The Impact of European Monetary Union on Finance-Growth Nexus

This study examines the relationship between financial development and economic growth in 15 developed European countries before and after the formation of the euro. The results of the panel data analysis show that financial development is significant in promoting economic growth for both periods. The impact of the banking sector development on growth, however, is greater in the post-euro period, whereas the impact of stock market development on growth is reducing in the period investigated. The study concludes that the formation of European Monetary Union does not weaken the relationship between financial development and economic growth in developed European countries.     

The experience of Jordanian care leavers making the transition from residential care to adulthood: The influence of a patriarchal and collectivist culture

The problems faced by young people leaving care to join the adult world are well-known. The present study adds to the current body of research on the subject by exploring the post-care experiences of young Jordanian care leavers. Forty two care leavers were interviewed, thirteen of whom also took part in a focus group. The interview data were analysed qualitatively. Jordanian care leavers described many experiences similar to those reported by young people leaving care in other countries including struggles to continue education, find accommodation, secure employment, and cope financially. Of particular interest was the more specific finding that the cultural values of patriarchy, family life, and collectivism characteristic of all Arab countries had a deeply pervasive impact on many of the care leavers' post-care experiences. The reasons that brought the young people into care, and the lack of family that most experienced upon leaving care, increased the risk of them being stigmatised. For many, managing their post-care identity in a patriarchal, family-based culture proved difficult and stressful. Although some care-leavers did receive exceptional, albeit informal support from friends and employers, the challenges faced by the care leavers were often exacerbated by the cultural values explicit in a society that is patriarchal, family-based and honour-bound. The policy and practise implications of these findings are briefly acknowledged.     

Nonparametric versus Parametric Estimation of the Cure Fraction Using Interval Censored Data

This article discusses estimation of the cure rate by means of the bounded cumulative hazard (BCH) model using interval censored data. The parametric and nonparametric estimation methods within the framework of the EM algorithm were employed for cure rate estimation and their results compared. The Turnbull estimator was used in the nonparametric estimation while in parametric method both the exponential and Weibull distributions were considered. We show via simulation that the nonparametric method is a viable alternative to the parametric one when the censoring rate is rapidly increasing.