type="main" xml:lang="es" <title type="main">Resumen</title> <p>La investigación empírica sobre los determinantes del desarrollo económico regional normalmente prescinde de la influencia de la cultura. Este estudio viene a llenar ese vacío, tratando de establecer un vínculo causal entre la cultura y el desarrollo...</p>

This paper examines the determinants of foreign participation in life insurance markets across 24 OECD countries during the period 1993–2000. The empirical results show that socio-economic and market structure factors influence foreign participation in life insurance markets. More...

This paper studies the impact of energy-saving efforts on firm value, using the carbon emission rights trading scheme (CERTS) of China as an exogenous shock. The results showed that the CERTS increases the market value of energy-related firms; moreover, the energy-saving efforts of firms further...

Financial crises have been attributed to rising income inequality via its induced high household leverage as observed in the USA and similar economies. Alternatively it has been suggested this is not a general relationship since it was found that inequality had no bearing on crises in 14...

Since 1994, China's central government has implemented a sequence of fiscal recentralization measures to increase its equalization capacity and reduce regional income disparities. However, the effect of intergovernmental transfers on equalization has been called into question by anecdotal...

Renewed attention to inequality and saving has arisen owing to their pronounced implications for global imbalances and financial crises. We show that the relationship between saving and inequality is negative if savers' funds are borrowed by spending households for consumption as in the USA, but...

type="main" xml:id="twec12188-abs-0001" <title type="main">Abstract</title> <p>Global imbalances are attributable to savings deficiency in some economies and savings glut in others. The recent global crisis has triggered widespread social conflict over income inequality. The inequality-saving link has again become a pressing...</p>

This paper investigates the sources of economic fluctuations in the four Asian newly industrialized economies (NIEs), namely Hong Kong, Republic of Korea, Singapore and Taiwan. As small open economies, their macro-economic development is highly dependent on technology as well as markets of large...

Infrastructure provision in backward areas has been proposed by many studies as a cure for widening income gaps in developing countries like China. However, little has been said regarding infrastructure’s role as an unpaid production factor or the issue of optimal resource allocation. This...