Recent empirical analyses of the relationship between financial system development and economic growth find that financial system development causes economic growth, is a good predictor of growth and that its impact is relatively large. Moreover, the empirical literature predicts that the...

Following a brief review of the benefits and shortcomings of fiscal decentralisation, the paper attempts to empirically analyse for high-income OECD countries the relationship between per capita economic growth, capital formation and total factor productivity growth, on the one hand, and...

Our study represents a first attempt to single out the effects of aging on the entire structure of the economy that is approximated by employment shares in different sectors. We find that even after controlling for the effects of other relevant factors—e.g. income per capita, share of trade in...

A model of Ukrainian shadow economy money demand is estimated that includes new regulatory burden, tax complexity, and soft-budget constraint variables. This model is analyzed to determine the causes and dynamics of the Ukrainian shadow economy and to assess the effectiveness of state measures...

The paper tries to shed some light on the definition of the shadow economy, in order to separate shadow activities from market activities and household production. A total income concept is applied, which is based on the labor force being engaged in market, shadow and household activities. Based...

Building on new behavioral theories, using a data set of about 450 variables and augmenting the Sala-i-Martin definition of robustness, we find evidence in support of the hypothesis that the standard causes of the shadow economy (SE), taxes, the administrative burden and labor market...

Our study represents a first attempt to single out the effects of aging on the entire structure of the economy that is approximated by employment shares in different sectors. We find that even after controlling for the effects of other relevant factors - e.g., income per capita, share of trade...

This paper examines the institutional methods a brutal dictatorship uses to deal with perceived increases in the number of political enemies despite the fact that its political police and citizen loyalty are fixed in the short run. It explains how "simplified methods" of troika justice,...