In our recent paper, (Reinhart and Reinhart, 2010) we examine the behavior of real GDP (levels and growth rates), unemployment, inflation, bank credit, and real estate prices in a twenty one-year window surrounding selected adverse global and country-specific shocks or events. In this note, we...

This paper argues that per capita income in all states in India increased in the past four decades but in fact no sign of convergence could be visible as it was expected in the context of liberalizing markets. The paper shows that disparities in terms of income were higher within the rural areas...

This paper presents evidence on the behavior of output and inflation in the transition economies during 1992-95. A regression analysis explores the differences in output performance across the transition economies during this period. The paper then engages in a numerical, somewhat speculative,...

This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes...

Indian economy shows high levels of growth and per capita income in recent years accompanied by an unprecedented shift of labour from agriculture to non-agriculture during the last decade. Reallocation of labour from ‘traditional’ to ‘modern’ segments in an economy having large surplus...

Due in part to 40 years of cyclical violence, economic growth in Burundi has remained well below the sub-Saharan Africa average, and Burundi is now the third poorest country in the world. The status quo is unacceptable, and it is essential that the Government drive the changes needed to achieve...

Due in part to 40 years of cyclical violence, economic growth in Burundi has remained well below the sub-Saharan Africa average, and Burundi is now the third poorest country in the world. The status quo is unacceptable, and it is essential that the Government drive the changes needed to achieve...

Using annual data for Colombia over the last 30 years, we test competing theories that explain macroeconomic fluctuations: the neoclassical synthesis, which posits that in the presence of temporary price rigidity, an unanticipated monetary expansion produces output gains that erode over time...