Author: L.D. Taylor Publisher: Springer Science & Business Media ISBN: 1475747098 Category : Business & Economics Languages : en Pages : 271
Book Description
Capital, Accumulation, and Money: An Integration of Capital, Growth, and Monetary Theory is a book about capital. A root concept of capital is developed which allows for most existing concepts of capital to be unified and related to one another in consistent fashion. Such a root concept of capital offers a framework for integrating monetary and capital theory, and for analyzing the functioning of an economy, whether that economy is in a steady state of subsistence or in a process of sustainable growth. Specifically, it is shown that a conservation principle emerges that both implies and imposes a variety of constraints on the macro behavior of an economy, constraints which make for straightforward understanding and analysis of such concepts as the real stock of money, real-balance effects, and the general price level. New and illuminating insights are also provided into aggregate supply and demand, natural and money rates of interest, the relationship between real and monetary economies, and economic growth and development.
Author: Ronald I. McKinnon Publisher: Brookings Institution Press ISBN: 9780815718499 Category : Business & Economics Languages : en Pages : 204
Book Description
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Author: Masanori Amano Publisher: Springer ISBN: 1137281839 Category : Business & Economics Languages : en Pages : 182
Book Description
This book proposes new methods of detecting causality among several dynamic variables and of estimating divisions of nominal income changes into changes in output and prices. Amano builds on established traditions of macro-dynamics and the theories of Keynes and Freidman, while providing innovative perspectives and important policy implications.
Author: Robert Graham King Publisher: ISBN: Category : Economic development Languages : en Pages : 52
Book Description
Finance matters. The level of a country's financial development helps predict its rate of economic growth for the following 10 to 30 years. The data are consistent with Schumpeter's view that services provided by financial intermediaries stimulate long- run growth.
Author: I. Moosa Publisher: Springer ISBN: 1403907498 Category : Business & Economics Languages : en Pages : 328
Book Description
Foreign direct investment is an important issue that has attracted the attention of academic and professional economists as well as politicians and policy makers. In Foreign Direct Investment , Imad A. Moosa presents a survey of the vast body of literature and ideas relating to foreign direct investment that will be invaluable as a reference work for all these groups. He provides concise definition and analysis of the theories behind foreign direct investment, and considers factors affecting its implementation. The impact of foreign direct investment on economic development, host countries and the growth of multinationals, together with methods for evaluating foreign direct investment projects are discussed. The book is based on the experiences of and the empirical evidence pertaining to foreign direct investment in a large number of countries, and includes case studies on specific projects.
Author: Ejike Udeogu Publisher: Cambridge Scholars Publishing ISBN: 1527522733 Category : Political Science Languages : en Pages : 198
Book Description
The inadequacies of many past studies that have tried to highlight the causes of the persistent underdevelopment in developing countries—such as Nigeria—have been noted to derive mainly from the focus and, in some cases, the methodologies adopted by the researchers. It has been suggested that, although many researchers recognize the inability to reproduce sufficient profit as undermining the capitalist accumulation process (and as a result the development of an economy), they have nevertheless often tended to ignore the importance of the political-economic arrangement and historical factors in the formation of expectations about the rate of profit. Indeed, in some cases, they have failed to provide a substantive account of these critical variables. This book highlights how the inherent contradictions of the contemporary political-economic arrangement and some historical factors undermined the peculiar capital accumulation processes in Nigeria, which, in turn, has slowed economic development in the country. This book contributes to the field of Nigeria studies by filling gaps that exist in both theoretical and empirical literature on growth and development in the country, deviating from the orthodox approach of analysing the nation’s problems purely based on the factors internal to the country and by imposing ready-made theoretical logics on history. Rather, it studies Nigeria’s problems in juxtaposition with the world system and imposes historical evidence on theoretical logics. This book represents a good resource for both undergraduate and postgraduate courses on area studies. Researchers and policy-makers will also find it useful as a reference.
Author: Steven Durlauf Publisher: Springer Science & Business Media ISBN: 3642612113 Category : Business & Economics Languages : en Pages : 204
Book Description
One of the most enduring questions in economics involves how a nation could accelerate the pace of its economic development. One of the most enduring answers to this question is to promote exports -either because doing so directly influences development via encouraging production of goods for export, or because export promotion permits accumulation of foreign exchange which permits importation of high-quality goods and services, which can in turn be used to expand the nation's production possibilities. In either case, growth is said to be export-led; the latter case is the so-called "two-gap" hypothesis (McKinnon, 1964; Findlay, 1973). The early work on export-led growth consisted of static cross-country com parisons (Michaely, 1977; Balassa, 1978; Tyler, 1981; Kormendi and Meguire, 1985). These studies generally concluded that there is strong evidence in favour of export-led growth because export growth and income growth are highly correlated. However, Kravis pointed out in 1970 that the question is an essen tially dynamic one: as he put it, are exports the handmaiden or the engine of growth? To make this determination one needs to look at time series to see whether or not exports are driving income. This approach has been taken in a number of papers (Jung and Marshall, 1985; Chow, 1987; Serletis, 1992; Kunst and Marin, 1989; Marin, 1992; Afxentiou and Serletis, 1991), designed to assess whether or not individual countries exhibit statistically significant evidence of export-led growth using Granger causality tests.
Author: E. Hein Publisher: Springer ISBN: 023059560X Category : Business & Economics Languages : en Pages : 223
Book Description
This book demonstrates that 'monetary analysis', as contained in Post-Keynesian monetary theories, but also in the Neo-Ricardian monetary theory of distribution and in Marx's monetary analysis, can be integrated into Post-Keynesian models of distribution of growth in a convincing way.
Author: Ross Levine Publisher: ISBN: Category : Economic development Languages : en Pages : 130
Book Description
"This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
Author: L.D. Taylor
Author: Ronald I. McKinnon
Author: Masanori Amano
Author: Robert Graham King
Author: I. Moosa
Author: Ejike Udeogu
Author: Steven Durlauf
Author: E. Hein
Author: Ragnar Nurkse
Author: Ross Levine