This paper examines the convergence experience of selected Caribbean countries. It examines evidence of reduced dispersion in real per capita income—Sigma convergence—and 'catch up' growth across the group—Beta convergence. Estimation of the Solow—Swan cross-section model for the...

This paper examines whether the OECD countries are characterised by a high degree of stability of their export specialisation patterns at the country level or not. Furthermore, we test whether the countries have become more or less specialised. In this context we distinguish between...

One objection to delegating monetary policy to an independent central bank is that it causes lack of coordination with fiscal policy. Nordhaus has recently shown, in a simple game-theoretic model, how this generates too-contractionary monetary policy and too-expansionary fiscal policy, with...

Cointegration analysis of a productivity-modified purchasing power parity relation supports the hypothesis that—in the long run—the nominal exchange rate adjusts to accommodate different national rates of productivity growth in the traded goods sector. Accordingly, in the long run, an...

Using panel data for the OECD countries over the period 1960-93 this paper estimates the NAIRU, tests the restrictions implied by the NAIRU and estimates the extent to which the NAIRU is able to explain the low frequency movements in unemployment. The results indicate that the long-run...

Conventional economic approaches to the analysis of industrial accidents utilise the hedonic pricing approach. This approach usually excludes potentially important institutional, sociological and macroeconomic determinants of occupational safety. Initially we identify some of the theoretical and...

This paper uses GARCH models to analyse the relationship between returns and volatility on the Shanghai and Shenzhen Stock Exchanges in China. Empirical estimates using the sample data from 21 May 1992 to 2 February 1996 suggest that the variances of the returns in the two markets are best...

The overall objective of this study is to try and uncover to what extent the borrowing and lending pattern of Chinese urban credit cooperatives (UCCs) leads them to conform to the theoretical view of credit cooperatives and to what degree they are mainly characterized by elements which result...