Many developing countries have attempted to pursue the East Asian growth model in recent decades. This model is widely perceived to have been based on export-led growth. Given that developed countries are likely to grow at a slower rate and be less willing to run trade deficits in the post...

China's rapid economic growth and success in poverty reduction over the last three decades have inspired world-wide admiration. This paper analyzes structural developments in the Chinese economy and distributional consequences thereof with the help of simple identities and behavioral...

We combine two strands of post Keynesian growth theory by imposing a balance-of-payments constraint on a Kaldorian cumulative causation model. The effects of external and internal shocks and the degree to which cumulative causation comes into play depends on the exchange rate and capital account...

Several studies have commented on the emergence of a new international monetary system in the post-Asian crisis years. The recent international financial crisis has, however, put Bretton Woods II (or BW II) under considerable strain. This paper analyzes the sustainability of the pre-crisis order...

Employing panel data for Asian countries to distinguish between different kinds of export- and tradable-led growth, we find that the proportion of a country's manufactured exports that is destined for industrialized countries, a variable largely ignored by existing studies, is robustly...

Neo-Kaleckian literature has actively debated whether growth is wage- or profit-led in capitalist economies. However, existing studies tend to ignore the non-tradable sector and heterogeneity within the tradable sector. This paper shows that incorporating these features renders wage-led growth...

Many developing countries have attempted to pursue the East Asian growth model in recent decades. This model is widely perceived to have been based on export-led growth. Given that developed countries are likely to grow at a slower rate and be less willing to run trade deficits in the...

Several recent empirical and theoretical studies have revived interest in the relationship between the level of the exchange rate and economic development. This paper develops a dynamic model based on the Ricardian framework with a continuum of goods to consider the issue from a somewhat...

Many developing countries have attempted to pursue the East Asian growth model in recent decades. This model is widely perceived to have been based on export-led growth. Given that developed countries are likely to grow at a slower rate and be less willing to run trade deficits in the...

Several recent empirical and theoretical studies have revived interest in the relationship between the level of the exchange rate and economic development. This paper develops a dynamic model based on the Ricardian framework with a continuum of goods to consider the issue from a somewhat...