This paper discusses the link between financial development and macroeconomic volatility by exploring some of the ways through which financial development may affect business cycle fluctuations. To be specific, we examine whether stock market development exerts an unambiguous effect on...

A Ricardian-type set-up is used to explore the linkage between financial development and the business cycle. Though financial advancement may be good for growth due to making possible a higher degree of division of labor, it may, for the same reason, be bad for the business cycle. Building on...

Recent empirical OECD studies provide new empirical evidence confirming that financial development is closely linked to economic growth in OECD countries. Using new dynamic panel regression techniques, these appraisals indicate that within the group of high income countries stock market size as...

This paper investigates the determinants of EPO (European Patent Office) patent applications per capita using a panel of 22 OECD countries with data measured as five-year averages for the period 1980-1999. The patent production function is specified as a partial adjustment model and is estimated...

This paper is aimed at exploring how X-efficiency or management quality is associated with one of the most vivid forms of international banking, that is, entering new markets by setting up foreign subsidiaries. The analysis focuses on the supposition that management quality ought to be one of...

This paper empirically investigates the potential determinants of business-sector R&D intensity using a panel of OECD countries for the period of 1970-2002 with data measured as five-year year averages. Estimates using a system GMM estimator controlling for endogeneity show a high degree of...

Inflexible labour markets combined with high welfare costs are often thought to be the main cause of low growth in Europe. This paper uses OECD data to assess the relative impact of regulation on differences in economic performance across countries since 1990. The impact of regulation is...

Empirical evidence is increasingly emphasising the positive influence of financial markets on the level and the rate of growth of a country's per-capita income. Theoretically, the rationale for the finance-growth nexus appears to be straightforward: in imperfect economies, financial markets...

The relationship between government size and growth has received an enormous attention in the economics literature, and the recent financial crisis has forced this topic back on the agenda. A highly controversial debate in this respect is whether large governments are harmful for growth....

Energy conservation is widely accepted as an important strategy to combat climate change. It can, nevertheless, stimulate new energy uses that partly offset the original savings. This is known as rebound. One particular rebound mechanism is re-spending of money savings associated with energy...