This study explores the impact of commodity price volatility on external debt accumulation under fixed, managed, and floating regimes. We estimate dynamic panel data models for 97 countries from 1993 to 2016. Our empirical findings show that commodity price volatility increases external debt...

Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained...

The influence of radical uncertainty and expectations on economic behaviour is indisputable, whether on entrepreneurship, innovation, investment, or the behaviour that contributes to the business cycle. It is rather surprising, therefore, to see widespread ambiguities in accounts of this crucial...

The behaviour of aggregate consumption is conventionally understood from the perspective of the permanent income and life cycle hypotheses. Both of these hypotheses are deduced from the theory of constrained optimization as applied to a ‘representative agent’ that consumes and saves. An...

The thirlwall law is also called the balance of payment constraints model. The basic model is anchored on the dynamic Harrod foreign trade multiplier, which is also known as Thirlwall law or the 45 degree rule, developed through the pioneer efforts of Thirlwall (1979). On the assumption of...

We consider economic agents, agent’s variables, agent’s trades and deals with other agents and agent’s expectations as ground for theoretical description of economic and financial processes. Macroeconomic and financial variables are composed by agent’s variables. In turn, sums of...

This paper presents further development of our economic model. We describe economic and financial transactions between agents as factors that define evolution of economic variables. We show that change of risk ratings of agents as their coordinates on economic space due to economic activity or...

The concept of the circular economy has gained well-recognition across the world for the past decades. With the heightening risk of the impact of climate change, resource scarcity to meet the increasing world population, the need to transition to a more sustainable development model is urgent....

We present a monetary theory where money is taken primarily as a medium of debt repayment and not as a medium of exchange. Money and products are exchanged in reciprocal contracts of disposals of property rights within two-sided obligation contracts. Money demand arises because production takes...

Predictive analytics, possessing the potential to forecast future outcomes utilizing analysis of past data, is an emerging popular tool in financial trading. Stock trading often involves high uncertainty due to unpredictability arising from various unpredictable market conditions. Therefore,...