In this essay, I am going to focus attention on China and India as new economic juggernauts that are having great influence at the present time. Of course, those two powerful economies may be joined by others that are large and dynamic at the present time, but movements of others do not come up...

The explanation of economic inequality and its relationship to growth has produced a great amount of research. Kuznets (1955) formulated the “inverted-U” hypothesis according to which inequality increases in the initial levels of development to decrease later on, after a certain point of...

This paper revitalizes the Wagner’s law by integrating to its literature the increasingly essential role played by openness. It has been recently hypothesized that the growing size of the public sector in both developed and developing economies could be explained by the increasing degree of...

The reform process in India has gradually integrated the Indian financial markets with the rest of the world, and as a corollary, interest rates in India have been responding to movements in other financial markets. This article employs monthly short-term interest rate data over the 1992-2002...

The multi-sector model of economic growth is the most widely used framework for empirically investigating the effects of military spending on growth. It has also been applied to ‘nonmilitary’ sectors of the economy, such as exporters and the government. This paper presents a survey of...

Fluctuations of yen exchange rate to US-dollar are analyzed by a method of classical mechanics. The fluctuations are explained by a linear inhomogeneous differential equation of the second order with a constant coefficient. The inhomogeneous term is an external force. Using a method of the least...

This paper tries to study the interaction of budget deficit of India with other macroeconomic variables such as Nominal effective exchange rate, GDP, Consumer Price Index and money supply (M3) giving special emphasis on the budget deficit-exchange rate relationship using Cointegration approach...

This paper investigates the possibility of export-led growth and growth-driven export by testing for Granger causality between the logarithms of real exports and real GDP in twenty-five OECD countries. Two complementary testing strategies are applied. First, depending on the time series...

This paper investigates the impact of human capital on economic growth in Guatemala through the application of an error-correction methodology. Two channels are analyzed, by which human capital is expected to influence growth. A better-educated labor force appears to have a positive and...

In this paper we intended to analyse the effects that the incorporation of the candidate states to the EU will have over their economies. As far as the EU has evolved towards a single market, we studied their foreign trade with the EU member states (intra and inter industrial trade…). We also...