The efficiency wage hypothesis is tested by using one of the recently developed methods to measure technical efficiency. We use panel data on 40 Turkish cement plants for the period 1980-1995. The predictions of the efficiency wage hypothesis are tested in two ways: estimation of wage augmented...

The main purpose of this paper is to determine whether inflation in South Africa has been caused by excessive monetary expansion over the period 1966-1997, or whether the money supply has merely been passive in the inflationary process. The analysis first draws on Friedman and Schwartz's (1982)...

After the adoption of more market-oriented monetary policy measures in 1980, the South African Reserve Bank primarily relied on setting predetermined growth targets for M3 to achieve its primary objective of price stability. The main purpose of this paper is to test empirically whether there...

The main purpose of this paper is to describe South Africa's money supply process along several competing, but not mutually exclusive, theoretical paradigms over the period 1966-1997. The most important conclusion to be drawn from the empirical results is that irrespective of the monetary system...

The main objective of this paper is to analyse the inflationary impact of exchange rate depreciation in South Africa over the period 1984-1998 when the monetary authorities adopted a more market-oriented exchange rate system. Although the empirical part of the paper extensively focuses on this...

This paper applies the panel unit root test proposed by Im, Pesaran and Shin (1997) to test for unemployment hysteresis in the US states and the EU countries against the alternative of a natural rate. The results show that hysteresis for the EU and the natural rate for the US states are the most...

This paper applies the balance of payments constrained growth model to seventeen countries of Latin America over the period 1977-2002. The crucial parameter to estimate is the income elasticity of demand for imports which is done for Latin America as a whole, as well as for individual countries....

Using a panel data set of selected countries, this paper shows that the inequality-growth relationship follows an ordinary-U curve during the period 1970-98, in which inequality first decreases and then increases with economic growth. In addition, there is some evidence that the increasing...

We revisit the debate on the sustainability of the current account dynamics in the US. Using the concept of sustainability as the ability to meet the long run intertemporal budget constraint, we test for unit roots in the US current account for the 1960-2004 period. We argue that there are...

This paper analyses the impact of the reduction of tariff and non-tariff barriers on the trade balance and the current account of the balance of payments of 22 selected developing countries from Africa, Latin America, East Asia, and South Asia. The study presents estimates of dynamic panel data...