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There is widespread belief that the high interest rates of the 1980s and 1990s in the developed world have been caused by high budget deficits. Yet, there is no conclusive evidence to support such a belief. This book systematically examines this and other questions relating to the behaviour of real interest rates in 11 developed countries. The results show that generalizations across the countries can be hazardous and strongly suggests that factors specific to individual countries are still of vital importance.

During the period 1965 to 1990 East Asia was the world s fastest growing region. Economic Development in Pacific Asia provides illuminating, non-technical perspectives on key facets of the region s economies. The text focuses on the eight countries which accounted for the majority of the economic growth: Japan, Hong Kong, Taiwan, Republic of Korea, Indonesia, Malaysia, Singapore and Thailand.

Empirical evidence is used to provide a revealing, multi-dimensional statistical profile of the countries as well as the region as a whole. Rather than present a statistical history of...

The growth and persistence of government budget deficits is causing increasing concern in both developed and developing countries. They have provoked extreme responses: some economists hold that they have devasting effects, others that they have no real impact at all.
Budget Deficits and Economic Activity in Asia examines both of these claims in the context of the Asian economies. After testing for the feasibility of the current levels of budget deficits and therefore of the current fiscal policies, the author turns to a quantification of the effects on money supply, inflation,...

For two decades thinking on economic policy has been dominated by the idea of economic liberalization in general and financial deregulation in particular. This field has become both extensive and controversial, yet there is no single book which treats financial deregulation in a complete and coherent manner.
This book rectifies the shortfall by focusing specifically on the consequences of interest rate deregulation for the real sectors of the economy. Using both analytical and simulation models the behaviour of consumers, firms, banks, informal credit markets and governments is examined...

During the period 1965 to 1990 East Asia was the world s fastest growing region. Economic Development in Pacific Asia provides illuminating, non-technical perspectives on key facets of the region s economies. The text focuses on the eight countries which accounted for the majority of the economic growth: Japan, Hong Kong, Taiwan, Republic of Korea, Indonesia, Malaysia, Singapore and Thailand.

Empirical evidence is used to provide a revealing, multi-dimensional statistical profile of the countries as well as the region as a whole. Rather than present a statistical history of...

Experiences with Financial Liberalization provides a broad spectrum of policy experiences relating to financial liberalization around the globe since the 1960s. There is a sizable body of theoretical and aggregative empirical literature in this area, but there is little work documenting and analyzing the experiences of individual countries and/or sets of countries. This book is divided into four parts by geographical region - Africa, Asia and Latin America, Central and Eastern Europe, and the Middle East. Aggregative econometric studies cannot substitute for country-wide studies in...

Foreign aid has been an area of active scholarly investigation since the end of the Second World War, but particularly since the early 1950s when a large number of the erstwhile colonies became independent. Few areas of public policy involving the developed and developing countries have aroused more passion and ideological debate than foreign aid.
In spite of the massive amount of research in the field, there is still not enough work in two areas: the first involves the mechanisms through which aid influences the economies of the donor and the recipient countries; and the second,...

Even after half a century of work and much criticism, the driving importance of foreign aid shows no sign of abating. Widespread and acute poverty still ravages many countries of the world, and the understanding of how aid affects the economies of the recipient countries is still far from perfect. These two factors alone warrant the examination offered in this book.
The contents of this work try to bring together many strands of the literature, many of which are new and have a bearing on the subject of aid but which have as yet not found their way into the mainstream of the literature....