This paper offers a new interpretation of Lauchlin Currie's (1974) leading-sector strategy. The idea of a leading sector normally conjures up notions of a favoured or privileged treatment. This paper argues that Currie's leading-sector strategy is a misnomer in the sense that it does not call...

In the context of the low levels of regional cooperation among South Asian countries when compared with the successful results from cooperation in East Asia (consisting of South East and East Asian countries), the objective of this paper is first to assess the prospects of cooperation among...

The early work in the area of export-led growth adopted a cross-sectional framework and did not examine the issue of causality between export growth and income growth. Subsequently, this was rectified by a number of time-series studies. Since most studies in this field have adopted bivariate...

Time-series work on trade policy and growth is handicapped by the difficulty of measuring 'trade policy'. Established definitions of trade orientation such as 'bias' or the 'effective rate of protection' are difficult to operationalise in a time-series context because of enormous data...

The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the...

Allyn Young was, and continues to be, a much misunderstood economist. He was a profound thinker and so much ahead of his times that it is doubtful that even today we have grasped the full import of what he said. This paper examines Young's thinking from the perspective of five different schools...

Purpose – The purpose of this paper is to test the export-led growth hypothesis for South Asia, a diverse region consisting of one large country, India, surrounded by a number of medium and small countries such as Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan and Maldives....

The development literature of the post-war period justified governmental intervention in economic development on a number of grounds such as market failure, trade pessimism and further impoverishment of poor countries through trade. In line with the prevalent mainstream thinking, the Indian...

This paper presents a portfolio approach to estimating the average correlation coefficient of a group of stocks that are considered for portfolio analysis. The average correlation coefficient has been shown to produce a better estimate of the future correlation matrix than individual pairwise...