The purpose of this paper is to re-examine the empirical relationship among alternative monetary aggregates (M1 and M2), output, prices, interest rates and exchange rates in India. The results of a five-variate vector error correction model are indicative of a bi-directional causality between...

I formulate and calibrate a small 3D classical growth cycle model to explain the rise of income inequality, growth stagnation and the persistence of unemployment in South Africa between 1970-2005. This model exhibits interactions between economic growth, the employment rate, and the rate of...

Due to both deepening economic crises and pressure from external lenders, Costa Rica and El Salvador implemented trade and market liberalization reforms in the 1980s. This study explores whether these policy changes shifted production toward each country’s presumed comparative advantage in...

This study looks at factors affecting the decision of early retirement for Egyptian government sector employees. The empirical analysis is based on 2005 nationally representative sample of government sector workers. Among the findings of this study are: women are more likely to retire earlier...

In this paper the Turkish export-led growth hypothesis is examined from the trade liberalisation process initiated in 1980. The paper has employed Toda and Yamamoto (1995) procedure for testing for Granger non-causality in the augmented vector autoregressive (VAR) methodology to analyze the...

The high indebtedness of Korean firms is viewed as one of major causes for the financial (currency) crisis of Korea in 1997. This paper examines empirically the political economy underlying the financial structure of Korean firms. Specifically, this paper estimates the size of rents generated in...

This paper addresses donors’ policy of providing external assistance to developing countries using an inter-temporal framework, over a finite horizon. While the framework adopted tracks the motivation of providing fore ign aid, it is altogether consistent with the paradigm of forward-looking...