This study finds that the consumption of minerals and oil reserves of India has grown several times faster than the GNP. This has reduced the estimated reserves of several Non-renewable Resources (NRRs), whose estimated life spans in India vary from 9 to 47 years. It uses the Liontief Input...

(This abstract and the paper are in Turkish.) Ekonomik krizler; herhangi bir mal, hizmet, uretim faktoru veya doviz piyasasindaki fiyat ve/veya miktarlarda, kabul edilebilir bir degisme sinirinin otesinde gerceklesen siddetli dalgalanmalar olarak tanimlanabilir. Soz konusu krizlerin ortaya...

This study presents a framework for extracting long-run GDP growth and inflation expectations from financial market data on a real-time basis. The framework uses information from both stock and bond markets. It builds on a dividend discount model of stock valuation and on a linearized...

The Chinese banking system, characterized by massive government intervention, poor asset quality and low capitalization, has started a reform process based on three main pillars: (i) bank restructuring, through the cleaning-up of non-performing loans and public capital injections, particularly...

This paper challenges the view that external shocks caused Euroland's 2001 slowdown and subsequent stagnation. Instead, the design of Euroland's macro policymaking arrangements is found lacking in looking after sufficient domestic demand growth. In the event the ECB has failed on its...

This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...

The Chinese banking system, characterized by a large proportion of state-ownership and low capitalization, has started a reform process based on three main pillars: (i) bank restructuring, with the cleaning- up of non-performing loans and public capital injections, particularly in the four...

After experiencing high and persistent inflation for more than two decades, Turkey is entering a period of single-digit inflation again. Following a summary of the macroeconomic developments occurred since early 1970s, this paper attempts to survey the empirical literature both on the dynamics...

A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results Claudio H. Dos Santos (The Levy Economics Institute) Gennaro Zezza (University of Cassino, Italy, and The Levy Economics Institute) Abstract Stock-flow consistent models may be considered the rallying point...

In this paper we assess the stability of open economy backward-looking Phillips curves estimated over two different exchange rate regimes. The pseudo-data employed in our econometric exercise come from the simulation of a New-Keynesian hybrid model suited for performing monetary policy analysis....