The impact of the different financial frameworks on the long-run growth is one of the most debated arguments in the economic theory. In this paper we present a theoretical and empirical analysis of the financial systems which characterize the financial interrelation in some European countries:...

Since the 90s, many central governments in Asia have decentralized fiscal, administrative and political responsibilities to lower units of government and to the private sector. In China, city officials are appointed by the local people’s congresses, but higher levels of government appoint...

We propose a method to integrate frequentist and subjective probabilities in order to obtain a coherent asset allocation in the presence of stress events. Our working assumption is that in normal market asset returns are sufficiently regular for frequentist statistical techniques to identify...

This paper provides a self-contained review of the introduction of the animal spirits hypothesis into the infinite horizon optimal growth model. The analysis begins with an economic discussion of Pontryagin’s maximum principles. Thereafter, I develop a version of the increasing-returns...

Decentralization has been an integral part of the political reform process in former socialist countries throughout Central and Eastern Europe. The rationale behind decentralizing government services and responsibilities to the local units of government is that they are closer to the clientele...

After thirty years of the Spanish territorial model being implemented, an important number of citizens in different regions are supporting higher levels of self-government. This article analyses the causal mechanisms put forward by the literature on territorial decentralisation to explain this...

Long-term prospects for the El Paso - Ciudad Juárez borderplex economy call for steady growth. On the north side of the border, the population of El Paso is projected to reach 965 thousand by 2026, the last year of the forecast period. Real gross metropolitan product, the broadest measure of...

This paper examines what motivates employees in the retail industry, and examines their level of job satisfaction, using Herzberg's hygiene factors and motivators. In this study, convenience sampling was used to select sales personnel from women's clothing stores in Bandar Sunway shopping mall...

This paper address the issue of monetary policy effectiveness and the price puzzle, a positive response of prices to monetary tightening, in Pakistan. Study examines the effects of monetary policy shock on price level and other macroeconomic variables such as output, exchange rate and money...

This essay provides a short history of the Department of Economics at UMKC from 1929 to 2010. It shows the origins of its Institutionalist roots beginning in 1946 and ends with the development of the department as a internationally known center of Post Keynesian-Institutional-heterodox economics.