We propose a framework for understanding recurrent historical episodes of vigorous economic expansion accompanied by extreme asset valuations, as exhibited by the U.S. in the 1990s. We interpret this phenomenon as a high-valuation equilibrium with a low effective cost of capital based on...

Emerging market economies, which have much of their growth ahead of them, either run or should run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. We make two...

Examination in both theoretical and empirical prospective of the Capital market, deduce that the major indicators of modern economic growth, depends on the extent of economic financialization, commonly defined as capital stock, industrialization and Technological Advancement. The focus of this...

Studies of Bernard Mandeville by economists and historians of economic thought have focused overwhelmingly on the problem of situating his work within the development of the theory of laissez-faire and evaluating his influence on major figures in the Scottish Enlightenment, especially Adam...

Progress in achieving institutional changes should be evaluated through the prism of their influence on the development abilities of the relevant country. In Poland, during 20 years of comprehensive systemic shift, GDP increased more than in any other postsocialist country. To judge the...

nstitutions are not only created and built, but also, and especially, need to be learnt. It is a process which takes place in all economies, but acquires a special importance in less advanced countries. Not only theoretical arguments, but also the practical experience over the past 15 years...

The progress of post-socialist systemic transformation should be evaluated through the prism of its influence on a country's development abilities. During twenty years of comprehensive systemic shift, gross domestic product has increased only to a limited degree, on a par with the growth of the...

Over 1.8 billion people, from Central Europe to East Asia, have been involved in the great systemic transformation to market economy, civic society and democracy. The process has brought mixed fruits. The diversification of the current situation is a result of both the legacy from the past and...

Progress in achieving institutional changes should be evaluated through the prism of their influence on the development abilities of the relevant country. In Poland, during 20 years of comprehensive systemic shift, GDP increased more than in any other postsocialist country. To judge the...

It is claimed that technology is a competitive advantage for a company and that finally fosters economic growth (Marinagi, et al., 2014). Besides it is held that logistics promote economic growth (Hayaloğlu, 2015), through the consumption-led growth theory. In the present paper an effort will...