The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such...

We combine the real business cycle small open economy framework with the endogenous growth literature to study the productivity cost of a sudden stop. In this economy, productivity growth is determined by successful implementation of business ideas, yet the quality of ideas is heterogeneous and...

This paper develops the seminal ideas of Nicholas Kaldor into a Centre-Periphery framework of the world economy where the Centre faces the problem of surplus capacity and effective demand and the Periphery faces a capacity constraint. In such a framework, Harrod-type 'foreign trade multiplier'...

Countries in the world undergo turbulences in economic activity known as economic or business cycles. It is the length of the cycles that differs depending on the economy’s macroeconomic strengths in policy and implementation. Zimbabwe is one economy that has been faced by various episodes of...

The article discusses the actual economic situation of contemporary China from the point of view of monetary-Keynesianism. The analysis suggests as a theoretical-empirical postulate that the sufficient condition for the completion of the process of transformation of the Chinese economy and its...

We incorporate endogenous technical change into a real business cycle small open economy framework to study the productivity costs of sudden stops. In this economy, productivity growth is determined by the entry of new firms and the expansion decisions of incumbent firms. New firms are created...

A tanulmány a költségvetési politika hatásait elemzi a hosszú távú jövedelemszintre és az ehhez a szinthez való konvergenciára egy kis, nyitott gazdaság általános egyensúlyi modelljében mind a kvalitatív, mind a kvantitatív megközelítésben. Eredményeinket a következőkben...

Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. In the paper Latvian economic indicators before and after entering the EU are...

Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. Latvia's incoming in EU increased the amount of received means from structural...

In a country such as China, which maintains strict controls on foreign exchange and frequently intervenes in the currency market, it is not surprising that the local currency is persistently undervalued in nominal terms. Normally, one would expect such a policy of deliberate currency...