This paper investigates the short run as well the long run relationships between money supply, inflation, government expenditure and economic growth by employing the Error Correction Mechanism (ECM) and Johansen co-integration test respectively for the case of Cyprus using annual data from 1980...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...

This article seeks to explain Africa's current quot;period of unparalleled economic success,quot; following decades of economic stagnation. Using newly available data, we investigate whether international commodity price increases (our quot;metalsquot; hypothesis) or policy reforms (our...

In this paper, I estimate the impact on aggregate labor productivity of having government, rather than private industry, produce investment goods. This policy was pursued to varying degrees by Egypt, India, Turkey, among others. The policy has a large impact because there is both a direct effect...

This paper provides an update on the recent performance of the Indian economy. It reviews India's growth performance, and the supporting performance of savings and investment, productivity and international trade. It highlights the performance of a dynamic sector (automobiles) and a laggard...

Some of the topical problems of the harmonization of the global economy are outlined.Harmony is treated in Physical Macroeconomics as a dynamic balance of all energy and informational factors. Harmony is an objective property of the sustainable development of all living systems.Primarily,...

The notions of information, symmetry and harmony in their application to the economy are discussed.For living systems, the creation of information means an increase in the information component of their working potential. This increase is the main feature of biological evolution and sustainable...

The relationship between the distribution of GDP and sustainable economic development is considered.The main objective of the global economy harmonization is to ensure a balanced distribution of the world GDP. The growing economic inequality, financial and social crises as well as environmental...

The existence of the macroeconomic cycle in the global economy is discussed. The macroeconomic cycle was evolutionary formed under the dominant influence of the annual cycle of grain production. Thus, in the current global economy, the money supply to GDP ratio is about the same as it was in the...

This article continues a series of online publications on the natural science foundations of the global economy. Physical macroeconomics includes a logically consistent set of concepts supported by macroeconomic empirical evidence.The central concept is that the economy is a social living system...