Dominant factors in determining real money holdings in Poland, Hungary, and Slovenia during a transition period characterized by high inflation are analyzed. Two hypotheses are tested. Cagan's model suggests that inflation-adjusted money balances are influenced almost exclusively by inflationary...

The sustained rapid growth of Korea and Taiwan represent two alternative paths of successful development. The difference between these two paths is reflected in industrial concentration, macroeconomic management, and export mix. During the 1997 crisis, Korea absorbed severe shocks and then...

This paper investigates the incidence of poverty in Indian towns and cities of various sizes of population. It also tests the hypothesis that larger towns and cities, because of their size, are capable of supporting more complex economic activities, improving labor productivity, and hence...

This paper explores whether the international mobility of physical and/or financial capital is essential for productive efficiency in each of three open OLG models of neoclassical growth that vary in terms of dimensional attributes. A tradeoff between capital mobility requirements and dimension...

Some models support the notion that exchange-rate uncertainty promotes economic growth while others suggest that exchange-rate uncertainty slows growth. Most empirical work supports the latter hypothesis, leading policymakers to strive for more stable exchange rates. The authors question the...

This paper analyzes optimal production and hedging decisions of a risk-averse exporting firm in a developing country. The firm cares about real profits, since the spot exchange rate and the domestic price level are uncertain. It is demonstrated that a separation property holds although there are...

This paper develops a framework for analyzing the stochastic dynamics of small growing trading economies with CES sector technologies. The open neoclassical two-sector growth model with a diffusion process (uncertainty) for the aggregate saving/investment ratio is demonstrated with sample paths...

After 25 years of putative capitalist development and modernization, since Thomas E. Weisskopf's studies on the savings-dependency issue, the success of foreign aid to developing nations remains questionable at best. With a mix of all-to-often corrupt authoritative governments and a seemingly...

Studies of tariffs have tended to ignore their impact on housing markets. This paper builds a simple dynamic general-equilibrium model to bridge the gap. The model is consistent with empirical findings that housing prices in several small open economies, and the price of nontradeables relative...

This study uses nonparametric Malmquist procedures to investigate the temporal and spatial nature of productivity growth and its components in Chinese agriculture over the period 1980-95. The results of this study indicate that total factor productivity grew at 2.4% annually with technical...