Stress in financial markets influences economic agents’ behavior by creating uncertainty and changing the expectations. Critical financial stress can lead to financial crisis. Financial crises are among the events always present in the world economy. Iran is not an exception. This paper aims to study the impact of financial stresses on Iran’s per capita GDP. By using ARDL (Auto Regressive Distr...

s tructural change is defined as a change in the relative weight of the important constituents of the macro-economic indicator such as production, taxes, imports and exports, workforce etc. since the structure change is one of the main reasons for the growth and economic development of countries, the investigation of the trend of changes in economic important constituents is important. tax as a...

Policy-makers have been sharing growing concerns that climate change has significant impacts on human society and economic activates. Knowledge of the influencing factors of CO2 emission is the crucial step to reduce it. In this paper, both CO2 emission and CO2 sink on a city-level of the nine cities in Wuhan Metropolitan Area are calculated using the Intergovernmental Panel on Climate Change a...

  This is undoubtedly recognized that economic performance for each country over time is related to a great extent to its political, institutional and legal environment. In fact, these institutions and policies are that determine the governance quality.   In a panel data study, we applied newly developed indices to examine the effects of good governance on FDI for fifteen middle-income countri...

We investigate the effects of outliers on the KPSS tests. We find that for nonstationary series outliers induce spurious stationarity by lowering the power of these tests. The empirical size of these tests is also found to be sensitive to the location of the outlier. JEL classification: C15, C22

In this paper, I find that real U.S. GDP is better characterized as a trend stationary Markov-switching process than as having a (regime-dependent) unit root. I examine the effects of both assumptions on the analysis of business cycle features and their implications for the persistence of the dynamic response of output to a random disturbance. JEL Classification: E32, C22, E27.