This paper has three objectives. First, to explain what led to the crisis in the East and the South East Asia in the 1990s and how did this spread throughout the region; second, to analyse the lessons that can be learned from this crisis to prevent it from reoccurring in the future, and third,...

The purpose of this article is to investigate the causal relationship between economic growth and defense spending in fifty-five developing countries. Granger-causality tests are employed to analyze the presence and direction of causality between these two variables. Moreover, the study focuses...

This paper examines whether terms of trade shocks have an asymmetric effect on private savings in transition economies. A simple three-period framework is developed to show that, in the presence of binding credit constraints in bad states of nature, savings rates can be sensitive to favorable...