Models of trade and factor flows based on differences in factor endowments give clear predictions as to how globalization affects inequality and development. Models in which productivity differences between countries drive trade and factor flows gave more ambiguous predictions. Unfortunately,...

Just when China’s leaders receive conflicting signals of “overheating” and “below-potential growth”, they encounter tremendous external pressure to revalue the Renminbi (RMB) substantially. Our conclusion is that the major macroeconomic challenges have their roots in China’s...

Cet article etudie les enjeux en matiere d'ajustement associes au choix d'une strategie de promotion des exportations. Il analyse l'impact sur la production et l'emploi d'une deterioration des termes de l'echange et d'une chute des entrees de capitaux etrangers. En l'absence de contrainte sur...

In this paper, we use panel data to empirically analyze the stability of the export functions of LDCs for the period 1980-2004 using the nonstationary panel time series analysis. We find that the use of panel data for the region of the LDC clearly supports a cointegrating relationship. Our...

This paper examines the long-run stability of import demand function in least developed countries (LDCs) using recently developed panel cointegration techniques. We test for cointegration using two data sets: a) annual data for 15 countries from 1965 to 2004; and b) annual data for 22 countries from...

The issue of the openness of the economy is becoming more important recently,especially given the development of global economy in last years and months. As openness isto be regarded as a dynamic process, flexible in both directions, problems with the visions forthe openness arise with time,...

This article aims at investigating the nature of the causal relationship between immigration and economic development measured by GDP per capita in Norway using Granger causality test. The results on the unit root test indicate that all the series are non-stationary and are in I(1) process. The...

This paper draws some lessons for the Egyptian economy from recent crisis episodes in Latin America and East Asia. Egypt is striving to achieve higher sustainable growth rates to increase the welfare of its population. Opening up the capital account presents both opportunities and dangers....

An integrated stochastic macroeconomic model of transition economy at the early stage of reforms with optimising representative risk averse agents is constructed. The equilibrium growth rate of the economy,real asset returns, domestic money demand, and expected inflation rate are determined as...

Most recent theoretical research on endogenous economic growth has been conducted with continuous-time models that embody the assumption of an intertemporally optimizing representative agent. Yet virtually none of these models has been confronted with empirical data. In this paper we make use of...