This paper studies recent developments in tourism in the East Caribbean countries (ECC) and reviews government policies to support tourism. The paper also presents a model to explain the movements of tourist arrivals to the region during 1970-86. The estimated model is used to project future...

This paper develops and tests a model of Japan`s household savings rate, based on the life-cycle hypothesis that the primary motive for savings is provision for retirement. The paper shows that Japan`s high household savings rate in recent decades reflects the positive influence of rapid...

The purpose of this paper is to develop the theory of dynamic equilibrium price index (DEPI), and to discuss its theoretical as well as policy implications. DEPI is derived from intertemporal optimization and arbitrage equilibrium condition as a weighted geometric mean of product price inflation...

This paper presents a model of economic takeoff and capital flight with free international capital flows. In the early stage of development, investments are complementary and production exhibits increasing returns to capital. The increasing returns give rise to strategic complementarity between...

This paper studies the international and intertemporal implications of increased government expenditure. First, it reviews the conventional proposition that increased government expenditure raises interest rates, crowds out investment, and reduces growth. Then, it shows that this proposition...

In this paper we tried to consider the fiscal reconstruction processes in the United States and Japan mainly from the viewpoint of the "logic of taxpayers", which brings the pressures to control the costs of welfare state for the aged. But today's pressures toward "small government" have one...