The relationship between national income and government spending is one of the most debated topics between economists and policy makers during the last decades. The objective of this paper is to examine the Wagner’s law validity, and if it can be applied in the U.K. public spending expansion...

Our paper uses a new and comprehensive dataset to investigate the capital structure of non-financial firms in a major emerging market economy, Turkey. We study both statistical and economic significance of four types of leverage factors: Firm-specific, tax-related, industry specific,and...

We examine the impact of banking reform and financial crisis of 2001 on non-financial firm dynamics. Our analysis integrates the two lines of literature on financial liberalization, banking reform and access to capital and banking competition, which were addressed earlier by Bertrand, Schoar and...

This study is motivated by the China puzzle: the very impressive post-reform growth with relatively low aggregate volatility in the absence of healthy financial institutions by international standards. We argue that political economy constraints on the reform process have made China‟s...

This study investigates the impact of stock market development on economic growth in China. To this end, the quarterly data from 1996 to 2011 are used and the empirical investigation is conducted within the unit root and the cointegration framework. The results show that the relationship between...

In the literature, there are many studies to measure financial liberalization indices, but none of them has studied for the case of Iran. Therefore, to fill this gap, in this paper we introduce a comprehensive indicator for financial liberalization which considers various aspects of financial...

Using a mixture of macro variables such as growth and bank lending rates and firm-specific micro variables, this paper examines the determinants of short term debt using firm level panel data for Turkish manufacturing companies traded in Istanbul Stock Exchange. The original sample drawn from...