When most populous nations like China and India become industrialized and globalized it will potentially open a new chapter in the human history. Under this major trend in the 21st century, there need foresights flexible enough to embrace non-linear changes and discontinued progress to depict...

When measured in the purchasing power parity (PPP), China and India are largest economies in the world. They also registered high growth rates these years, combination of the two facts creates significant implications for the future economic relations: The Chinese economy will surpass the U.S....

This paper surveys and reexamines Fiscal Theory of Price Level's (FTPL, hereafter) theoretical framework as well as empirical and policy implications. A simple theoretical model, which unifies various models and notations scattered in the literature, is presented and reexamined through changes...

1. Theme of the Paper and Problems Setup The changes in the world economy, especially the impacts of China's full entry into the international economic system are expected to be substantial. However, the disagreements about the scale of these changes are divided into two groups: the first argues...