Develops and tests a monetary model of the parallel market for foreign exchange which incorporates forward-looking expectations and currency substitution features. Econometric results using quarterly data for a group of 12 developing countries show that changes in official exchange rates and...

A systems approach is applied to UK personal sector holdings of unit trusts, UK company securities, public-sector long-term debt and overseas securities. In the long run, asset holdings are determined primarily by hedging considerations but in the short run there is evidence of speculative...

Applies an error-correction model to demand for money in five African economies: Congo, Côte d'Ivoire, Mauritius, Morocco and Tunisia. Attention is given to a set of opportunity cost variables including expected inflation, domestic interest rate, foreign interest rate and expected exchange-rate...

Purpose – The purpose of this paper is to address an econometric procedure which revises and updates the technical production coefficients of latest Turkish input/output (I/O) table, as new information about sectoral productions become available. Design/methodology/approach – Both maximum...

Investigates the doctrine of Relative Purchasing Power Parity. Mixed evidence is found supporting the concept when using a method analogous to that used by Lucas in testing the quantity theory of money. Relative Purchasing Power Parity is not consistently rejected in the long run between Canada...

Discusses a number of issues put forward by the other authors in this volume. In particular considers the potential role of real interest rates in unemployment models, the importance of the trade balance and related constraints in open economy models and the uniqueness and stability of...

Uses a disaggregated model of United Kingdom factor usage to provide estimates of demand and substitution elasticities for energy inputs. Estimates 19 sectors in a two-stage translog model including technical change, non-constant returns and four energy inputs. The results show considerable...