There has been a growing concern of developing industrial clusters in developed nations and emerging economies in the past two decades to strengthen economic growth and development. The concept of properly organised industrial clusters has not yet been heavily implemented in developing nations,...

After investigating the effect of external financial flows on total factor productivity and technological gain, we use the beta catch-up and sigma convergence to compare dispersions in output per worker, total factor productivity and technological gain in Sub-Saharan Africa (SSA) for the years...

China’s housing prices have been growing nearly twice as fast as national income in the past decade despite (i) a phenomenal rate of return to capital and (ii) an alarmingly high vacancy rate. This paper interprets such a prolonged paradoxical housing boom as a rational bubble that...

China's investment rate is one of the highest in the world, which naturally leads one to suspect that the return to capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital in China. We find that the aggregate rate of return to...

This paper provides a new data set of regional income inequalities within countries based on satellite nighttime light data. We first empirically study the relationship between luminosity data and regional incomes for those countries where regional income data are available. We subsequently use...

We develop a micro-founded general equilibrium model with heterogeneous agents to identify pertinent constraints to financial inclusion. We evaluate quantitatively the policy impacts of relaxing each of these constraints separately, and in combination, on GDP and inequality. We focus on three...

We develop a generalized production framework with endogenous production techniques that serve to organize raw factor inputs in an efficient manner. We establish a positive relationship between production flexibility and cost efficiency. By allowing firms to differ in technology scales, capital...

Key economic concepts of saving and investment are defined and discussed in this paper. It is shown that the equation “saving=investment” is a fundamental fallacy of macroeconomics due to a confusion between real and financial variables, and also between stock and flow variables. Economic...

This paper extends the model of Aoki et al. (2009) considering a two sector small open economy. We study the interaction of borrowing, asset prices, and spillovers between tradable and non-tradable sectors. Our results suggest that when it is difficult to enforce debtors to repay their debt...

This article deals with the nature and definition of economic security of business entities in the market of the machine building complex. Prerequisites and threats to restrict competition in the machine building market have been revealed. The prerequisites and threats of restricting competition...