Given falling birth rates, ageing baby boomers approaching retirement age as well as a pension crisis in most advanced economies, understanding the characteristics of the labour supply function of the elderly have taken on a new significance. Even in developing countries, with labour surplus...

The relationship between high levels of FDI and of economic growth has been of enduring interest in the development literature, particularly in the context of economies like China which have enjoyed exception inflows of foreign capital as well as experiencing unprecedented economic growth. The...

This paper employs semi-annual observations from 1964s1 to 2005s1 to evaluate the monetary transmission mechanism that has operated in Pakistan. It does so by using the familiar VAR approach and by analysing impulse responses and variance decompositions to banking sector and macroeconomic...

This paper is an original study of the volatility in China’s oil fuel spot and futures markets, and in the spot market of Singapore one of China’s main source of imports. GARCH(1,1), TGARCH(1,1) and a constant variance model are estimated using 500 daily observations from 25 August 2005. The...

Empirical investigations aimed at determining what relationship, if any, exists between FDI and economic growth has drawn ambiguous results. This is also the case for China, where all empirical studies have used the VAR methodology. In this study we outline a dynamic simultaneous equations...

A.D. Roy's original formulation of the Safety-First Principle is used to derive models of the portfolio composition of the banking sector in Pakistan. To estimate the models we use data for 1964-2005 and for 2005-2008 for forecasting. Various models are estimated, wherein loads are segrated into...

The paper studies the impact of ambiguity on history-dependant beahviour in the standard microstructure model of financial markets. We show that differences in ambiguity attitudes between market makers and traders can generate contrarian and herding behaviour in stock markets where assets are...

Shackle's theory of decision-making under uncertainty and the background to it are outlined. Its major prediction about action-choice is set out and proved. An experimental design to test its veracity is described; a design that it is demonstrated will make it possible to discriminate between...

In this article, i examine the relationship between monetary and fiscal policies in a panel of 70 developing countries. I find that the size of the government's deficit and the methods by which it is financed are strongly related to monetary policy reactions to increase in both government credit...