The empirical observation that purchasing power parity (PPP) holds in the long run but not in the short run has enjoyed a near-consensus status in international finance literature. However, a similar degree of agreement has not been reached with respect to the exact horizon of this “long...

There is no complete overview or discussion of the literature of the economics of federalism and fiscal decentralization, even though scholarly interest in the topic has been increasing significantly over recent years. This paper provides a general, brief but comprehensive overview of the main...

Purpose – The purpose of this paper is to examine the causal effect of intellectual capital (IC) performance on financial performance at Thai listed banks. Design/methodology/approach – Data are collected from 16 listed banks in Thailand for the period 1997–2016. This paper uses the...

This article is conducted to examine risk, return, and portfolio optimization at the industry level in China over the period 2007–2016. On the ground of the classical Markowitz framework for portfolio optimization, the mean-semivariance optimization framework is established for China’s stock...

Fiscal decentralization has attracted attention from government, academic studies, and international institutions with the aims of enhancing economic growth in recent years. One of the difficult issues is to measure satisfactorily the degree of fiscal decentralization across countries. The...

The economic effects and consequences of an aging population on economic growth in terms of productivity and demand have attracted great attention from policy makers, particular in emerging countries. This study examines the effect of an aging population on economic growth in 84 developing...

Sustainable economic growth and development are generally associated with a harmonious society, where achievements from national economic growth benefit most, if not all, people. However, income inequality appears to exist regardless of the level of a country’s economic growth. As such,...

Policies on financial inclusion have attracted great attention from scholars, policymakers, and regulators, as financial inclu- sion has theoretically been acknowledged to have positive effect on economic growth. However, empirical evidence appears limited, especially for emerging markets. This...

Central banks in emerging countries generally question the effect of exchange rate pass- through into price levels in the national economy in order to implement monetary policy effectively. This article is conducted in response to these macroeconomic concerns. Five founding members of the...

In his influential study, Theil (1967) developed the notion of entropy on the basis of information theory. He then advocated the use of entropy-based measure for the analysis of income inequality. In this paper, the first of its kind, we apply Theil’s notion of entropy to public finances in...