Using data for about 160 countries, it is shown that, contrary to the widelyheld perceptions that have acquired the status of stylized facts, cross-country inequality in income declined, while that in life expectancy increased, during the 1990s. These changes imply unconditional...

The paper aims at establishing whether the fluctuations of money help predict future fluctuations of income, that are not already predictable on the basis of fluctuations of income itself or other readily observable variables. For this purpose vector autoregression (VAR) modelling is used to...

Quarterly studies on LDCs asset demand are rare because of the scantiness of quarterly data especially on their national income. Made possible by the author’s own quarterly estimates of Egypt’s national income and its disaggregates, this paper examines the quarterly structure of its...

Many authors, inspired by the so-called ‘post-Keynesian’ theories, focused their attention on the idea of the ‘Harrod’s foreign trade multiplier’ which is different from the traditional open market Keynesian multiplier. This idea, re-discovered by Nicholas Kaldor, is a topical subject...

This paper suggests an alternative way of measuring export instability, based on changes in the geographical structure of a country’s exports. Regression analyses indicate that there is a negative link between the level of export instability and the country’s share of world exports. On a...

This paper identifies foreign investment, broadly defined, as an additional source of income growth for open trading economies under conditions where physical capital is free to cross country borders. By extending the precepts of neoclassical theory, it shows how current account imbalances...

To shed further light on the role of outward-orientation in economic growth, Dollar’s (1992) framework is extended by (a) applying the methodology to the more recent period 1985-90, and (b) comparing a conventional measure of outward-orientation with Dollar’s indices of real-exchange-rate...

This study tests for the sustainability of current account deficits for a sample of twenty six African countries. For this purpose, a new test procedure advocated by Pedroni is employed which allows one to test for cointegration between exports and imports in heterogeneous panel datasets. This...

This paper investigates the behaviour, from October 1999 to May 2001, of spreads on sovereign debt issuance from 15 countries located in Asia, Latin America and Eastern Europe using a homogeneous secondary market database. The research integrates standard Principal Components Analysis procedures...

This study develops an empirical method to test the effect of North American Free Trade Agreement (NAFTA ) on U.S. welfare. Models developed so far under an ex-ante approach are mostly based on utility function assumptions, which are hard to meet. These models also have stringent data...