This paper adds a new perspective to the literature of monetary standard by establishing a link between re-exports and the choice of nominal anchor. The model developed is applied to address the controversy over the US dollar versus the renminbi as the nominal anchor for Hong Kong, in the...

Despite the setbacks from the recent Asian currency crisis, the ascendancy of Asia as an economic centre of world economic centre of world economic activity is likely to continue into the 21st century. A key issue that will shape the role of Asia, and indeed the shape of the world economy in the...

This paper investigates the financial and housing wealth effects on aggregate private consumption in Turkey for the period 1987-2007. Given the lack of data, the study proposes an innovative method to construct a proxy for the housing wealth series. A long-run equilibrium relationship between...

This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations...

This paper examines the dynamic relationship between climate, health, and income. We partition the effects of climate and income on mortality into the pure climate effect, the pure income effect, and the overlapping effect, and show that African countries exhibit a large pure climate effect but...

Life-cycle theory predicts ageing exerting long-term macroeconomic impacts through the reduction of private savings. Ageing can be brought either through a fall in fertility rates or a rise in longevity. However, empirical research studying macroeconomic determinants of savings generally regard...