Our paper sheds light on Sanitary and Phytosanitary (SPS) cooperation among trading countries. We contribute to the existing literature a data-driven analysis on the effectiveness of various forms (in monetary value, duration, and diversification) of SPS related technical assistance received by 33 countries from 1993 to 2015. The World Trade Organization's (WTO's) SPS Agreement encourages biosecurity for countries through technical assistance, to safeguard human health and productivity from contamination by biological hazards (pests, pathogens, or invasive species). Our panel model finds that WTO's SPS program encourages simultaneously agricultural trade and biosecurity. We implement a Multiple Indicator Solution (MIS) to correct bias from the endogenous technical assistance. The effectiveness of technical assistance depends on geography and the level of development among the heterogeneous countries referred to in our data. This investment in biosecurity benefits both donors and recipients of technical assistance. Based on our results donors should be encouraged to invest in countries with below average resources and abilities.

Since the publication of Keynes General Theory in 1936 when Keynes developed an original Finance Circuit model which was subsequently enriched by the post-Keynesian theory of endogenous money supply, no study has undertaken Keynes Finance Circuit model complete causality tests. The present paper breaks new ground and aims at filling the above lacuna by employing Granger non-causality test for heterogeneous panel data models to investigate the above model based on a sample of 32 African countries, for the period from 1990 to 2021. Our results lend support to the complete Keynes Finance Circuit model in the short run. In the long run, all causalities are vindicated except the causal relationship running from economic growth to savings which appears insignificant. In terms of policy implication, we are encouraging policymakers to design policies that will stimulate economic growth within a post-Keynesian endogenous money supply framework.

This paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by financial deficit; ii) the speed of adjustment of short and long-term debt towards the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those of non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to the forecasts of pecking order theory than those of family-owned SMEs.