of inflation is integrated into the model. The central issue is that the historical cost accounting method generally … partly compensate such additional tax burdens caused by inflation. …

The East Asian miracle was real. Prior to the 1997 economic and currency crises, Asian NICs Hong Kong, Korea, Singapore … and Taiwan achieved remarkable annual GDP growth. In these countries the overall economic performance was significantly … NICs for the period 1980-95 and compares their specialisation pattern with that of more advanced economies like Japan, West …