Showing 101 - 109 of 109
The paper investigates the effects of changes in the distribution of income and in wealth on aggregate demand and its components. We extend the Bhaduri and Marglin (1990) model to include personal income inequality as well as asset prices and debt. This allows for an evaluation of the wage or...
Persistent link: https://www.econbiz.de/10011195836
This paper analyses a no-Ponzi-game condition (NPG) for the government's surplus in Peru, Philippines, South Africa, Thailand, and Venezuela using annual data and cointegration methods. With the marginal exception of South Africa, the NPG cannot be found to hold in the countries investigated. An...
Persistent link: https://www.econbiz.de/10010961761
This paper traces the origins of the global car industry and charts its evolution during the 20th century. The focus is on the main drivers of the globalisation of the industry with emphasis on the position of developing countries in this process.
Persistent link: https://www.econbiz.de/10010961762
This paper investigates the central bank's behaviour in a developing economy through a nominal monetary policy feedback rule (NFR) that embodies an inflation targeting mechanism. Particularly, the Dominican Republic is modelled by allowing the hypothetical NFR to receive feedback from inflation...
Persistent link: https://www.econbiz.de/10010961763
In referring to the ‘animal spirits’ of investors, Keynes had already pointed to a basic distinction between ‘calculable’ and ‘non-calculable’ risk or ‘ambiguity’. The purpose of this paper is to discuss the effects of ambiguity on the public’s expectations about inflation and...
Persistent link: https://www.econbiz.de/10010961067
In this paper, we modify the Harris-Todaro model of migration to incorporate the impact of human capital, housing stock and the availability of publicly provided goods like health care and road provision to analyse the determinants of migration in different regions of the transition economy...
Persistent link: https://www.econbiz.de/10010961068
We investigate whether government budget deficits and real interest rates have a long-run relationship with the current account of the balance of payments in 23 OECD countries. Such an investigation is of interest since large and persistent budget deficits may impose strains on the foreign...
Persistent link: https://www.econbiz.de/10010961069
The paper studies daily interbank rate determination and volatility in the Dominican Republic during a major banking crisis. The investigation uses a novel, automatic, general-to-specific technology (PcGets) to reduce a baseline (mean) specification linking interbank rates and aggregate banking...
Persistent link: https://www.econbiz.de/10010961070
The paper models money demand in the Dominican Republic using a novel, automatic general-to-specific, econometric technology - PcGets. The study finds economically sensible long run relations for real M1 and M2. Likewise, meaningful short run money demand functions are estimated. Remarkably, the...
Persistent link: https://www.econbiz.de/10010961071