this paper investigates the impacts of economic and financial developments on environmental pollution for 6 opec countries using panel cointegration and panel long-run estimator (dols) over the period 1980–2008.  the results shows that both economic and financial development have significant effect on the environmental quality in selected opec economies. the findings not support the existence o...

After a severe crisis in the early 1990s, the Swedish economy experienced a boom in productivity growth. Economists have presented three explanations for the fast productivity growth in 1995–2004: market reforms, crisis recovery and the impact of information and communication technology (ICT). This paper offers an alternative view, emphasizing instead firms’ substantial investment in intangible...

Dilip Mookherjee, Debraj Ray and Kunal Sengupta are thankfully acknowledged. 2 Abstract: The purpose of this paper is to examine the impact of financial intermediation on precautionary savings and incentives to invest in a setting where the credit market is subject to informational asymmetry due to moral hazard. We show that precautionary savings are the outcome of financial contracts that offe...

In this article, I try to find out what are the effects of financial variablessuch as ratio of private sector deposits to GDP and ratio of bank credit toprivate sector to GDP and value of stocks trade in Tehran stockexchange to total current value of stocks and private sector liquidity toGDP on total investment.We use two models to test our hypothesis the first is a model for Iranand the second...

The study empirically investigates the relationship between the value anomaly and firms’ investment and financing environment. The evidence supports the relevance of investment irreversibility and the value anomaly as suggested in Zhang (2005). The higher the investment irreversibility gap between value and growth firms, the higher the value premium. While the Fama and French three factor model...

Financial factors and ownership structure are both part of the determinants of corporate R&D investment. Considering listed firms in the R&D intensive industries during the 2000s, this paper examines whether financial factors and ownership structure explain R&D investment in Japan. Following the methodology of Brown et al. (2009), which extends the dynamic investment model of Bond and Maghir (1...

Does international financial integration boost economic growth? The empirical literature has not yet established a robust link between openness to the international capital market and economic growth. In this paper we turn to the economic history of the first era of financial globalization (1880-1914) for new insights. Using identical empirical models and techniques as contemporary studies, we ...

This paper analyzes—both empirically and theoretically—how fluctuations in uncertainty interact with financial market imperfections in determining economic outcomes. In a standard bond-contracting framework, an increase in uncertainty benefits equity holders at the expense of bondholders, and to the extent that firms face significant frictions in financial markets, increased uncertainty implies...