In this paper we analyse the optimal management of a renewable resource (groundwater) with stock-dependent extraction cost and a backstop substitute, facing two-sector linear demands. Application to the Kiti region in Cyprus demonstrates the model's performance and is used to test for the...

The goal of the present article is to investigate the degree of convergence in public expenditures for a panel of 17 European Union member countries spanning the period 1990 to 2012. We apply the methodology of Phillips and Sul (2007) various categories of public expenditures to assess the...

Purpose – This paper aims to explore convergence of accounting standards across worldwide adopted measures to investigate whether countries that have not completely adopted International Accounting Standards across the globe have displayed a tendency to act so. Design/methodology/approach –...

Empirical tests typically provide evidence that the British pound-US dollar exchange rate and the relative wholesale price index contain exact unit roots and exhibit cointegration. However, the cointegrating vector is significantly different from [1, - 1], thus raising doubts on the validity of...