DEVELOPMENT IS THE MOST IMPORTANT CHALLENGE FACING THE HUMAN RACE BUT THE PROCESSES DRIVING ECONOMIC DEVELOPMENT ARE BY NO MEANS FULLY UNDERSTOOD. HOWEVER, THE CORE CHALLENGE FOR DEVELOPMENT IS TO ENSURE PRODUCTIVE WORK AND A BETTER QUALITY OF LIFE FOR ALL THE PEOPLE OF THE WORLD. THIS CHALLENGE...

DEVELOPMENT IS THE MOST IMPORTANT CHALLENGE FACING THE HUMAN RACE BUT THE PROCESSES DRIVING ECONOMIC DEVELOPMENT ARE BY NO MEANS FULLY UNDERSTOOD. HOWEVER, THE CORE CHALLENGE FOR DEVELOPMENT IS TO ENSURE PRODUCTIVE WORK AND A BETTER QUALITY OF LIFE FOR ALL THE PEOPLE OF THE WORLD. THIS CHALLENGE...

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still ongoing in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster growth...

Economic policies and, particularly, fiscal policies are not designed and implemented in an “empty space”: the structural characteristics of the economic systems, the institutional architecture of societies, the cultural paradigm and the power relations between different social groups,...

This paper tests the stability of the U.S. federal intertemporal budget constraint over the postwar period. The implied equilibrium budget path is estimated and used to determine which component of the budget has greater responsibility for the recent intertemporal violations.

Resumen El presente estudio se centra en analizar los factores que provocan el éxodo de capital en México, entre los que se incluyen: el saldo en cuenta corriente, el grado de sobrevaluación de la moneda, el diferencial en las tasas de interés entre México y Estados Unidos y el diferencial...

The paper addresses the question, whether the increasing current account deficit has negative impact on American economy and society. Using data for American economy in years 1967 – 2005, it will be shown that perceived welfare effects, as measured by changes in Consumer Confidence,...

The paper explores the impacts of heterogeneity in degree of relative risk aversion on the balance on current account in a two-country endogenous growth model. It concludes that, like the heterogeneity of demographic changes, the heterogeneity in degree of relative risk aversion generates...

The paper addresses the question, whether the increasing current account deficit has negative impact on American economy and society. Using data for American economy in years 1967 – 2005, it will be shown that perceived welfare effects, as measured by changes in Consumer Confidence,...

This article provides a defense of a sentence lifted from the Final Report of the United States Trade Deficit Review Commission. 'The savings shortfall argument falsely presumes that causation goes from savings to the trade deficit'. The savings shortfall argument is support by nothing more than...