Jakob de Haan

Abstract: This paper investigates the effect of economic policy uncertainty (EPU) on gambling activity in China. Based on a theoretical model, we hypothesize that EPU increases the demand for hope which raises the willingness to pay for lottery tickets, resulting in higher lottery sales. We estimate a Panel Autoregressive Distributed Lag model with an Error-Correction form using data on lottery sales in Chinese provinces to estimate the short-and long-run effect of EPU on gambling. Our results suggest that EPU has a significant positive effect on gambling in the short run. In addition, we find that this positive effect is less persistent if the EPU proxy is based on economic policy reports in national newspapers than when the EPU measure is derived from local newspaper reports. This may be explained by the different thematic focus and the different degrees of media censorship of national and local newspapers

TL;DR: In this article, the authors argue that the 2005 reform of the European Stability and Growth Pact, which is limited to an amendment of secondary Community law, cannot remedy the basic shortcomings of the rules on economic coordination in EMU in place.

TL;DR: In this article, a review of recent studies on inclusive growth addressing the following issues: which indicators have been considered, how they have been combined, and to which extent can existing research on inclusion provide a better understanding of the economic development process in an emerging economy like Indonesia.