The results of the single-equation cointegration tests indicate that patterns of cointegration in the two main and four sub-periods are not homogeneous. Two key findings emerge from the study. First, fewer stock markets cointegrated with S&P 500 during the crisis period than they did during the...

In the past two decades, much of the literature in the area of government financial management has been devoted to studying the causes of fiscal stress. Most studies emphasized the role of such factors as economic cycles, business relocation and factors beyond the control of policy makers as...

This study is a follow up of an earlier investigation concerning the effects of governance practices and investment strategies on public pension fund risk adjusted financial performance. Specifically, the inquiry uses three cross sectional national surveys of state and local government...

This study is a follow up of an earlier investigation concerning the effects of governance practices and investment strategies on public pension fund risk adjusted financial performance. Specifically, the inquiry uses three cross sectional national surveys of state and local government...

The purpose of this study is to explore possible simultaneous relationships between inward FDI and indigenous innovation in developing economies. The results of simultaneous-equations analysis reveal that there exist reciprocal relationships between the two; however, in opposing directions....

Unlike previous studies on the North American Free Trade Agreement (NAFTA), which examined either trade or income effects by using forecasted trade values, this paper investigates the impact of NAFTA on both bilateral trade and income of each member country - US, Canada, and Mexico - by using...

This empirical study investigates the relationship between local fiscal decentralisation and economic development among all US states from 1977 through 1997 by employing a vector autoregression (VAR) model. While past literature focused on a one way relationship between fiscal decentralisation...