Recent empirical studies have examined the determinants of economic growth using country-average (cross-sectional) data. By contrast, this paper employs a technique for using a panel of cross-sectional and time series data for 98 countries over the 1960-85 period to determine the quantitative...

Although conventional wisdom suggests that reducing military spending may improve a country's economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of...

Expansionary fiscal policies in the United States in the early 1980s and contemporaneous fiscal restraint in the Federal Republic of Germany and Japan constituted important shifts in fiscal positions among industrial economies. The international economy was simultaneously characterized by...

Given the widespread interest in the balance of payments problems of non-oil developing countries during the 1970s, the lack of systematic empirical work on the reasons for these problems is somewhat surprising. This paper pursues this issue through an examination of the quantitative...

The purpose of this paper is to formulate a model for developing countries that allows output, prices, international reserves, money, and government taxing and expenditure policies to be determined simultaneously. The model developed, which stresses the key role of monetary disequilibrium, is...

The model that is specified and estimated in this study describes the dynamic behavior of major economic aggregates in the economy of the United Kingdom. In the real sector of the model, the markets for output and labor services are linked by a production function that both constrains the...

This paper analyzes the determinants of the money multiplier in an open developing economy with a fixed exchange rate, using that of Venezuela as an illustration. The openness of the Venezuelan economy, in which investment activity can be financed either by domestic or by foreign borrowing...

Dans la présentation habituelle du multiplicateur de la monnaie, aucun effort n'est fait pour expliquer les variations de valeur résultant pour celui-ci des changements accusés dans le comportement de certains facteurs tels que la demande de monnaie de la part du public, la demande des...

Dans le modèle des anticipations de la demande de monnaie ajustées de période en période, il existe une autocorrélation entre les termes d'erreur de l'équation réduite, même s'il n'existe aucune corrélation sérielle entre les résidus des équations structurelles sous-jacents. Cette...

The effects of several policy and other macroeconomic variables on the ratio of private investment to gross domestic product in developing countries during 1975-87 is analyzed. Econometric evidence indicates that the rate of private investment is positively related to real GDP growth, level of...