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The Cyprus Journal of Sciences
The Journal of Americanos College Editor
Charalambos Louca Americanos College Joseph S. Joseph, University of Cyprus, Cyprus Kalliope Agapiou-Josephides, University of Cyprus, Cyprus Krassimira Ilieva, Bulgarian Academy of Sciences, Sofia, Bulgaria Leonidas A. Phylactou, Cyprus Institute of Neurology & Genetics, Cyprus Marianna Sigala, University of the Aegean, Greece Mary Koutselini-Ioannidou, University of Cyprus, Cyprus Mary Vaxevanidou, Patras Greek Open University, Patras, Greece Paul Verweel, University of Utrecht, the Netherlands Povey Ghislaine, University of Wolverhampton, Wolverhampton, UK Savvas Katsikides, University of Cyprus, Cyprus Sean W. Cleary, York University, Toronto, Ontario, Canada Sergey Belousov, Bulgarian Academy of Sciences, Sofia, Bulgaria Sofiane Aboura, Essec Business School, France Suzanne Gatt, University of Malta, Malta Tasos Anastasiades, Former Director of the Ministry of Finance, Cyprus Vasiliki Vrana, Technological Educational Institute of Serres, Serres, Greece Vasilios Grammatikopoulos, University of Thessaly-TEFAA, Trikala, Greece
Co-Editors
Christina Frangou Raghava Rao Gundala Americanos College
Editorial Board
Andreas Andreou, University of Cyprus, Cyprus Andros Gregoriou, Brunel University, Uxbridge, Middlesex, UK Andreas A. Jobst, London School of Economics, London, UK Andreas Kapardis, University of Cyprus, Cyprus Anton Anthonissen, University of Utrecht, the Netherlands Arie De Ruijter, Tilburg University, the Netherlands Athanasios Laios, Democritus University of Thrace, Greece Biser Petrov, Bulgarian Academy of Sciences, Sofia, Bulgaria Caroline Ann Wiscombe, University of Wolverhampton, Wolverhampton, UK Charles M. Beach, Queen’s University, Kingston, Ontario, Canada Constantinos-Vasilios Priporas, Athens Graduate School of Man., Thessaloniki, Greece Costas Zafiropoulos, Technological Educational Institute of Serres, Serres, Greece David Cooper, University of Salford,
The Journal of Americanos College Editor
Charalambos Louca Americanos College Joseph S. Joseph, University of Cyprus, Cyprus Kalliope Agapiou-Josephides, University of Cyprus, Cyprus Krassimira Ilieva, Bulgarian Academy of Sciences, Sofia, Bulgaria Leonidas A. Phylactou, Cyprus Institute of Neurology & Genetics, Cyprus Marianna Sigala, University of the Aegean, Greece Mary Koutselini-Ioannidou, University of Cyprus, Cyprus Mary Vaxevanidou, Patras Greek Open University, Patras, Greece Paul Verweel, University of Utrecht, the Netherlands Povey Ghislaine, University of Wolverhampton, Wolverhampton, UK Savvas Katsikides, University of Cyprus, Cyprus Sean W. Cleary, York University, Toronto, Ontario, Canada Sergey Belousov, Bulgarian Academy of Sciences, Sofia, Bulgaria Sofiane Aboura, Essec Business School, France Suzanne Gatt, University of Malta, Malta Tasos Anastasiades, Former Director of the Ministry of Finance, Cyprus Vasiliki Vrana, Technological Educational Institute of Serres, Serres, Greece Vasilios Grammatikopoulos, University of Thessaly-TEFAA, Trikala, Greece
Co-Editors
Christina Frangou Raghava Rao Gundala Americanos College
Editorial Board
Andreas Andreou, University of Cyprus, Cyprus Andros Gregoriou, Brunel University, Uxbridge, Middlesex, UK Andreas A. Jobst, London School of Economics, London, UK Andreas Kapardis, University of Cyprus, Cyprus Anton Anthonissen, University of Utrecht, the Netherlands Arie De Ruijter, Tilburg University, the Netherlands Athanasios Laios, Democritus University of Thrace, Greece Biser Petrov, Bulgarian Academy of Sciences, Sofia, Bulgaria Caroline Ann Wiscombe, University of Wolverhampton, Wolverhampton, UK Charles M. Beach, Queen’s University, Kingston, Ontario, Canada Constantinos-Vasilios Priporas, Athens Graduate School of Man., Thessaloniki, Greece Costas Zafiropoulos, Technological Educational Institute of Serres, Serres, Greece David Cooper, University of Salford,
References: and should be listed alphabetically at the end of the main text. Authors should adopt the following style: Arestis, P. and Demetriades, P. (1997). Financial Development and Economic Growth: Assessing the Evidence, The Economic Journal, Vol. 107, 783-799. Enders, W. (1995). Applied Econometric Time Series, John Wiley & Sons, Inc. In the text itself, these should be cited either: Arestis and Demetriades (1997) and Enders (1995) or (Arestis and Demetriades, 1997, p. 789) and (Enders, 1995, p. 145). Appendices should appear after the notes but before the references. The typeface for notes, appendices and references should be smaller than that used in the main text. Further authors’ guidelines can be downloaded from the journal’s website (http://www.ac.ac.cy/research/publication.html). Authors may submit their papers electronically to research@ac.ac.cy in Microsoft Word format. The attachment must be ONE file that includes all components of the manuscript (i.e., title page, abstract, paper, endnotes, appendices and references). Alternatively manuscripts can be submitted via mail. If mailed, authors should include a copy of the manuscript on standard A4 paper and a disk containing ONE file that includes all components of the manuscript. Papers are acknowledged upon receipt. Manuscripts should be submitted to: Charalambos Louca, Editor The Cyprus Journal of Sciences Americanos College 2 & 3 Omirou Avenue Eleftheria Square P.O.Box 22425 1521 Nicosia Cyprus 187