This study investigates the relative influences of Japanese and US interest rates upon the movement of local interest rates in two small and open APEC economies, Australia and Singapore. The Granger no-causality testing procedure developed by Toda and Yamamoto was applied, in a three-variable...

With the emergence of the global knowledge economy we are seeing changes in the industrial composition of economies, in the nature of activities within industries, and in the relationships between industries. In this paper we seek to shed light on the nature of those changes. We begin by...