We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid--bilateral or multilateral--influence recipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid - bilateral or miltilateral - influence ricipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific...

In this study, we construct a new dependency ratio measure by taking into account the consumption needs of the young and elderly people, and the productivity of middle-aged people. Different from the way that Cutler et al. (1990) and Weil (1999) constructed the relative needs by using the...

GMM estimation of autoregressive panel data equations in error-ridden variables when the noise has memory, is considered. The impact of variation in the memory length in signal and noise spread and in the degree of individual heterogeneity are discussed with respect to finite sample bias, using...