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Full-Text Articles in Macroeconomics
Are Homegrown Islamic Terrorists Different? Some Uk Evidence, John Thornton
Are Homegrown Islamic Terrorists Different? Some Uk Evidence, John Thornton
John Thornton
We compare the characteristics of 77 homegrown Islamic terrorists in the UK to a representative sample of 1363 UK Muslims. UK Muslims are more likely to participate in terrorist acts if they are better educated and young. Other predictors of UK Muslims being involved in terrorism are employment status, UK citizenship, and ethnic origin.
Does Financial Development Reduce Corruption?, John Thornton, Yener Altunbas
Does Financial Development Reduce Corruption?, John Thornton, Yener Altunbas
John Thornton
We estimate the impact of bank credit to the private sector on corruption using indicators of a country’s legal origin as instrumental variables to assess causality. We find that bank credit to the private sector reduces corruption, with the result robust to instrumenting for bank credit and for many different controls.
Post-Crisis Financial Reform: Where Do We Stand?, John Thornton, Alessandro Giustiniani
Post-Crisis Financial Reform: Where Do We Stand?, John Thornton, Alessandro Giustiniani
John Thornton
The financial reform agenda is broad, ranging from strengthening prudential regulation; to enhancing supervision; from mitigating pro-cyclicality to integrating micro- and macro-prudential oversight; from reducing the systemic risk associated with large and complex financial institutions to expanding resolution process and fortifying financial market structure. Reforms are proceeding slowly but important building blocks have been laid down, such as Basel III; other difficult reforms are in the making, such as the resolution framework for cross-border financial institutions or how to deal with systemically important financial institutions. This paper presents an analytical survey of recent developments.
The Intertemporal Relation Between Government Revenue And Expenditure In The United Kingdom, 1750 To 2004, John Thornton, Lusine Lusinyan
The Intertemporal Relation Between Government Revenue And Expenditure In The United Kingdom, 1750 To 2004, John Thornton, Lusine Lusinyan
John Thornton
We examine the intertemporal relation between government revenue and expenditure in the UK during 1750 to 2004. We pay particular attention to long run trends by applying a battery of unit root and cointegration techniques to the data, and we use a modified Granger causality test on data spans organized around structural breaks in the series. The results suggest that, allowing for structural breaks, UK real revenue and spending are I(1) series and cointegrated and that Granger causality runs from government spending to revenue. As such, the ‘spend-tax’ hypothesis appears to best characterize the long run intertemporal relation between government …