The global financial crisis forcefully highlighted the importance of developing mechanisms to curb the effects of large and volatile capital inflows on growth and financial stability in developing countries. It led the IMF to reconsider its long-standing rejection of capital controls. This paper...

We use vector autoregressive models to estimate the effect of monetary policy on investors’ risk aversion. The latter is proxied by a variety of option based implied volatility indices for Germany and the UK. There is clear evidence of a procyclical response between monetary policy and risk...

The paper explores the non-material determinants of happiness. We go beyond the well-established result that individual ‘religiousness’ is positively correlated with happiness and look at a broader spiritual activity - time spent thinking about the meaning and purpose of life (MPL). We study...

The recent recession has seen something of resurgence in the debate over military Keynesianism. Recent commentators who should no better have claimed that it would make sense to stimulate the US economy through increases in military spending, as though this has not been a commonly contested view...

This paper makes a contribution to the debate on the economic effects of military spending using a large cross country panel data set for 1988-2006. As well as providing a relatively up to date analysis, sub groups are created that allow the analysis to focus on groups of countries at different...

Over the last 30 years there has been an impressive amount of empirical work on the defence-growth nexus, using different methodologies, models and econometric techniques and focusing on individual case studies, cross-country studies or panel data studies. Despite the number and the variety of...

This paper considers the complementary effect of corruption and military spending on economic growth, analyzing both the direct impact of public spending and effect of allocating resources between categories of public spending within the framework of an endogenous growth model. The...

The first reference to a military industrial complex (MIC) was made by US President Eisenhower in 1961. He then referred to something historically specific: the build-up of a large permanent military establishment and a permanent arms industry, which raised his concerns for the unwarranted...

Estimates of the demand for money provide important foundations for monetary policy setting but if the estimation technique does not explicitly account for structural changes then such estimates will be biased. This paper presents an investigation into the level and stability of money demand...

This paper examines the use of location quotients (LQs) in constructing regional input?output tables. Its focus is on the modified FLQ formula proposed by Flegg and Webber (1997). Using data for 20 Finnish regions, ranging in size from very small to very large, we determine appropriate values...