Empirical tests of the relationship between international competitiveness and the severity of environmental regulations are hampered by the lack of pollution abatement cost data for nonU.S. countries. The theory of the firm suggests that environmental stringency can be measured by the difference between a polluting input’s shadow price and its market price. We make a first attempt at quantifyin...

Greece is undertaking important reforms with the aim of making the budget a more modern strategic policy document. This article examines Greece’s recent economic and fiscal performance and the developments that led to the launch of the programme budgeting pilot in 2008. The article discusses the budget formulation process, the role of Parliament, and various aspects of budget implementation and...

This paper investigates the two-way relationship between R&D and export activity. In particular, we concern ourselves with the question whether R&D stimulates exports and, perhaps more importantly, whether export activity leads to increasing innovative activity in terms of R&D (learning by exporting). We use two unique firm level databases for Great Britain and the Republic of Ireland and compa...

The increase in equity prices over the 1990s has to a large degree been attributed to permanently higher productivity growth that is derived from the ‘new economy’ and related research and development (R&D) expenditures. This paper establishes a rational expectations model of technology innovations and equity prices, which shows that under plausible assumptions, productivity advances can only h...

• Educational expenditure in the UK has increased enormously – but it is still only just above the OECD average. In 1997/98, expenditure on education and training as a percentage of GDP was 4.9% (the same level as in 1987/88) whereas in 2006, it was 5.9% of GDP. There is robust evidence that the increase in school expenditure between 2002 and 2007 led to a modest increase in educational attainm...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus t...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus t...