Thirwall's law posits that a country's economic growth rate (relative to that of the rest of the world) depends on a ratio of its export's income elastcity of demand to that of its imports. Empirical studies of this hypothesis have almost been entirely supportive, but we argue that the method...

Murthy and Ukpolo (1994) recently estimated a model of aggregate health care expenditure for the United States using cointegration techniques. Their choice of dependent variable, however, introduced the possibility of simultaneity bias in the error-correction model they presented. Their results...

The uncovered interest parity (UIP) condition has been the subject of a considerable amount of research. Many of these studies, however, have either measured exchange rate expectations indirectly and/or have not considered the issue of data stationarity. Both of these issues have the potential...

New Zealand's current defence strategy, first expressed in NZ Government (1991), is one of "self-reliance in partnership". We outline the country's defence policy in historical context, examine its current defence expenditure and capabilities, and document the genesis of recent major changes in...

The results of previous time-series studies of the income convergence hypothesis indicate that practically no African economies are systematically closing their income gap with the rich world. This implies that almost the entire continent is not ‘developing’ in the literal sense of the term....

In the absence of any theoretical guidance, a solution to the question of what is the appropriate functional form for an import demand model can only be found empirically. Examines this question in the context of UK motor vehicle imports by applying a range of tests of functional form to two,...