This paper analyzes the nine year remittance inflow and macroeconomic data of Nepal, and studies the effect of remittance on each of those macroeconomic variables. We have used Unit Root Test, Least Squared Regression Analysis, and Granger Causality Test. The empirical results suggest that...

High ratios of external debt to GDP in selected Asian countries have contributed to the initiation, propagation, and severity of the financial and economic crises in recent years, reflecting runaway fiscal deficits and excessive foreign borrowing by the private sector. Applying the formal...

Many cases of successful economic development, such as South Korea, exhibit long periods of sustained capital accumulation rates. This empirical feature is at odds with the standard neoclassical growth model which predicts initially high and then declining capital accumulation rates. We show...

Far away from any ideological point of view, our aim in this paper is to study, in a differential-game-theoretical approach, the standard growth model. Our baseline model comes from Kaitala y Pohjola (2009) based on the original ideas of Lancaster (1973). We focus on the computation of feedback...

The structural transformation of China – or the reallocation of resources from the agricultural sector to the nonagricultural sector – between 1978 and 2003 was truly remarkable. We develop a two-sector neoclassical growth model to quantitatively assess the driving forces of China's recent...

The celebrated Uzawa(1961) theorem holds that，on the steady-growth path of neoclassical growth model，technological progress must be purely labor-augmenting rather than capital-augmenting，except the special case where the production function takes the form of Cobb-Douglas. With an augmented...

Taking into account the adjustment costs of investment, this paper proves that it is not the neoclassical growth model itself but the specific form of capital accumulation function that requires technical change to exclusively be Harrod neutral in steady state. Uzawa’s(1961)steady-state growth...

Since the publication of Uzawa(1961), it has been widely accepted that technical change must be purely labor-augmenting for a growth model to exhibit steady-state path. But in this paper, we argue that such a constraint is unnecessary. Further, our model shows that, as long as the sum of the...

The purpose of this paper is to establish some basic facts about income inequality in the Philippines, with a special focus on the importance of spatial income inequality. Despite major fluctuations in macroeconomic performances, income inequality remained relatively stable during the years...

This paper introduces various sources of consumer heterogeneity in one-sector representative consumer (RC) growth models and develops tools to study the evolution of the distribution of consumptions, assets and incomes.[...]