This paper tests for mean-reversion in real exchange rates for India during the recent (managed) float period yield evidence of mean- reversion in the real exchange rate series constructed with the consumer price index as deflator as well as for a series constructed using the ratio of wholesale...

This paper looks at the history of money and its modern form from a scientific and mathematical point of view. The approach here is to emphasize simplicity. A straightforward model and algebraic formula for a large economy analogous to the ideal gas law of thermodynamics is proposed. It may be...

In this paper we address some of the issues resulting from Poland's will to join the Economic and Monetary Union. Our attention focuses on topics related to the possibly soon entry into the European exchange rate mechanism (ERM II). We consider the possible paths of entering the system,...

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...

This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability of higher inflation in the new member states. It...

This paper introduces three measures of spatial dependence for use in the analysis of regional income distributions and their evolution. The first builds upon the notion of regional conditioning (Quah 1993), and is derived as a trace statistic from a modified Markov transition matrix. The...

This paper studies the effects of local interactions on the distribution of employment in a Keynesian-type model with strategic complementarities. It is shown that rational expectations generate symmetric equilibria for any interaction structure except autarky. Under adaptive expectations, the...

Economic growth continues to be a major objective of state governments in Mexico. What role do firm location, openness, education, and wage rates play in determining the ability of a state to increase the growth of its economy? This study examines the economic competitiveness of the Mexican...

Although directed to the British system of Town and Country Planning this paper has relevance for many OECD countries, including some with systems of land use regulation which evolved entirely independently of the British. The paper starts by characterising the basic features of the British land...

Globalization has a concrete territorial expression, with remaining regional asymmetries. Writers in growth and development are far away to achieve consensus about the underpinning reasons of heterogeneity in regional performance. This constitutes an important regional policy issue. This paper...