The central question of this paper is how international trade and specialization are affected by different designs of pension schemes and asymmetric demographic changes. In a model with two goods, two countries and two production factors, we find that countries with a relatively large unfunded...

In this paper, we evaluate if the demand for democracy affects the actual level of democracy. The analysis is based on the World Values Survey and Worldwide Governance Indicators data and is applied to a sample of 70 countries. We focus on the dynamics of the level of democracy within the...

Does religiosity make you happy? Many studies document positive associations between religiosity and various forms of subjective wellbeing. This is also true for general life satisfaction in normal economic conditions and in the case of economic shocks. However, both life satisfaction and...

In most countries, women live longer than men. Differences in longevities are country-specific and change over time. We perform a cross-country panel data analysis in developed countries (OECD and EU) to study the gender-longevity gap dependence on various socio-economic indicators and test a...

In this paper, we address the question of why voters tolerate corrupt politicians. Standard economic techniques such as expected utility maximization under uncertainty are employed. We show that a corrupt politician is less likely to institute reforms which can cause short-term losses for voters...

This paper reviews more than one hundred Pareto (and equivalent) tail index estimators. It focuses on univariate estimators for nontruncated data. We discuss basic ideas of these estimators and provide their analytical expressions. As samples from heavy-tailed distributions are analysed by...

In this paper we apply time series analysis to examine weekly data of Vladimir Putin’s approval and confidence ratings and their dependence on terrorist attacks. We find that minor terrorist attacks with few or no mortal casualties in Chechnya, Ingushetia and Dagestan increase Putin’s...

In this paper, we develop a supply-demand model for the public sector, measured as governments' tax revenues divided by GDP. We use a political equilibrium with a rule of majority. The model takes into account inefficiencies caused by taxes and includes costs associated with public goods...

Šiais laikais atliekama daug tyrimų ultra aukšto dažnio duomenų srityje. Nagrinėjant duomenis jų pasirodymo metu, galima suprasti daugelį įvairių procesų, vykstančių prekyboje, bei geriau išnagrinėti rinkos mikrostruktūrą. Be to, ultra aukšto dažnio duomenys pasižymi daugeliu...

This paper discusses a bootstrap-based test, which checks if finite moments exist, and indicates cases of possible misapplication. It notes, that a procedure for finding the smallest power to which observations need to be raised, such that the test rejects a hypothesis that the corresponding...