A theory of strongly endogenous interactive relationship in participatory development is expounded through the use of a class of models of complementarities between selected variables representing their underlying agencies. Such a model is referred to as circular causation approach and resembles...

This study focuses on estimating an economic discounting rate (EDR) to be used in project appraisals by the State Planning Organisation (SPO) of Turkey. The EDR is a policy tool used for selecting the best projects to meet the economic targets of development plans and to enable planners to...

This paper revisits, empirically, the question of whether the choice of exchange rate regime (floating currency, fixed rate or intermediate arrangement) has a direct effect on the long-term growth of developing countries. We use fixed effects panel estimation on a relatively large sample of 70...

The paper is the first to derive and analyse theoretically the equilibrium properties of 'revenue neutral auctions', in the context of tradable pollution rights. By 'revenue neutrality' we mean that the objective of the agency distributing the rights is not to maximize earnings from the auction...

In this paper, we use the nationally representative Indonesian Family Life Survey dataset (IFLS-3), to examine if access to loans from informal networks such as family and friends influences borrowing behavior in formal credit markets. Our empirical results show that there is a gender dimension...

We test the validity of the Dutch disease hypothesis by examining the relationship between real oil prices and real exchange rates in a sample of fourteen oil exporting countries. Autoregressive distributed lag (ARDL) bounds tests of cointegration support the existence of a stable relationship...

This paper investigates the currency regime choices of six Southeast Asian (SEA) countries, namely Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand, for the period 1973-99 from the perspectives of optimum currency area (OCA), macroeconomic stabilization and currency crisis. Regime...

This paper revisits, empirically, the question of whether the choice of exchange rate regime (floating currency, fixed rate or intermediate arrangement) has a direct effect on the long-term growth of developing countries. We use fixed effects panel estimation on a relatively large sample of 70...

This study focuses on estimating an economic discounting rate (EDR) to be used in project appraisals by the State Planning Organisation (SPO) of Turkey. The EDR is a policy tool used for selecting the best projects to meet the economic targets of development plans and to enable planners to...

This article examines the determinants of private investment in Bangladesh using the standard time series econometric analysis. The empirical results partially support the flexible accelerator hypothesis. It is partial in the sense that real interest rate is not statistically significant in...