This paper extends the standard model of self-enforcing dynamic international environmental agreements by allowing the length of the period of commitment of such agreements to vary as a parameter. It analyzes the pattern of behavior of the size of stable coalitions, the stock of pollution, and the emission rate as a function of the length of the period of commitment. It is shown that the length...

This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associa...

We analyze the influence of IMF and World Bank programs on political regime transitions. We develop an extended version of Acemoglu and Robinson’s [American Economic Review 91, 2001] model of political transitions to show how the anticipation of new loans from international financial institutions can trigger political transitions which would not otherwise have taken place. We test this unexplor...

The enlargement of the European Union will bring many political, economical and structural changes on the Continent, which require careful and deep analysis to be made. This paper will grasp the enlargement of the European Union from the aspect of the trade pattern and trade specialization of six major European Union candidates; namely, Turkey, Bulgaria, Hungary, Romania, Poland and the Czech R...

This paper examines how robust economic, political, and demographic variables are related to water and air pollution. Employing Bayesian Averaging of Classical Estimates (BACE) for a cross section of up to 74 countries, 33 variables and 3 proxies for air and water pollution over a period from 1980 to 1995 we confirm the Environmental Kuznets Curve hypothesis, highlight the relevance of efficien...

This paper investigates how and to what extent institutional development influences and permits firm-specific information to be incorporated into share prices, as measured by stock price synchronicity. Tracing the experience of China, an economy undergoing dramatic changes in the last 20 years with rich variation in experiences across provinces, this paper reveals that stock price synchronicity...

Southeast Asia’s traditional export of relatively low-skilled products is facing increased competition. There is therefore a general need to upgrade production in the region, which requires a more skilled and educated labour force. Historically, education has not been emphasized in Southeast Asia but there are indications that this is about to change. This paper starts with a general discussion...

This paper documents that political factors can be linked to the part of stock prices that cannot be explained by the standard present value models. The non-fundamental component of stock market index appears to be significantly influenced by the political orientation of the president and his approval rating, election cycle and military conflicts. The findings presented here indicate that there...

in this study, we assess the impact of oil price changes on the macroeconomic variables of some oil importers in oecd countries, including usa, italian, france and japan during the period 1960-2002. the results for different countries imply asymmetric impact of oil price changes on gdp growth rates; moreover, the results show that monetary shocks are an important and noticeable factor explainin...

We propose a simple mechanism capable of achieving international agreement on averting the threat of global warming. It employs a contest creating incentives among participating nations to exert both efficient productive efforts and efficient emissions reductive efforts. Participation in the scheme is voluntary and turns out to be individually rational if the alternative is no agreement at all....