In 1994-97 Poland has recorded an outstanding economic performance in terms of GDP growth, simultaneous reduction of inflation and unemployment, fiscal balance, zloty real revaluation, capacity restructuring, private sector growth and institution building. The Polish success needed a market...

A method for using panel data to evaluate growth theories is formulated. This method enables endogenous growth models predicting that countries have different trend growth rates to be tested against exogenous growth models predicting that countries have parallel growth paths. This method is...

A method for using panel data to evaluate growth theories is formulated. This method enables endogenous growth models predicting that countries have different trend growth rates to be tested against exogenous growth models predicting that countries have parallel growth paths. This method is...

The current paper expands on an earlier DDP (No.607), which had discussed the relationship between economic growth and exchange rate in Kenya. Based on data for the period 1970 to 1996, we analyze the possible direct and indirect relationship between the real and nominal exchange rates and GDP...

L'analyse des effets de la privatisation porte généralement sur des aspects microéconomiques. Néanmoins, lorsque la privatisation est massive, l'évaluation de l'impact macroéconomique présente un grand intérêt. Dans un environnment de crise économique chronique, la privatisation peut...

The current financial crisis in East ASia has posed serious pressure on China to devaluate its currency. It is argued in this paper that devaluation is not inevitable. This argument is based on an analysis of the impacts of East Asia's crisis on China's trade and foreign capital inflows. China's...

In this paper we use the insights of the stochastic general equilibrium growth model to help understand the effects of risk on the real, risk adjusted return to capital, capital flows, exchange rate policy, and economic growth in two Pacific Basin economies, Mexico and Indonesia, over the period...

This study examines the impact of foreign aid inflows to Tanzania on macroeconomic variables such as the real exchange rate, export performance, government expenditure, investment and growth.

In this paper we consider a range of topics which connect exchange rates to the economic growth process. In particular, we first of all outline the basic properties of exchange rates when they are flexible. One key feature of flexible exchange rates is that they are highly volatile and such...

Until the early 1980s, foreign exchange rate controls were the dominant policy in Ghana, Nigeria and Uganda. However, because of the huge fiscal deficits and expansionary monetary policies, coupled with chronic terms of trade shocks and policy error/inadequacies, the foreign exchange rates is...