What Buys Happiness? Analyzing Trends in Subjective Well-Being in 15 European Countries, 1973-2002 Trends in life satisfaction are examined across 15 European countries employing a modified version of Kendall’s Tau. Analyses show that GDP growth relative to growth in the preceding period is a significant determinant of the trends; the same holds for the growth in life expectancy while the conte...

This paper explains why domestic debt composition in some emerging economies is risky. To this end, it carries out a systematic analysis of the determinants of the socalled domestic original sin, which refers to the inability of emerging economies to borrow domestically in local currency, at long maturities and fixed interest rates. The paper builds on a large dataset compiled by the authors fr...

the main purpose of this research has been to investigate whether inflation targeting improves macroeconomic performance as measured by the behavior of inflation, economic output and their variability among the countries employing inflation targeting. in this regard we have looked for empirical evidence in a world sample of 21 developed and developing inflation targeting countries before and af...

 decline in private sector investment expenditures, crowding-out effect, lack of conditions for optimal allocation of resources, reduction inefficiency, and the possibility of increasing inequality in income distribution are considered as the effects of increasing the government size according to many theoretical studies and empirical evidence. Hence, identifying the determinants of the governm...

Consensus Economics forecasts for euro-area GDP growth, consumer and producer price inflation and the USD/EUR exchange rate are used by the Czech National Bank to make assumptions about future external economic developments. This paper compares the accuracy of the aforementioned Consensus forecasts to those of the European Commission, International Monetary Fund and Organization for Economic Co...

in the recent economic literature, an important finding is the causal relationship between financial development and economic growth. before the 1970s, the most of economists believed that economic growth could be reached only by accumulation of physical capital. in the 1970s and after the pioneering works of mckinon (1973) and shaw (1973), this orthodox view was criticized by a vast amount of ...

This paper provides a time-series analysis of recent annual estimates of real GDP and industrial output covering 1270 to 1913. We show that growth can be regarded as a segmented trend stationary process. On this basis, we find that trend growth of real GDP per person was zero prior to the 1660s but then experienced two significant accelerations, preand post-industrial revolution. We also find t...

abstract research and development (r&d;) spending plays a major role in innovation, raising productivity and increasing economic growth. the purpose of this paper is to investigate the impact of r&d; spending on growth and total factor productivity (tfp) in iran's agricultural sector. we estimate growth and productivity models using auto-regressive distributed lag (ardl) approach and data over ...

the authors examine the effects of government expenditure on economic growth in iran, using annual data for the period of 1973-2003. in this paper, they lookat the offects of human, physical capital, and government budget on gdp. in the model developed in this paper, accumulation of human capital is dependent on physical. human capital, and government budget as well. the result indicate that go...

Nowadays, the world economies are rapidly moving towards being more Knowledge-based Economy (KBE) and supporting the force of knowledge as a vital component of economic growth. This recent acceleration in the transition to Knowledge-based Economy in the world, has affected regional economic performance. In this paper, we surveyed the regional convergence in Knowledge-based Economy for selected ...