Several empirical studies are concerned with measuring the effect of currency and current account crises on economic growth. Using different empirical models this paper serves two aspects. It provides an explicit assessment of country specific factors influencing the costs of crises in terms of economic growth and controls via a treatment type model for possible sample selection governing the o...

This article provides a survey of a growing body of empirical evidence that points toward the important long-term effects that historic events can have on economic development. The most recent studies, using microlevel data and more sophisticated identification techniques, have moved beyond testing whether history matters and attempt to identify exactly why history matters. The most commonly ex...

In this paper wc define economic competence as the ability to identify, expand, and exploit the opportunity sel. Economic competence constitutes the means through which technological possibilities are converted into economic activity. lt consists of four types of capabilities: (1) Se!ective or strategic; (2) organizational or coordinating; (3) technical; and (4) learning ability. The purpose of...

What factors and processes influence the wealth of nations? This is the central question addressed by Professor North and his colleagues John Wallis and Barry Weingast (NWW) (2009) in their framework for “interpreting recorded human history.” In attempting to address this question, NWW develop a conceptual framework for understanding how institutions shape the organizations necessary for cooper...

The objective of this study is to investigate the e¤ect of the Stability and Growth Pact (SGP) for the cycle, the in‡ation and the sustainability of the public ...nances of the Euro Area. We contribute to the debate by estimating national and Euro-area structural VARS, and by using them in order to evaluate the consequences of the modi...cations to the SGP that have recently been proposed. The ...

The theory of competing causes involves assessing a cause of failure, such as death due to heart disease or cancer, in the presence of other competing causes. In this paper, we develop a fundamental economic model for examining the degree and order of importance in a competing cause framework. In particular, we demonstrate the usefulness of Von Neumann-Morgenstern utility theory in economics by...