The degree of an economy’s monetization, which has an important implication on economic growth, can be affected by the conduct of monetary policy, financial sector reform, and episodes of financial crises. The paper finds that monetization--measured by the ratio of broad money to nominal...

The economic development and growth literature contains extensive discussions on relationships between exports and economic growth. One debate centres on whether countries should promote the export sector to obtain economic growth. An abundant empirical literature on this export-led growth (ELG)...

This paper continues the investigation of Giles and Williams (2000) on export-led growth (ELG). In the first part, we surveyed the empirical export-led growth literature; it was evident that Granger non-causality tests are commonly applied as a test for ELG. In this paper, we explore the...

It is argued in the existing literature that foreign direct investment (FDI) inflow positively influences economic growth through technology diffusion, human capital formation, etc., though a section of the literature do not find empirical support for this contention. Since the initiation of the...

This paper examines financial market comovements across European transition economies and compares their experience to that of their regions. Correlations in monthly indices of exchange market pressures can partly be explained by direct trade linkages, but not by measures of other fundamentals....