How does an unexpected domestic monetary expansion a.ect the foreign economy? Does it induce an increase or a decline in foreign production? In the traditional two-country Mundell-Fleming model, monetary policy has «beggar-thy-neighbor» effects. Yet, empirical evidence from VARs indicates that...

How does an unexpected domestic monetary expansion affect the foreign economy? Does it induce an increase or a decline in foreign production? In the traditional two-country Mundell-Fleming model, monetary policy reveals 'beggar-thy-neighbour' effects. Yet, empirical evidence from VARs indicates...

In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country...

Recent literature proposes many variables as significant determinants of pollution. This paper gives an overview of this literature and asks which of these factors have an empirically robust impact on water and air pollution, i.e. do not depend upon the conditioning information set. For this, we...

This paper investigates the income convergence among Russian regions in the period 1998- 2006. It makes two major contributions to rather extensive literature on the regional con- vergence in Russia. First, it identifies spatial regimes using the exploratory spatial data analysis. Second, it...

The paper draws on Baumol’s (1967) model of «unbalanced growth» to show that pressing economic problems of mature economies such as declining growth rates of real GDP, an increasing government share in GDP and the «cost explosion» in health care can readily be explained – yet they cannot...

This paper examines how robust economic, political, and demographic variables are related to water and air pollution. Employing Bayesian Averaging of Classical Estimates (BACE) for a cross section of up to 74 countries, 33 variables and 3 proxies for air and water pollution over a period from...

This study investigates the politico-economic determinants of the crowding-in effects of public investments in a cross-section of 25 developing countries for the 1975-2000 period using multivariate probit analysis. The estimation results show that public fixed capital investments may crowd in...

The "law and finance theory" predicts that the common law system provides the best basis for financial development and economic growth, followed by Scandinavian and German origin civil law and finally French origin civil law. Referring to a number of sceptical views, this paper argues that the...