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In this paper we investigate the long run relationship between financial depth and economic growth, trying to utilize the data in the most efficient manner via panel unit root tests and panel cointegration analysis. In addition, we use threshold cointegration tests, and dynamic panel data estimation for a panel-based vector error correction model. The long(More)
Effective, real time training of health-care professionals in invasive procedures is a challenging task. Furthermore, assessing in practice the acquisition of the dexterity and skills required to safely perform such operations is particularly difficult to perform objectively and reliably. The development of virtual reality (VR) simulators offers great(More)
The views expressed in this paper are those of the authors and do not necessarily reflect those of the School of Economic at UNSW. Abstract Empirical evidence suggests that real exchange rates (RER) behave differently in developed and developing countries. We develop an exogenous 2-sector growth model in which RER determination depends on the country's(More)
We employ Greek data over the period 1960᎐1997 to examine whether or not the underground economy responds asymmetrically to tax changes, both indirect and direct. Asymmetry implies that taxpayers react in a different manner to tax increases and to tax reductions. To test this hypothesis, we specify and estimate a vector error correction model. The empirical(More)
Given the decline in growth momentum in the manufacturing sector in many OECD countries, the role of knowledge-based capital has emerged as a key driver for sustained growth. While empirical studies on estimating knowledge spillovers have usually been undertaken at the country level, the spillover effects can be more definitive only if the analysis is(More)
What is the role of political entrepreneurship in fostering regional demands for autonomy from national/central administration? Political, public (managerial and administrative) as well as economic actors are examined in their attempt at devising policies relevant to their respective localities/regions. Standard definitions of political entrepreneurship(More)
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