model to estimate the probabilistic indicator for democracy for a large sample of countries. Panel...