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  • 1
    Electronic Resource
    Electronic Resource
    Financial liberalization: The case of Sri Lanka (1997)
    Springer
    Empirical economics 22 (1997), S. 117-129 
    Details
    ISSN: 1435-8921
    Keywords: Financial liberalization ; structuralists ; Sri Lanka ; Lucas critique ; O11 ; O16 ; O53 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract According to the advocates of financial liberalization in less developed countries (LDCs), a rise in the real interest rates is essential to stimulate savings, investment and the output growth rates. ‘Structuralists’, however, argue that such a rise in the real interest rates could lead to higher inflation, lower investment and lower output when such rates account for a major proportion of the total production costs and loanable funds can be diverted from the unorganized (UMM) to the organized money market (OMM). Here, we argue that it is difficult to decide in favor of any one of these conflicting views on a purely theoretical ground. A simple econometric model is set up to examine the validity of the conflicting theories in the light of the experience of financial liberalization in Sri Lanka. We also test the different aspects of invarance of structural parameters and the robustness of the model in the light of the “Lucas critique” that the model structure is likely to be affected by agents' expectations. We have found no evidence of such Lucas type critique of the model. Our results seem to confirm a positive and significant effect of financial liberalization on economic growth of Sri Lanka between 1950 and 1987.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01188173
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  • 2
    Electronic Resource
    Electronic Resource
    International spillovers in an endogenous growth model (1994)
    Springer
    Empirical economics 19 (1994), S. 501-515 
    Details
    ISSN: 1435-8921
    Keywords: O11 ; O41 ; C32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper suggests and tests a simple stochastic growth model with international technological links, where growth could be driven either by exogenous or endogenous accumulation of technological knowledge. The main prediction of the model is that per capita output in different countries are cointegrated. The model is tested on data for 15 industrialized countries over the period 1870–1985 and the results show that the model is rejected for most countries, but that it might be valid for the continental European countries. (JEL O11, O41, C32)
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01205951
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  • 3
    Electronic Resource
    Electronic Resource
    Supply and demand factors in the output decline in East and Central Europe (1994)
    Springer
    Empirica 21 (1994), S. 3-36 
    Details
    ISSN: 1573-6911
    Keywords: Poland ; transition ; socialism ; recession ; aggregate supply ; aggregate demand ; output decline ; O11 ; P2 ; P5
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract What are the relative weights of supply and demand factors in generating the output declines observed in Poland during its transition to the market? And how important are the factors that fit under the rubric of “supply and demand” in comparison to other potential reasons for the output decline, especially adjustment away from the Soviet-style economic system? The initial decline seems to have been due to a combination of aggregate demand shocks associated with the stabilization, declines in inventory investment due to the transition from a shortage economy, and especially shifts in demand away from socialized sector industry towards other sectors of the economy. Growth has come primarily from expansion in new sectors, such as services and residential construction, and in new enterprises. The applicability of one-good macroeconomics is limited in understanding either the output decline or the subsequent growth in Poland.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01383970
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  • 4
    Electronic Resource
    Electronic Resource
    Lessons from the transition process (1993)
    Springer
    Empirica 20 (1993), S. 189-204 
    Details
    ISSN: 1573-6911
    Keywords: Transition ; depression ; privatization ; E32 ; O11 ; P51
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The illusions that market mechanism would transform former communist countries easily into welfare states were gradually replaced by disappointments. Major problems are common to all countries in transition; they all endured an unprecedented fall in measured output and rise of unemployment. Four countries: former Czechoslovakia, Hungary, Poland, and Slovenia constitute a group in which the fall was the lowest and which also have reached the bottom. While the mechanisms of depression in these countries differ basic links of the “vicious circle” seem to be similar. The transition is reflected in constitutional provisions on property rights; new constitutions depart radically from their socialist predecessors, return to the principles of French revolution, and provide more than adequate protection of private property. Equally important are legal frameworks for market activities, and privatization aimed to improve efficiency, enable fairness, and serve in the abolition of the monoparty system.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01384252
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