Using long-span data on the dollar-sterling and dollar-franc real exchange rates over the past two centuries, we apply the findings of various strands of the recent literature in order to examine the statistical and economic significance of the Harrod-Balassa-Samuelson effect (the effect of...

The Fifteenth Party Congress of the Chinese Communist Party (CCP) attracted worldwide attention by announcing its adoption of "controlling big while releasing the small strategy in reforming its 354,000 state-owned enterprises (SOEs), 240,000 of which are small-sized SOEs. A shareholding system...

Many empirical exercises estimating demand functions, whether in energy economics or other fields, are concerned with estimating dynamic effects of price and income changes over time. This paper first reviews a number of commonly used dynamic demand specifications to highlight the implausible a...

Se examinan los efectos de la politica fiscal en el equilibrio interno y externo de la economia, a partir de un modelo intertemporal de una economia abierta con tipo de cambio flexible, caracterizada por desempleo clasico en el corto plazo.

Se trata de explicar los efectos del deficit publico en la balanza de pagos por cuenta corriente, el tipo de cambio real y el nivel de renta. Para ello, se construye un modelo intertemporal de desequilibrio de una economia monetaria abierta con tipo de cambio flexible.

Se analiza en que medida la existencia de controles sobre los movimientos internacionales de capitales afecta el grado en que: (1) la reduccion del deficit publico, (2) el desplazamiento del gasto publico desde bienes importados hacia bienes nacionales, y (3) la sustitucion de la financiacion...

In this paper I combine long multi-country time series data for interest rates and stock returns with the institutional evidence for much earlier centuries amassed by economic historians to study the question of financial globalization and how it has altered since the late classical era. At...

In this paper we examine the stability of the real exchange rate and the macroeconomic effects of alternative exchange-rate regimes, including currency union, on real exchange-rate behaviour. We focus on the Irish punt in order to exploit its diversity of experience over different nominal...

We study the validity of uncovered interest-rate parity (UIP) by constructing ultra long time series that span two centuries. The forward-premium regressions yield positive slope estimates over the whole sample period and become negative only when the sample is dominated by the period of 1980s....

Every once in a great while, history provides us with a natural experiment, an episode in which a major change in a key economic variable occurs that has no direct relation to the contemporaneous behavior of the variables that theory suggests it ought to effect.1 A classic example was the...