The world eocnomy is currently adjusting to a low inflation regime which has implicastions for the cross-country distribution of world growth opportunities. In contrast to previous related work which assumes unidirectional causality, this paper uses the Granger methodology to examine both the...

A cost function framework is used to model the productivity effect of trade openness in terms of cost saving. The idea of 'cost saving' is closer to the entrepreneur's view of productivity. An entrepreneur would expect a reduction in the cost of production if trade openness brings any benefits...

"This paper examines the technical efficiency of Australian banks during the post-Wallis period (1997-2005). The results based on data envelopment analysis reveal that the extent of technical efficiency varies across the banks and over the years. The National Australia Bank, Commonwealth Bank...

The hypothesis of export-led growth is tested using annual time series data for Australia. The analysis reveals that both exports and the GDP series in log levels have unit roots but they do not cointegrate. However, there is evidence of Granger causality running from exports to GDP growth...

This paper investigates whether the theories of adaptation and social comparison can explain the income–happiness puzzle (Easterlin Paradox) in Australia. Alternative specifications of happiness model that incorporate adaption, comparison incomes and other relevant variables are estimated...

The paper proposes a modified human development index (HDI) which complies with the view of the Sen and others that an increase in the value of a physical indicator at a higher level represents a greater achievement than an equal increase in its value at the lower level. It also includes an...