"This article examines how the rule of law and democratic accountability have affected Hong Kong's Gross Domestic Product (GDP) growth rate in the past 20 yr. We find that democratic accountability has deteriorated substantially since the changeover of sovereignty in 1997, while the rule of law...

This paper uses a structural vector-autoregressive framework to assess the relative importance of fundamental and speculative components of the Thai Baht with particular emphasis on the dramatic collapse of the currency in 1997. Two alternative models were used for this purpose, loosely based on...

We model the effects of changes in a federal government’s inter-regional transfers within the context of a CGE model of a federal system in which regional governments act to maximise the welfare of the residents of their region subject to the effects of their decision on regional economic...

This paper tests, using Australian data, the proposition that only unanticipated monetary growth infl uences real variables. The methodology used is that of L. Leiderman ( 1980) and F. S. Mishkin (1982). In tests using the unemployment rate as a real variable, it is found that the data...

It is well known that the CAPM beta is not stable over time. We investigate the nature of the time-variation in betas using monthly Australian data from 1979 to 1994 for 23 sectors. We discuss beta estimates for sub-periods and tests of the statistical adequacy of the market model used to...

The relationship between stock prices and exchange rates is an important topic of long standing. But there are still significant gaps in our knowledge of this area, not least, the ambiguity about the sign of the effect of a change in one of these variables on the other. While there are many...