An extensive literature shows the importance of investment policy for sustainability of resource-based economies. The approaches of these studies are mostly based on theoretical results that examine the role of investments in a competitive optimizing economy. This paper extends some of these...

In the current age of trade and financial openness, remote and poor local economies are becoming increasingly exposed to inflows of external capital. External investors - enjoying lower credit constraints than local dwellers - might play a propulsive role for local development. At the same time,...

The paper analyses potentials, challenges and problems of the rural tourism from the point of view of its impact on sustainable rural development. It explores alternative sources of income for rural people by means of tourism and investigates effects of the rural tourism on agricultural...

The paper develops a small open economy growth model with endogenous innovations, in the presence of environmental externalities. Building on the Grossman ad Helpman (1991) analytical framework of endogenous growth in open economies, pollution is introduced into the analysis in the form of a...