Generally, both fiscal and monetary policies seek at achieving relative macroeconomic stability. Based on countries’ experience on the role of monetary policy in controlling economics instability, this study examines the efficacy of monetary policy in controlling inflation rate and exchange...

This paper investigates the impact of globalization on structural changes in the US manufacturing sector. It finds that US productivity in the manufacturing sector has increased, but that the performance of the sector is highly contingent on changes in US national income. Changes in...

In this paper, we examine the effects of money supply, portfolio, aggregate spending, and aggregate supply shocks on real US stock prices in a structural vector autoregression framework using quarterly data for the period of 1947:1-2011:3. Overall, the empirical results indicate that each macro...

Contrary to the Simultaneous Equation Systems, there is not any type of relation between equations in the Seemingly Unrelated Regression method. What is intended with the correlation state, indicating whether correlated or not, of regression models within the equation system, is the correlation...

The focus of this paper is a global examination of how different export sectors react to real devaluations in the short term. The disaggregated nature of the data allows a closer analysis of the underlying cross-export differences in exchange rate movements. Current period real devaluation has...

The main objective of this paper is to investigate the degree of integration of the Indian economy into international capital markets using the analytical frame work proposed by Feldstein Horioka. For this purpose we have used the annual data on savings and investment rates over the period...

To achieve the United Nations MDGs (Millennium Development Goals) in less developed Asian countries it is required to increase international cooperation to reach higher educational level of population and investment per head. In this article we analyze the evolution of economic development and...

This study assesses the impact of investment in information and communication technology on performance and growth of microfinance institution in Uganda. Performance is measured as a change in total factor productivity and growth as change in scale of operation. Two level growth models were used...

This study empirically examines the role of regulatory quality in explaining the differences in economic growth rates of the twenty three OECD countries over the 1996-2008 period. The model we adopt is a generalized version of the growth accounting, production function model of Solow in which...

We argue that civil liberties enhance voice and accountability, thereby placing political pressure on a country’s leaders; therefore, countries with greater respect for civil liberties will have a larger percentage of the population with access to an improved water source. We find that a...