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2003

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Articles 1 - 17 of 17

Full-Text Articles in Macroeconomics

Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado Dec 2003

Determinantes Explícitos E Implícitos De La Deuda Externa Pública Peruana, José Manuel Martin Coronado

José-Manuel Martin Coronado

This research aims to prove that sound economic policies are nothing more that basic conditions for the foreign public debt problem. In fact, by studying the factors of public debt issues in Peru, Latin America and the emerging economies it’s clear that some implicit economic and non-economic factors have to be considered because of the social complexity and variable characteristics in emerging economies. This causes failures in economic policies assumptions, inefficiencies, distorted causality and nonrational behavior. This paper proposes, first, to perform a deep and comparative analysis of the foreign debt determinants in emerging economies, then, to allocate financial ...


Optimum Currency Area In Europe: An Alternative Evaluation, Yoonbai Kim, Hwee Kwan Chow Dec 2003

Optimum Currency Area In Europe: An Alternative Evaluation, Yoonbai Kim, Hwee Kwan Chow

Research Collection School Of Economics

In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen.


A Comment On 'Does The Aggregate Demand Curve Suffer From The Fallacy Of Composition', Ben L. Kyer, Gary E. Maggs Oct 2003

A Comment On 'Does The Aggregate Demand Curve Suffer From The Fallacy Of Composition', Ben L. Kyer, Gary E. Maggs

Economics Faculty/Staff Publications

Commentary on "Does the Aggregate Demand Curve Suffer From the Fallacy of Composition," by Ira Saltz, Pat Cantrell, and Joseph Horton, is provided.


Entry Point: Comment On W. Brown, Howard J. Sherman Aug 2003

Entry Point: Comment On W. Brown, Howard J. Sherman

HOWARD J SHERMAN

This article discusses where the researcher should begin an analysis of any political, social, or economic, problem in a given society.


Institutions And The Business Cycle, Howard J. Sherman Aug 2003

Institutions And The Business Cycle, Howard J. Sherman

HOWARD J SHERMAN

Feudal European political-economic institutions included a self-sufficient manor with very little market exchange, barter rather than money, and production motivated only by the need of the manor rather than a profit. All of these institutions meant that a business cycle was impossible, though there were many other problems. Capitalist institutions include production only for market exchange, a monetary economy, and production motivated only by profit. All of these institutions make possible the business cycle--since a contraction may occur if there is insufficient monetary demand to buy the supply at a price including a profit.


Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski Jul 2003

Monetary Convergence And Risk Premiums In The Eu Accession Countries, Lucjan Orlowski

WCBT Faculty Publications

This study examines the impact of various monetary policy regimes on the ability to lower inflation and exchange rate risk premiums in the EU accession countries as they undergo monetary convergence to the eurozone. It proposes a monetary policy framework of flexible targeting of relative inflation risk premium that is believed to be credible and useful for managing these two categories of risk. A model of inflation and exchange rate risk premiums within the context of inflation targeting is developed. Recent trends in these risk premiums in Hungary, the Czech Republic and Poland are tested by employing the threshold ARCH ...


The Early History Of The Central Bank Of Bosnia And Herzegovina, Warren Coats Apr 2003

The Early History Of The Central Bank Of Bosnia And Herzegovina, Warren Coats

Warren Coats

The CBBH opened its doors for business on August 11, 1997 with monetary liabilities of DM 132,584,030.72 million and an equal amount of foreign currency assets. Over ten months later, by the end of June 1998, the CBBH’s monetary liabilities were DM 123 million, a modest decline. By the end of 1998, however, the size of the central bank had jumped to DM 254 million, almost double its opening size. It has grown very rapidly ever since and by the end of 2002, the CBBH’s foreign currency assets stood at DM 2.5 billion—a ...


Evolutionary Economics From A Radical Perspective, Howard J. Sherman Feb 2003

Evolutionary Economics From A Radical Perspective, Howard J. Sherman

HOWARD J SHERMAN

This is a review article on David Hamilton, Evolutionary Economics: A Study of Change in Economic Thought. New Brncwick: Transaction Publishers, 1953, 1970, 1991, 1999.


Iranian Options Most Economically Viable For Exporting Caspian Oil, Mohammad Reza Farzanegan Jan 2003

Iranian Options Most Economically Viable For Exporting Caspian Oil, Mohammad Reza Farzanegan

Prof. Dr. Mohammad Reza Farzanegan

No abstract provided.


An Application Of Unit Root Tests With A Structural Break To Risk-Based Capital And Bank Portfolio Composition, Kevin T. Jacques Jan 2003

An Application Of Unit Root Tests With A Structural Break To Risk-Based Capital And Bank Portfolio Composition, Kevin T. Jacques

Kevin T Jacques

No abstract provided.


I Don't Know, Philip E. Graves Jan 2003

I Don't Know, Philip E. Graves

PHILIP E GRAVES

This is a non-fiction novel, titled I Don't Know. I is in three parts, the first economic (which will seem "liberal" to most), the second political (which will seem "conservative" to most), and the third theological (which will seem weird to most). I think you will find it a fun read, and feel free to distribute it at will.


A New (And Old) Macroeconomic Policy Framework, Lok Sang Ho Jan 2003

A New (And Old) Macroeconomic Policy Framework, Lok Sang Ho

Centre for Public Policy Studies : CPPS Working Paper Series

This paper proposes a framework built on the simple Keynesian Cross but recommends a non-Keynesian fiscal monetary policy mix. A fiscal policy conditions index and a monetary conditions index are proposed, to be compared to the full employment compatible fiscal and monetary conditions. Fiscal policy should be inert throughout the different phases of the business cycle while monetary policy should adjust to the changing conditions in order to maintain full employment without overheating. The slightly different policy considerations for bigger and for smaller economies are discussed.


Recognizing Macroeconomic Fluctuations In Value Based Management, Lars Oxelheim, Clas Wihlborg Jan 2003

Recognizing Macroeconomic Fluctuations In Value Based Management, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Value Based Management (VBM) has become a common tool for evaluating corporate strategies and projects from the perspective of shareholder value maximization, and can be an important input for corporate compensation systems. But traditional VBM frameworks make no systematic effort to distinguish between changes in performance attributable to macroeconomic fluctuations beyond management's control and changes in performance that reflect the intrinsic competitive position of the firm.

The authors have developed an approach for “filtering out” the impact of macroeconomic fluctuations on cash flows for purposes of performance evaluation. Such fluctuations are captured by changes in exchange rates, interest rates ...


On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg Jan 2003

On The Macroeconomic Effects Of Establishing Tradability In Weak Property Rights, Gunnar Eliasson, Clas Wihlborg

Business Faculty Articles and Research

The New Economy is closely associated with computing & communications technology, notably the Internet. We discuss property rights to, and trade in, the difficult-to-define intangible assets increasingly dominating the New Economy, and the possibility of under-investment in these assets. For a realistic analysis we introduce a Schumpeterian market environment (the experimentally organized economy). Weak property rights prevail when the rights to access, use, andtrade in intangible assets cannot be fully exercised. The trade-off between the benefits of open access on the Internet, and the incentive effects of strengthened property rights, depend both on the particular strategy a firm employs to secure ...


The Elasticity Of Substitution And Endogenous Growth, Hing-Man Leung Jan 2003

The Elasticity Of Substitution And Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

The endogenous growth literature focuses exclusively on Cobb-Douglas. Elasticities other than unity are ignored. A recent paper by Klump and Grandville (2000) examined other elasticities but assumed an exogenous saving rate. By contrast, this paper studies elasticity and endogenous growth. Endogeneity is important since elasticity preserves capital’s productivity and encourages saving. Two models are presented. The first assumes exogenous technological change. We find elasticity to have a positive level effect on income. No rate of growth effect is found. The second model allows learning by doing from capital accumulation. In addition to the level effect, rate of growth effects ...


Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung Jan 2003

Education, Technological Progress And Economic Growth, Winston T. H. Koh, Hing-Man Leung

Research Collection School Of Economics

An important role of education – and the resultant accumulation of human capital – for a less-developed economy is to facilitate technology diffusion in order for it to catch up with developed economies. This paper presents a model linking education, the accumulation of physical capital and technological progress. In the model, investment in education and the accumulation of physical capital are complementary, and intertwine with the technology progress through related effects on technology diffusion and the expansion of the technology frontier. The allocation of effort to education, the optimal savings rate and the technology gap are endogenously determined in the steady-state balanced ...


Financial Sector Deepening And Economic Growth In Pakistan, Safdar Khan Dec 2002

Financial Sector Deepening And Economic Growth In Pakistan, Safdar Khan

Safdar Khan

No abstract provided.