Notes that macro‐economic policy faces the same challenges in both developing and post‐socialist economies: to reduce inflation while achieving or maintaining stable economic growth. Moreover, there are developing countries like Argentina which succeeded in overcoming a type of institutional...

This study reviews the emergence of Thailand in the 1990s as the Fifth Tiger economy of Asia following the regime switch from an import substitution to export oriented industrialisation policy. A Computable General Equilibrium (CGE) model was formulated to analyse the macroeconomic and sectoral...

The economic science is again in a crisis and a new solution prolegomena to any future study in economics, finance and other social sciences has just been published by the International Institute of Social Economics in care of the MCB University Press in England. The roots of the major financial...

The article attempts to locate the lack of macroeconomic stability and hence the problem of low economic growth in developing economies in the absence of appropriate institutions. Paradoxically, government can fail in both authoritarian and democratic systems and accentuate market failures which...

The last decade of this century has witnessed the transition of the formerly centrally planned economies of Europe and Asia to market economies, a process affecting some 1.7 billion people in 28 countries. While much agreement exists on the sorts of reform measures required, disagreement exists...

Purpose – The purpose of this study is to examine the factors of exchange rate volatility from the macroeconomic perspective for four neighbouring ASEAN economies. Design/methodology/approach – This study has scrutinised the link between macroeconomic factors and exchange rate volatility in...

Purpose – The purpose of this paper is to investigate the performance of the arbitrage pricing theory (APT) in the Istanbul Stock Exchange (ISE) on a monthly basis, for the period January 2001 to September 2005. Design/methodology/approach – This study examines six pre‐specified...

Purpose – The purpose of this study is to examine the effect of macroeconomic factors on capital structure decisions of emerging firms. Design/methodology/approach – A panel data covering a period from 1990 to 2006 for 34 emerging market countries were analyzed using the seemingly unrelated...

Purpose – Austrian Business Cycle Theory (ABCT) is a rare and precious flower. As adherents of this perspective, the present authors wish to share it with as many scholars as possible. They thus welcome criticisms of it, particularly emanating from neoclassical economists, who have for far too...

Purpose – The purpose of this paper is to examine the causal relationships between stock prices and macroeconomic variables in Sri Lanka, in order to examine the validity of the semi‐strong form of the efficient market hypothesis. Design/methodology/approach – The paper adopts unit roots...