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Philippa Dee

preferences, with less than 5 percent of trade within the region taking place at the preferential rate (WTO 2003), and neither agreement has significant commitments on services or investment. The APEC agreement, also signed in the 1990s, was designed to be nonpreferential and fully consistent with the most-favored-nation principle. However, the recent spate of bilateral agreements is establishing the legal basis for significant preferences within the region. Baldwin (2006) argued that the 2003 PRC–ASEAN agreement in particular appears to have triggered a domino effect

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Larry A. Sjaastad

to US$1.30 and, in May 2006, the rate was US$1.28. Many of the minor currency countries of the world continue to peg their currencies in some fashion to a major currency or, in a substantial number of cases, to an existing basket of currencies such as the Special Drawing Right (SDC). That tendency was strengthened in Europe with the creation of the European Exchange Rate Mechanism in the late 1970s and, more recently, with the introduction of the euro. In the western hemisphere, the recent interest in ‘dollarization’ may lead to an arrangement with effects similar

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Keun Lee

- tability for a crisis- esilient growth in Korea 117 s r Examining the proposition of Taylor (1998), the capital inflows occur as the interest rate spread (∑i), and/or the capital gain spread (∑Q), opens because of lax public sector regulation, such as financial liberalization. The definitions of spreads are as follows: ∑i = i − [i* + (Δe / e)E] (I) ∑Q = (ΔQ / Q)E − [i* + (Δe / e)E] (C) where (I) is the interest spread equation and (C) is the capital gain spread equation. In the equation, i is the domestic interest rate; i* is the foreign interest rate; e is the

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Joseph C.H. Chai

As a country’s current development is path dependent, the rise of China and its strategic implications can only be understood in a historical context. Hence, the key to understanding contemporary China is the understanding of its past. So far there has been an absence of a comprehensive text dealing with Chinese economic history in the English language. An Economic History of Modern China fills this important gap, focusing on modern Chinese economic growth and comprehensively surveying the patterns of China’s growth experience over the past 200 years, from the Opium wars to the present day. Key events are traced back to their foundations in history to explain their impact on China’s modern economic growth.
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David Allen, Lee K. Lim and Trent Winduss

both cases. The data was deflated using the quarterly CPI, and all data apart from interest rates was examined in natural logarithmic form. RESULTS Unit Root Tests We applied tests of data stationarity using Augmented Dickey-Fuller (ADF) tests supplemented by Phillips-Perron tests. When the results obtained from the ADF tests were ambiguous the Phillips-Perron test was then applied. For the sake of brevity the results of the ADF tests are not presented but are available upon request. The null hypothesis that each time series contains a unit root could not be rejected

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Kotaro Ishi

required to comply with trade contracts with the nonconvertible currency area (such as coffee, tobacco, logs, and process wood), continued to be reserved for state trading companies. 3. Before the implementation of this measure, there existed seven different exchange rates SOEs and raising interest rates to positive levels on a real basis. They also strengthened the fiscal balance through tax reform and expenditure containment. Subsequently inflation fell to about 10 percent in 1991, to 6 percent in 1992 and stayed mostly in the single digit range through the middle of

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Kartik Roy, Hans Blomqvist and Cal Clark

on growth. However, the underground economy, graft, the largesse of the government to its vested interest groups, transfer activities and many forms of corrupt practices which undermine a country’s capacity to achieve a high rate of growth seem to be more pervasive in a country with full political openness and democratic governance than in a politically closed country with an autocratic governance. The fact that in an autocracy with one centre of power, important economic decisions can be made and implemented far more rapidly than in a politically open and

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Prema-chandra Athukorala

operations of MNEs are therefore a key factor that impinges on the designing of national development policy in the context of a rapidly globalizing world economy. Foreign direct investment (FDI)2 – the only ubiquitous quantitative indicator of the scale of MNE activity – grew dramatically from an average annual level of US$59 billion during 1980–84 to US$844 billion during 2000–04, recording an annual compound growth rate of about 5 per cent (compared with a 3.8 per cent rate of growth in world merchandise trade).3 The share of FDI in total private capital flows increased

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J.N. Callow and Julian Clifton

respect to potential agricultural activity, but the impact that humans have had on the natural environment has increased the rate of these processes, and also caused types of changes that have not been previously experienced. It is also important to be cognisant of the linkages between natural environmental variability, the occurrence of extreme events and human influence upon natural processes. An area of land cleared for agriculture may undergo various changes under the pressure of animal grazing of pastures. In an average rainfall year, pasture growth will be good

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Joseph C.H. Chai

-centred approach with a more equal sharing of the benefits of development (Kuijs and Xu 2008). As discussed earlier, China’s growth in the past was capital- and resource-intensive, investment-led, and gave priority to industry, especially heavy industry. It was sustained by a high rate of savings at the expense of consumption, and neglected the service industries by underpricing key inputs, including capital, energy, natural resources and the environment. This path led to a declining share of wage income and consumption in GDP and an increasing foreign trade surplus which