Article history: Received 17 February 2014 Received in revised form 7 May 2014 Accepted 7 May 2014 Available online xxxx JEL classification: A13 C23 J30

The present contribution tests whether countries can be pooled when studying the financegrowth nexus. Overall, our results point toward a ‘pragmatic’ positive answer, though considerable heterogeneity is present among developing countries. JEL codes: C23, O16

This paper investigates how variations in macroeconomic uncertainty distort commercial banks’ allocation of loanable funds by analyzing the dispersion of banks’ total loan-to-asset ratios over a quartercentury period. JEL: C22, C23, D81, E51.

This paper analyzes price elasticities in the Austrian market for mobile telecommunications services using data on firm specific tariffs. Both static and a dynamic panel data approaches lead to consistent results which provide evidence for a relatively elastic demand. Furthermore, some basic facts on the Austrian mobile telephone sector are presented. JEL-Classification: C23, L13, L96.

We present a new estimator for causal effects with panel data that builds on insights behind the widely used difference-in-differences and synthetic control methods. Relative to these methods we find, both theoretically empirically, this “synthetic difference-in-differences” has desirable robustness properties, it performs well in settings where conventional estimators are commonly practice. st...

We use a panel of 155 countries for 1970-2010 to study (two-way) causality between government spending, revenue and growth. Our results suggest the existence of weak evidence supporting causality from expenditures or revenues to GDP per capita and provide evidence supporting Wagner’s Law. JEL: C23, E62, H50.

This paper derives consistent standard errors for a panel Tobit model in the presence of correlated errors. The problem is framed in the context of Newey and West (1987), considering the Tobit model as a special case of a GMM estimator. JEL codes: C23, C24

We estimate the political economy determinants of budget deficit forecast errors. Since the adoption of the Stability Pact, Eurozone governments have manipulated forecasts before elections. The political orientation and the institutional design of governments also affects the quality of forecasts. JEL classifications: H62, H87, C23, C53, E62

This study analyzes the existence of a complementary relationship between public and private spending on Research and Development activities. The results show that public funding does not produce a substitution effect on private spending. In fact, depending on the methodology used, public subsidies actually produce a crowding in effect of up to 49% on private spending. JEL: C23; L11;