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Many studies suggest the positive causal effects of trade on productivity and growth. However, controversies are still prevalent among vast empirical studies on the issue. In this paper, I propose a standard empirical framework for investigating GDP growth and apply the framework to estimate the growth effects and transmission channels of per capita trade. Based on prior information, theoretical reasoning, and various empirical evidences, I conclude that international trade has positive independent effects on economic performance. A 1% increase in per capita trade raises the equilibrium GDP growth by 0.29%. [ABSTRACT FROM AUTHOR]

One of the missing pieces preventing us from understanding recent Chinese economic development is the role played by openness and capital accumulation in this process. The question is whether the sharp economic growth that the Chinese economy has experienced is another case of export-led growth due to the open-door policy or whether, on the contrary, this growth has been caused by high domestic savings and investment rates (and the consequent capital accumulation). To answer this question, we employed an empirical framework of the cointegrated vector autoregressive model. The empirical results show that both investment (in physical capital and R&D) and exports, as well as the exchange rate policy, are relevant factors in explaining China's long-run economic growth over the past 4 decades. [ABSTRACT FROM AUTHOR]

This paper analyzes the evolution of urban output per capita across Chinese cities in post-reform era. Our results suggest no evidence of output convergence across cities from 1984 to 2003. We find that cities with comparable output per capita are likely to be located in the same region; furthermore, cities tend to mirror the mobility of their counterparts located in the same province, but not the same region. The divergence in urban output per capita across the nation will continue if the current economic growth pattern persists in the future. [ABSTRACT FROM AUTHOR]

The degree of fiscal decentralization in Spain is similar to main federal countries and greater than unitary ones. The demand of public sector decentralization is based on a supposed efficiency gains that is far from being obvious. Using a data set for the Spanish regions, we reject the null hypothesis of a significant relationship between growth in per capita gross domestic product (GDP) and expenditure distribution among fiscal administrations. Nonetheless, we find empirical support for a relationship between revenue decentralization, far less advanced than the expenditure one, and growth. In both cases we do reject the null hypothesis of a nonlinear linkage between fiscal decentralization and growth in per capita GDP. [ABSTRACT FROM AUTHOR]

One “stylized fact” about trade policy is that trade taxes as a proportion of total tax revenue are inversely related to a country's economic development, as in countries with poor administrative capabilities trade taxes represent the easiest way for governments to raise revenue (Administrative Capabilities Hypothesis). In this paper we develop an alternative explanation based on political economy considerations: using data from 64 developing countries from 1982 until 1997 we find that the Administrative Capabilities Hypothesis must be complemented with a political economy explanation in order to be able to provide a better account of the relevant empirical evidence. [ABSTRACT FROM AUTHOR]

This is an introduction to the Special Issue. The author provides the background to the development aid arena—to which there clearly exists a pressing need to evaluate progress to date—and introduces and links together the papers that constitute the Special Issue. [ABSTRACT FROM AUTHOR]

Within a theoretical framework, the author analyzes the effects that both workers' remittances and financial intermediation have on economic growth. It is found, among other things, that remittances can have significant positive long-run effects on growth. The author confronts the implications of the theoretical model proposed with panel data for countries in Latin America and the Caribbean. After considering the effect of long-run investment and demographic variables, and controlling for fixed time and country effects, the empirical analysis indicates that financial intermediation tends to increase the responsiveness of growth to remittances. The overall conclusion is that making financial services more generally available should lead to even better use of remittances, thus boosting growth in these countries. [ABSTRACT FROM AUTHOR]

Recent empirical studies reveal that effectiveness of aid on growth is ambiguous. The authors consider aid proliferation—excess aid investment relative to recurrent cost—as a potential cause that undermines aid effectiveness, because aid projects can only produce sustainable benefits when sufficient recurrent costs are disbursed. They consider the donor's budget support as a device to supplement the shortage of the recipient's recurrent cost and to alleviate the misallocation of inputs. However, when donors have self-interested preferences for the success of their own projects over those conducted by others, they provide insufficient budget support relative to aid, which results in aid proliferation. Moreover, aid proliferation is shown to be worsened by the presence of more donors. [ABSTRACT FROM AUTHOR]

The authors use a new cross-country dataset to estimate the strength of the links between different dimensions of social and economic development, including indicators of health, fertility, and education, as well as material wellbeing. This differs from previous studies in employing data for different income groups in each country in order to provide direct evidence on factors driving inequality, and in using a unique measure of material wellbeing that does not rely on PPP comparisons. [ABSTRACT FROM AUTHOR]

The article offers information on the study regarding the effect of recent tax changes on taxable income in the U.S. The elasticity of taxable income to the net-of-tax share has been estimated using a random sample of taxpayers taken from the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 tax changes. It is found that the elasticity of taxable income to the year 2008's net-of-tax share lies between 0.3 and 0.4 overall. The elasticity of a broader measure of income falls between 0.1 and 0.2 overall.

We examined the implementation statuses of a total of 5,919 foreign direct investment (FDI) projects approved by the Vietnamese Ministry of Planning and Investment since 1988, and compiled a database of actually disbursed FDI in Vietnam. The database covers FDI flows into Vietnam from 23 countries from 1990 to 2004. Using the data, we analyzed the impact of FDI on the exports of Vietnam with gravity equations. The empirical results demonstrate that FDI is one of the major factors driving the rapid export growth of Vietnam. It has significantly facilitated the expansion of Vietnam's exports to FDI source countries. In particular, the empirical analysis shows that a 1 percent increase in FDI inflows will be expected to give rise to a 0.13 percent increase in Vietnam's exports to these countries. [ABSTRACT FROM AUTHOR]

We try to make Keynes' approach compatible with an endogenous theory of the money supply. For that purpose, the principle of liquidity preference is generalized within a competitive banking framework. Private banks can impose a monetary rationing independently of the central bank. Then, we analyse the consequences of a monetary policy shock on the financial behaviour of banks. We clarify the dynamic process between the monetary policy and net investment within a Minskyan approach. First, we build a Post-Keynesian stock-flow consistent model with a private-bank sector introducing more realistic features. Second, we perform some simulations. [ABSTRACT FROM AUTHOR]

This article presents tests of whether the kinds of “national” policy variables used to explain cross-country variation in the growth of aggregate GDP per capita can also successfully explain per capita growth in the agricultural and nonagricultural sectors of developing countries. There are four main results of interest. First, relative to nonagriculture, convergence is much slower in agriculture and the burden of population growth is generally much higher. Second, while orthodox economic policies share positive associations with economic growth in the nonagricultural sectors of developing countries, such policies fail to robustly predict variation in agricultural growth. Third, size of government indicators often yield an “unexpected” positive association with agricultural growth. And finally, although there is some evidence that fewer price controls are associated with faster agricultural growth, these associations are statistically quite weak and quantitatively quite small. [ABSTRACT FROM AUTHOR]

The two-level CES aggregate production function—that nests a CES into another CES function—has recently been used extensively in theoretical and empirical applications of macroeconomics. We examine the theoretical properties of this production technology and establish existence and stability conditions of steady states under the Solow and Diamond growth models. It is shown that in the Solow model the sufficient condition for a steady state is fulfilled for a wide range of substitution parameter values. This is in sharp contrast with the two-factor Solow model, where only an elasticity of substitution equal to one is sufficient to guarantee the existence of a steady state. In the Diamond model, multiple equilibria can occur when the aggregate elasticity of substitution is lower than the capital share. Moreover, it is shown that for high initial levels of capital and factor substitutability, the effect of a further increase in a substitution parameter on the steady state depends on capital–skill complementarity. [ABSTRACT FROM AUTHOR]

We develop a Keynesian business cycle model to study how extrapolative and regressive expectation formation rules may affect fluctuations in economic activity. We find that simple expectation formation rules may have an impact on the level and the stability of the equilibrium income, the size of the multiplier and the resulting adjustment process after an exogenous shocks. Our model also reveals that national income may be influenced by how agents perceive their long-run average income. [ABSTRACT FROM AUTHOR]

Whether natural resources are good or bad for a country's development are shown to depend on the interaction between institutional setting and, crucially, the types of resources possessed by the country. Some natural resources are, for economical and technical reasons, more likely to cause problems such as rent-seeking and conflicts than others. This potential problem can, however, be countered by good institutional quality. In contrast to the traditional resource curse hypothesis, we show the impact of natural resources on economic growth to be non-monotonic in institutional quality, and increasingly so for certain types of resources. In particular, countries rich in minerals are cursed only if they have low-quality institutions, while the curse is reversed if institutions are sufficiently good. Furthermore, if countries are rich in diamonds and precious metals, these effects—both positive and negative—are larger. [ABSTRACT FROM AUTHOR]

Since the 1960s economic growth rates have been far lower in sub-Saharan Africa than in other developing regions. This poor performance has resulted primarily from endemic rent-seeking and the over-regulation of markets. To achieve high growth rates, African countries must improve the investment climate by reforming institutions, enhancing infrastructure and protecting property rights. [ABSTRACT FROM AUTHOR]

This work investigates the roots of economic development. The debate about the predominance of institutions over geography is far from reaching a firm conclusion, and this analysis highlights the main difficulties that should be addressed in order to find out the real determinants of long-run economic growth. I argue that the institutional view is not as strong as it may appear: different specifications and different institutional indicators undermine the exclusive importance of institutions. Geographical factors, related to the health and sanitary conditions and to the accessibility to the sea of a country, play a role in economic development, that goes beyond the way in which they shape institutions. The empirical evidence implies that the development policies should be directed to improving not only the quality of governance, but also the sanitary conditions in the least developed countries. However, since there is a lack of accurate indicators and difficult problems of endogeneity, more reliable instruments and indicators of geography and institutions are needed in order to achieve a firm conclusion. Copyright © 2005 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This paper addresses the impact of investment in information technology (IT) on the recent resurgence of world economic growth. We describe the growth of the world economy, seven regions and 14 major economies during the period 1989–2003. We allocate the growth of world output between input growth and productivity and find, surprisingly, that input growth greatly predominates! The contributions of IT investment have increased in all regions, but especially in industrialized economies and Developing Asia. Differences in per capita output are explained by differences in per capita input, rather than by variations in productivity. [ABSTRACT FROM AUTHOR]

Books reviewed:Michael Borowitz, Elizabeth Wiley, Fadia Saadah and Enis Baris,Addressing HIV/AIDS in East Asia and the PacificPaul Glewwe, Nisha Agrawal and David Dollar (eds),Economic Growth, Poverty, and Household Welfare in VietnamWill Martin and Mari Pangestu,Options for Global Trade Reform: a view from the Asia-PacificP.J. Drake,Currency, Credit and Commerce: early growth in Southeast AsiaMyat Thein,Economic Development of MyanmarMark J. Scher and Naoyuki Yoshino (eds),Small Savings Mobilization and Asian Economic Development: the role of postal financial servicesMichael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (eds),Globalization in Historical PerspectiveMark Turner and Owen Podger with Maria Sumardjono and Wayan K. Tirthayasa,Decentralisation in Indonesia: redesigning the stateVinay Bhargava and Emil Bolongaita,Challenging Corruption in Asia: case studies and a framework for actionMarie-Aimée Tourres,The Tragedy that Didn't Happen: Malaysia's crisis management and capital controlsDouglas H. Brooks and Hal Hill (eds),Managing FDI in a Globalizing Economy: Asian experiencesTakatoshi Ito and Anne O. Krueger (eds),Governance, Regulation and Privatization in the Asia-Pacific Region [ABSTRACT FROM AUTHOR]

The paper analyzes the role of central cities as engines of economic growth in their metropolitan area. We wonder if there are increasing returns to central city growth at the metropolitan level arising from the positive externalities associated with the unique features of central cities. To answer this question we analyze the causality between the economic growth of Spanish central cities and the growth of the other jurisdictions belonging to their metropolitan area (i.e., the suburbs). The analysis uses population and economic activity data for a sample of 28 Spanish metropolitan areas during 35 years. We use a Vector Error Correction Model (VECM) framework to estimate long-run equilibrium relationships between the growth of central cities and their suburbs. The combination of panel data and a VECM is an innovative approach that is still being developed in econometrics. The results suggest that central city growth has a long-run positive effect on the growth of the suburbs. We also inquire as to whether or not this positive effect depends on the size of the central city. The results suggest that the effect is much higher in the case of the largest cities, but that it is also important in the case of the smaller ones. [ABSTRACT FROM AUTHOR]

Numerous papers have searched for empirical linkages between long run economic growth and a myriad of economic, socio-political and environmental factors. Most of these studies use ordinary least-squares regression or panel regression analysis on a sample of countries and therefore consider the behaviour of growth around the mean of the conditional distribution. We extend the literature by using quantile regression to analyse long-term growth at a variety of points in the conditional distribution. By using this approach, we identify the determinants of growth for under performing countries relative to those for over achieving countries. [ABSTRACT FROM AUTHOR]

Focuses on a continuous-time, stochastic, dynamic general equilibrium model to provide estimates of the growth and welfare effects of monetary volatility. Highlight of the long-run consequences of different monetary environments in a small open economy; Details of three policy experiments, elimination of monetary growth shocks, reduction of inflation rate, and reduction of interest rates.

This article investigates the role of anticipated monetary growth in economic growth. The common feature of endogenous growth is that the engine of growth comes from the model itself rather than from exogenous technical progress or population growth. Such an innovation contributes to understanding of the role of economic policies in influencing the rate of economic growth. The key factor in determining adjustment patterns of the economy to anticipated monetary changes is the degree of relative risk aversion. However, changes in the rate of monetary growth do not affect the rate of long-run growth regardless of the degree of relative risk aversion. Through employing the channel where a reduction in real balances arising from an increase in the rate of monetary growth raises transaction time, they establish a negative correlation between inflation and the long-run growth rate. In contrast to the aforesaid literature on money and endogenous growth, with its emphasis on the role of an unanticipated monetary policy, this paper makes a first attempt to examine the long run and transitional responses of the rate of economic growth to an anticipated permanent increase in the money growth rate.

Site value taxation is often cited as desirable on efficiency grounds, but is all too often dismissed for alleged lack of revenue potential. This paper empirically tests the revenue adequacy of site value taxation. Revenue adequacy in this study is defined as the ability of the tax base to keep pace with community expenditure needs. The paper concludes that communities with higher than average rates of capital growth and with a relatively constrained land area will find land taxes when subsituted for present property taxes, quite adequate for future as well as present needs. [ABSTRACT FROM AUTHOR]

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Focuses on the lessons of the East Asian crisis for financial sector regulation particularly in the context of developing economies. Role of the financial system in the development process and the functions it performs in facilitating efficient resource use and economic growth; Causes of financial distress; Failures in prudential regulation and supervision in East Asia.

This article examines the impact of the elimination of x-inefficiency in the Australian electricity supply industry using a computable genera! equilibrium (CGE) model of the Australian economy. Data envelopment analysis and a stochastic production frontier model are applied to measure x-inefficiency in the electricity industry. The potential increase in total factor productivity resulting from microeconomic reform is introduced into the CGE model as a factor-augmenting technological change. The model is used to measure the macroeconomic effects of microeconomic reform of the electricity industry. The Monash model is also used to replicate the results of earlier studies by the Industry Commission (1995) and Quiggin (1997) and thereby to provide a basis for comparing the three sets of results. The results of the current study imply that the impact of microeconomic reform on economic growth could well be significant if only a small proportion of the benefits were to be reflected in terms of an increase in aggregate employment. [ABSTRACT FROM AUTHOR]

The article presents a reply by professor Laszlo Goerke to the comments made professor Katarina Bujdakova to his paper "On the Relationship Between Wages and Monitoring" that was previously published. According to the author, Bujdakova stated that his perspective was not consistent with the Shapiro-Stiglitz asymmetric information model. He added that the Cobb-Douglas function used in the paper was not feasible. Furthermore, Bujdakova noted that the Cobb-Douglas example provided in the paper has failed in showing the positive relationship in monitoring intensity s and wages w.

The article compares the demographic effects of income redistribution and accelerated economic growth. It discusses the effects on fertility and mean expectation of life traceable to varying rates of growth in aggregate income and the changes in the income share of the poorer segments of the population. The article shows how he effects vary among less developed countries and with the level of mean income. A brief review of the applicable economic theory is presented.

The article develops the notions of the trend-corrected covariance and the trend-corrected correlation coefficient of two time series used in analyzing instability of composite variables. Nearly ail measures of instability are based on a comparison of the actual values of a time series with the values which would be predicted. At this stage, two basic formulations can be identified which encompass the large majority of commonly employed measures of instability. In particular, it can be observed that in many cases measures based on the same prediction operator differ only in their mathematical formulation, while a number of measures utilize the same mathematical formulation but differ in their choice of prediction operator. Export instability was one of the criteria selected for determining the initial allocation of member nations' quotas in the International Monetary Fund, and in the succeeding years it has been the subject of countless studies, exploring such issues as its relationship to economic growth and correlation with various structural economic characteristics.

This paper discusses the asymptotic behavior of the neoclassical two-sector growth model when the steady-state conditions are not fulfilled, and derives the asymptotic growth rates for cases in which Hicks neutral technical progress occurs in the investment sector, or Harrod neutral technical progress occurs at different rates in the two sectors. The last section compares the asymptotic properties of this model with the standard steady-state properties of the two-sector growth model. [ABSTRACT FROM AUTHOR]

Economic concentration in India is a topic of political debates and public commotions for more than a decade now. Unfortunately, despite all the rhetoric, there has been little study at the industry level to examine the trend of industrial concentration meaningfully. The objective of this paper is to determine whether concentration in 22 principal Indian industries had increased during the past two decades covering 1948-68 and encompassing three Five Year Plans, and the extent to which changes in industrial concentration had been associated with economic growth. By studying this longer sweep of years we hope to shed new light on the current controversy and their implications for possible policy changes. Two major goals of economic planning in India are the augmentation of national income at an accelerating rate and the decrease in inequities in various phases of economic life. The Industries Development and Regulation Act of 1951 stated, among its objectives, the prevention of concentration of ownership of industries. In order to achieve the objective of economic growth, the Government under all three Five Year Plans gave the priority to the program of massive industrialization both in capital and consumer goods industries.

This paper investigates the properties of various measures of poverty and of the ‘difficulty of alleviation of poverty’. It is found that the ranking properties of both kinds of indices can be quite counter-intuitive and that they could be misleading if used for policy evaluation. An alternative index is proposed; it is compared to the other indices and seems to fare rather well. To illustrate, a special reference is made to S. Anand's recent article on poverty in Malaysia. [ABSTRACT FROM AUTHOR]

Can leaders in small towns and surrounding areas actually influence local economic and demographic growth? Competing views but few studies of this issue characterize recent debates about the effects of' "growth machines" in local areas. This paper uses alternative indicators of growth during the 1980s for a sample of local areas in rural Pennsylvania to examine the effects of development efforts, controlling ecological and structural characteristics. The analysis considers local participation in state programs and maintenance of a favorable business climate as well as measures of local growth promotion for business and industry, recreation and tourism, development of forest products, and services development. Hierarchical regressions, taking account of the statistically dominant effects of ecological and structural variables, show that local efforts can influence local growth. [ABSTRACT FROM AUTHOR]

This paper studies the interaction between cyclical uncertainty, precautionary saving and economic growth in a stochastic endogenous growth model. The analysis provides insight into the potential connection between technological uncertainty of the sort popularized in teal business cycle models and the determinants of economic growth in a stochastic version of a popular model of endogenously determined economic growth. The magnitude of the link between cyclical uncertainty and growth is quantified and found to be small in terms of its effect on the growth rate, but possibly large in terms of its effect on levels of macroeconomic variables. Moreover, the welfare costs of reduced cyclical uncertainty can be substantial, owing to the lower historical rate of capital accumulation induced by a decrease in precautionary saving. The chief implications of the model are found to he roughly consistent with the post-war experience of several countries, although the predictions of the model with regard to growth rates are too small to explain much of the variation in growth rates across time or across countries.

There has been much speculation about the meaning of the residual factor in economic growth. Few economists would defend it as a perfect measure of technical change, preferring to hedge their bets by describing it as part of the growth of output not explained by the growth in the labour force and capital accumulation. Others have been more forceful in their opposition claiming that the residual merely shows the degree of our inability to measure accurately, and the omission of relevant variables, and have demonstrated their views. The view of the present author is that, while the residual when properly measured must theoretically be zero, a detailed examination of the residual as normally measured is useful in providing information on the causes of economic growth and possibly thereby producing policy implications for raising the growth rate. Therefore, this paper seeks to establish how much of the residual can be explained by incorrect measurement and specification, and to see what implications for policy, if any, can be drawn. The analysis is carried out for Great Britain. Manufacturing over the period 1956-65 and provides estimates of the residual at successive stages of purity.

This paper begins by formulating a finite horizon linear programming model for economic development. The formulation allows for heterogeneous capital goods and for nonnegativity constraints upon investment in each sector. It is then proved that a certain set of conditions are sufficient to ensure that an optimal solution to this T period, finite horizon plan will also coincide with an optimal solution during the first T periods of an infinite horizon plan. Among the restrictive conditions imposed to prove this sufficiency theorem are the following: gradualist consumption paths, no primary factors that cannot themselves be produced within the economy, a Leontief technology, and a characterization of the optimal finite horizon solution as one in which the terminal investment and output levels are positive. An illustrative numerical example is provided. [ABSTRACT FROM AUTHOR]

This paper develops a simple theory governing the relationship between useful energy consumption and national output that explains why the adjusted elasticities found by two economists turned out to be greater than one. The theory is quantified by reference to a wide range of countries covering the whole spectrum of economic development and is tested against the actual experience over 20 to 25 years of individual countries. Conformity to the theory was very close and the efficiency-in-use coefficients computed by economists were found to hold good for periods of 20 to 25 years. Briefly, the hypothesis states that as a country moves through the various stages of its economic development from primitive subsistence agriculture to the ultimate state of fully energy-dependent production, its useful energy elasticity steadily falls from a high value tending asymptotically to one. By itself this proposition is of little use to energy forecasters, because it simply substitutes the requirement to predict energy intensiveness of output for the requirement to predict energy consumption. If we can satisfy ourselves that real GDP per capita is a good measure of energy intensiveness, however, then the relationship derived above can be used as the basis for a mathematical model linking useful energy consumption per capita with GDP per capita.

The search for uniformities in the growth patterns of individual industries rose to a peak some 30 years ago in the explorations of economists Simon S. Kuznets and in the subsequent comprehensive work of Arthur F. Burns. Partly because of the widespread acceptance of these results and attendant explanations of their inevitability, and partly because of the compelling attractions of other economic problems, little additional work was done in this area for an extended period. Recent portents of a revival of interest stem from three sources: the growing output of long-term forecasts for individual industries, which invites a search for generalizations and efforts to reinvigorate research and theory relating to economic growth by probing the behavior of disaggregated sectors. This paper will concentrate primarily on reviewing Burns's expectations and comparing them with actual results over the following 25 years as a basis for: suggesting revisions in the interpretation of his original findings; outlining needed modifications in the theory as well as the pattern of industrial growth paths; and exploring the possibility of developing patterned expectations for the growth of individual commodities and firms.

The article discusses the causes of the high rate of economic growth and national income in postwar Japan. There has been an upsurge in the fixed investment of private enterprise, the extent of which Japan never experienced before. According to official national income statistics, private fixed investment (excluding residential construction) increased from 7774 billion yen to 4,0504 billion yen for 1955-61, about a five-fold increase in only six years. Such an unprecedented increase in fixed investment brought about an annual real GNP growth rate of about ten per cent. A glance at the estimates for consumption expenditure in the official national income statistics gives rise to the doubt that the proportion of clothing expenditures to total consumption is too low. According to data analyzed by the authors, in 1955, inter-industry table, clothing expenditure amounted to 776.4 billion yen.

The article presents a comment to the paper "On the Relationship Between Wages and Monitoring," by Laszlo Goerke. According to the author, Goerke stated that, even without establishing a defense of the shirking theory, the relationship between wages and monitoring can be positive in efficiency wage models. However, the proposal suggested by Goerke does not differentiate between workers exerting effort and idlers. Furthermore, the author added that the Goerke's model is not consistent with the Shapiro-Stiglitz asymmetric information model.

The article presents an abstract of the paper "Operationalising the Relationship Between Marketing and Economic Development: Some Insights From Less Developed Countries," by Erdener Kaynak and Ben Issa Hudanah that was published in the Spring 1987 issue of "European Journal of Marketing." The paper examines the relationship between marketing and economic development. In this paper, the authors review both the development of marketing institutions in developing countries and the stages of economic development. Indicators of economic development and marketing system development for nine countries are subjected to correlation analysis. The results of the high positive relationships are then discussed in the paper. They also inform that there are two schools of thought on the contribution of marketing to economic development. One of the schools of thought, "activists" believes that the development of efficient marketing system stimulates economic development. The authors have focused on the differences in the functional aspects of marketing between developed and developing countries.

The article presents documentation of several books and papers related to the regional growth of Europe. "European Yearbook," A record of European organization and integration compiled under the auspices of the Council of Europe. Regional Development, Economic Growth And Employment in France. A discussion of the excessive concentration of industry around the cities, particularly Paris, of the effects this concentration is having on the nation's economy, and of what may be done to change the trend. "Continental France," Facts and figures on the political and economic state of France with some information on foreign trade and special inducements for foreign investors.

The central objective of this work was to test and determine the causality between the selected economic indicators such as trade, FDI, Oil Price and GDP in Nigeria and make a recommendation for a timely policy framework for the betterment of the Nigerian economy. Using Nigerian annual data of 1970–2018 with the application of Granger causality test, we found a unidirectional causality that runs from Oil Price to both FDI and trade and from FDI to trade. There was no causal effect transmitting from either trade to Oil Price or trade to FDI. Also, there was no transmission of causality from GDP growth to any of the selected indicators. Our findings expose the heavy influence of oil via price on the economic performance of Nigeria. This could justify the claim that there is a positive relationship between Oil Price and growth. Hence, supporting the findings that FDI is attracted by the availability of oil and the FDI will turn around influenced the rate of trade via trade openness. This will create avenue for a virtuous economic growth circle if policy implication is managed well. [ABSTRACT FROM AUTHOR]

The article explores the cross-country differences in living arrangements and retirement choices of older adults, indicators of the interactions between states, markets, and families in providing economic security in old age. It mentions need and opportunities for pension coverage expansion in Latin America and documents existing programs that offer cash benefits to older adults not qualifying for contributory pension benefits. It also mentions context of economic growth and changing ideas.

Remittances have grown tremendously in magnitude and economic importance in the past four decades, providing economies with additional disposable incomes and even serving as buffers against economic downturns. It is thus but fitting to ask how remittances have impacted on growth, particularly on manufacturing growth. This note presents a simple model linking remittances and manufacturing growth via a 'Dutch Disease' channel. Using Blundell and Bond's (1998) system general method of moments on a panel dataset of 56 developing economies from 1992 to 2016, we verify that remittances adversely affect manufacturing growth in economies that experience high real appreciation rates. This result is robust to alternate specifications, such as the inclusion of financial development indicators, the expansion of the sample to include high‐income economies, and the use of different sample periods. [ABSTRACT FROM AUTHOR]

The article reports about the bank profits in Rwanda. This paper discusses the economic growth in the country which forms a strong backdrop in commercial banks. The second-biggest bank in Rwanda, Rwanda Commercial Bank has had a steady growth in its customer base and this boosted growth in performance. Pre-tax profits are reported. Competition in rolling out new products has improved and customers are more attracted to invest. Profits has improved and continuously rose. The bank is owned by Actis but the government still owns a part.

The article presents a reference guide for Far East. Names of publishers of books and the addresses of periodicals are provided to aid readers. Listings include only basic material, not news items or reports of transitory significance. "A History of the Far East in Modern Times," by Harold M. Vinacke, is the sixth edition of a book first published in 1950, which includes postwar material on Japan, China, Korea and other far eastern areas. "Economic Survey of Asia and the Far East," includes sections on foreign trade, post war industrialization and many statistical tables. "Ceylon as a Market," by W.R. Van, a survey of Ceylon's market and how to sell in it by the Canadian commercial secretary in Colombo. "Sinhalese Village," Bryce Ryan, is a detailed study of village life and its relationship to the changing country as a whole. The whole issue of "India: Economic Development and Cultural Change" is on India. Subjects discussed by a variety of authors are: economic planning, population growth, public and private business, employment and unemployment, agriculture, capital formation, entrepreneurship and inflation.