This paper investigates the relationship between financial development and economic growth for developed and developing countries comparatively. The impacts of both stock markets and banks on economic growth are examined by using a panel data set of 21 developing and 16 developed economies for...

The purpose of this study is to analyse the relationship between government expenditure and economic growth in Turkey. The study tests the validity of Wagner´s law by applying autoregressive distributed lag (ARDL) cointegration technique using annual data over 1950-2010 period. In order to find...

This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary...

Existing tests of spatial market integration are commonly based on statistical criteria without an explicit link to an economic model of price determination. This article proposes new measures of market integration defined directly in terms of a well-known spatial price determination model and...