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Kulkarni, Kishore G.
- A Partial Test of the Heckscher-Ohlin-Samuelson Model: US-Mexico Trade Relations and Labour in Mexico
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Authors
Affiliations
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80208, US
2 Metropolitan State University of Denver–173362, Denver, CO 80217-3362, US
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80208, US
2 Metropolitan State University of Denver–173362, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 3, No 1 (2014), Pagination: 11-39Abstract
Proponents of trade liberalization emphasize the role of trade and economic integration between less developed and more developed economies as an engine for development and improved standards of living. Nowhere is this argument more salient, and more controversial, than in the discussion of US-Mexico trade, and the North American Free Trade Agreement (NAFTA) specifically. As the Heckscher-Ohlin- Samuelson (HOS) model informs much of the rhetoric and policy surrounding the USMexico trade relationship, we attempt a partial test of the model and its assumptions regarding labour and employment in the case of the Mexican economy. Specifically, we focus on the Heckscher-Ohlin (HO) theorem and the Factor Price Equalization (FPE) theorem. We conclude that although economic analysts recognize that the model does not account the complexity of Mexico's domestic economy and international trade relationships, it continues to permeate rhetoric, remaining the dominant paradigm for proponents of NAFTA on both sides of the border.Keywords
No keywords
- India's 'twin Deficits': Are they Identical Twins or the Warring Cousins
Abstract Views :399 |
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Authors
Affiliations
1 Korbel School of International Studies, University of Denver, Denver, CO 80209, US
2 Indian Journal of Economics and Business (IJEB), Metropolitan State University of Denver, US
1 Korbel School of International Studies, University of Denver, Denver, CO 80209, US
2 Indian Journal of Economics and Business (IJEB), Metropolitan State University of Denver, US
Source
ANVESHAK-International Journal of Management, Vol 2, No 2 (2013), Pagination: 19-38Abstract
This study tests the presence and behavior of the 'twin deficits'-a shorthand term referring to the trade and budget deficits-in India's economy between 1995 and 2010. Although each deficit is thought to have its own unique set of triggers, theoretical analyses and empirical studies have attempted to document and analyze the extent to which, and how, they act as 'twins' (i.e. move together over time). The period of analysis in this study provides an interesting case study because it is fully situated in India's period of 'liberalization,' after a balance of payments (BOP) crisis in the early 1990s catalyzed a set of reforms designed to improve the government and trade budgets. Our approach employs regression models and causality tests to find that while there is evidence of twin deficits in India over the time period in question, the direction of the causal relationship between these deficits stems from the trade deficit to the budget deficit, which is contrary to the direction that standard theory would predict.Keywords
No keywords- Chinese Economic Growth and a Few Theoretical Explanations
Abstract Views :282 |
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Authors
Affiliations
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80207, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80207, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 9, No 2 (2020), Pagination: 32-47Abstract
As the world becomes increasingly globalized, many explanations have been offered for international trade. In recent years, China has emerged onto the global scene as a large player in the international trade market. From this market expansion, China’s wealth has grown tremendously, raising millions of its citizens from poverty and expanding its influence beyond its borders notwithstanding the negative forces of 2020 and corona episode. The growth of China since 1990 has been sharp and fast, leading to the unprecedented increase in per capita income of average Chinese. This paper summarizes three theoretical explanations for International trade, and applies them to China in an attempt to develop a comprehensive explanation for this rapid growth. Heckscher-Ohlin Theory of trade is tested, in addition to the gravity model and intra-industry trade theory. The paper then concludes by examining the relevance and identifying the limitations of these theories, including political and economic factors such as intellectual property theft and human rights violations. As China continues to rival the U.S. as the global hegemon, we think that a developed understanding of the drivers of Chinese growth is of utmost importance.
Keywords
Drivers of Chinese Growth, Heckscher-Ohlin Theory of Trade, International TradeReferences
- Caporale, G.M., Anamaria Sova, Robert Sova, (2015). “Trade Flows and Trade Specialization: The case of China”, China Economic Review, Vol. 34, pp. 261-273.
- “China”, (2018). The World Bank. World Bank. https://data.worldbank.org/country/china.
- “China Trade Statistics”, (2018). World Integrated Trade Solutions. World Bank. https://wits.worldbank.org/CountryProfile/en/CHN.
- Jaaskelainen, L., (2020). “Topic: Employment in China”, Statista.
- Ruffin, R.J. (1999). “The Nature and Significance of Intra-Industry Trade.” Economic and Financial Review, pp. 2–9.
- Salvatore, D., (2016), International Economics. Hoboken, NJ: John Wiley & Sons, Inc.
- Shahriar, S., Lu Qian, Sokvibol Kea, and Nazir Muhammad Abdullahi, (2019). “The Gravity Model of Trade: A Theoretical Perspective”, Review of Innovation and Competitiveness, Vol. 5, No. 1, pp. 21–42.
- Stober, E, (2014). “The Influence of Labor Intensive Export on China’s Economy Growth”, CCREI Working Papers Series, Vol. 3.
- Application of the Gravity Model of International Trade to the Brazilian Case
Abstract Views :416 |
PDF Views:1
Authors
Affiliations
1 Economics Major, Metropolitan State University of Denver, P. O. Box 173362, Denver, CO 80217-3362, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Economics Major, Metropolitan State University of Denver, P. O. Box 173362, Denver, CO 80217-3362, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 10, No 1 (2021), Pagination: 9-19Abstract
The gravity model of international trade has been found to provide accurate predictions relating to the quantity and reasons why countries trade with each other. In a simple model that is very similar to Newton’s law of gravitation, the gravity model predicts that nations will trade more with countries that have larger economies and with countries that are closer in distance – in the same way that objects feel greater attraction to more massive objects and objects that are closer in distance. This paper will further explain the gravity model and some of the potential variables that could also impact bilateral trade between two countries and limit the effectiveness of the gravity model through the use of current literature. An empirical section follows, in which data are tested for 167 of Brazil’s trading partners to see how effective the gravity model is at predicting trade volumes in this case. In the end, this paper concludes that the gravity model is sufficiently successful in predicting the trade volumes of Brazil and its trading partners for the test year of 2018.
Keywords
Brazilian Economy, Country Studies, Gravity Model, International Trade, Models of International Trade, Trade FlowsReferences
- Baier, S. L. & Bergstrand, J. H. (2007). “Do free trade agreements actually increase members’ international trade?” Journal of International Economics, 2007, Vol. 71, Iss. 1, pp. 72-95.
- Britannica. (2020). Newton’s law of gravitation [online]. Available from: https://www.britannica.com/science/Newtons-law-of-gravitation
- Chaney, T. (2013). “The Gravity Equation in International Trade: An Explanation.” NBER Working Paper Series 19285.
- de Sousa, J. (2012). The currency union effect on trade is decreasing over time. Economics Letters, 2012, Vol. 117, Iss. 3, pp. 917-920.
- Disdier, A., & Head, K. (2008). The puzzling persistence of the distance effect on bilateral trade. The Review of Economics and Statistics, 2008, Vol. 90, Iss. 1, 37-48. doi:10.1162/rest.90.1.37
- Gupta, R., Gozgor, G., Kaya, H., & Demir, E. (2019). Effects of geopolitical risks on trade flows: Evidence from the gravity model. Eurasian Economic Review, 2019, Vol. 9, Iss. 4, pp. 515-530.
- International Monetary Fund (IMF). (2020). World Economic Outlook Database [online]. Available from: https://www.imf.org/en/Publications/WEO/weo-database/2020/October
- Jan, W. U., & Shah, M. (2019). “A gravity model approach towards Pakistan’s bilateral trade with SAARC countries”. Comparative Economic Research. Central and Eastern Europe, 2019, Vol. 22, Iss. 4, 23-38.
- Mayer, T. (2011) GeoDist [Data File] [online]. CEPII. Available from: http://www.cepii.fr/CEPII/en/bdd_modele/presentation.asp?id=6
- Salvatore, D. (2019). International Economics, 13th Edition. [[VitalSource Bookshelf version]] [online]. Available from: vbk://9781119554950
- Stay, K. & Kulkarni, K. G. (2016). “The gravity model of international trade, a case study: The United Kingdom and her trading partners” [online], Available from: https://www.researchgate.net/profile/ Kishore_Kulkarni
- Thai, T. D. (2006). “A gravity model for trade between Vietnam and twenty-three European countries” (Dissertation) [online]. Bolänge. Availale from: http://urn.kb.se/resolve?urn=urn:nbn:se:du-2160
- World Integrated Trade Solution. (2018). “Brazil trade balance, exports and imports by country and region” [Dataset] [online]. Available from: https://wits.worldbank.org/CountryProfile/en/Country/BRA/Year/ LTST/TradeFlow/EXPIMP
- Stifling Trade Policy, Case of Nigeria and the Infant Industry Argument: A Review Article
Abstract Views :899 |
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Authors
Affiliations
1 Josef Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, US
2 Metropolitan State University of Denver, Denver, US
1 Josef Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, US
2 Metropolitan State University of Denver, Denver, US
Source
ANVESHAK-International Journal of Management, Vol 4, No 1 (2015), Pagination: 133-147Abstract
Nigeria is Africa's largest country by population and one of the continent's largest economies. Still, growth in the West African nation has been mostly fueled by the oil sector, and has proven incredibly unreliable. This paper looks at the implementation of the Infant Industry Argument as a justification for restrictive trade policies in Nigeria, and the negative impacts that those restrictions have had in terms of the diversification of the Nigerian manufacturing economy. The paper looks at relative literature around the topic, as well as data important in understanding the effect of trade restrictions on Nigeria's economy.References
- Adenikinju, A., Söderling, L., Soludo, C. and Varoudakis, A. (2002), "Manufacturing Competitiveness in Africa: Evidence from Cameroon, Cote d'Ivoire, Nigeria, and Senegal", Economic Development and Cultural Change, Vol. 50(3), pp. 643-665. doi:10.1086/342423
- Bell, M., Ross-Larson, B. and Westphal, L.E. (1984), "Assessing the Performance of Infant Industries", Journal of Development Economics, Vol. 16(1), pp. 101-128. doi:10.1016/0304-3878(84)90103-2
- Ezema, B.I. and Ogujiuba, K. (2012), "The Developmental State Debate: Where Is Nigeria?", Journal of Sustainable Development, Vol. 5(1), pp. 100-113. Retrieved from http://search.proquest.com/docview/917631587?accountid=14608
- Goerg, H. and Labonte, P. (2012), "Trade Protection During The Crisis: Does it Deter Foreign Direct Investment?", The World Economy, Vol. 35(5), pp. 525-544. doi:10.1111/j.1467-9701.2012.01439.x
- Kaneda, M. (2003), "Policy Designs in a Dynamic Model of Infant Industry Protection", Journal of Development Economics, Vol. 72(1), pp. 91-115. doi:10.1016/S0304- 3878(03)00069-5
- Melitz, M.J. (2005), "When and How Should Infant Industries be Protected?", Journal of International Economics, Vol. 66(1), pp. 177-196. doi:10.1016/j.jinteco.2004.07.001
- Miravete, E.J. (2009), "Infant Industry Argument", In the Princeton Encyclopedia of the World Economy. Retrieved from http://0- search.credoreference.com.bianca.penlib.du.edu/content/entry/prewe/infant_industry_a rgument/0
- Ng, F. and Yeats, A. (1997), "Open Economies Work Better! Did Africa's Protectionist Policies Cause Its Marginalization In World Trade?", World Development, Vol. 25(6), pp. 889-904. doi:10.1016/S0305-750X(97)00011-9
- Umoh, O.J. and Effiong, E.L. (2013), "Trade Openness and Manufacturing Sector Performance in Nigeria", Margin: The Journal of Applied Economic Research, pp. 147-169. doi:10.1177/0973801013483505
- Okonjo-Iweala, N. (2012), Reforming the Unreformable: Lessons from Nigeria. Cambridge, Mass: Mit Press.
- Onakoya, A.B.O., Fasanya, I.O. and Babalola, M.T. (2012), "Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria", Mediterranean Journal of Social Sciences, 3(11), 637-646. Retrieved from http://search.proquest.com/docview/1411785496?accountid=14608
- Oshikoya, T.W. (2008), "Nigeria in the Global Economy", Business Economics, Vol. 43(1), pp. 31-43. Retrieved from http://search.proquest.com/docview/199813969?accountid=14608
- Panagariya, A. (2004), "Miracles and debacles: In Defence of Trade Openness", The World Economy, Vol. 27(8), pp. 1149-1171. doi:10.1111/j.1467-9701.2004.00650.x
- Saure, P. (2007), "Revisiting the Infant Industry Argument", Journal of Development Economics, Vol. 84(1), pp. 104-117. doi:10.1016/j.jdeveco.2006.10.001
- Tamuno, S.O. and Edoumiekumo, S.G. (2012), "Industrialization And Trade Globalization: What Hope for Nigeria?", International Journal of Academic Research in Business and Social Sciences, Vol. 2(6), pp. 157-170. Retrieved from http://search.proquest.com/docview/1440572279?accountid=14608
- Wright, S. (1998), Nigeria: Struggle for Stability and Status. Boulder, Colo: Westview Press.
- Impact of Protectionism on Economic Growth: A Case of Kuwait
Abstract Views :316 |
PDF Views:99
Authors
Affiliations
1 Metropolitan State University of Denver, CB 77, P. O. Box 173362, Denver, CO 80217-3362, US
2 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street,Denver, CO 80209.), US
1 Metropolitan State University of Denver, CB 77, P. O. Box 173362, Denver, CO 80217-3362, US
2 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street,Denver, CO 80209.), US
Source
Indira Management Review, Vol 7, No 2 (2013), Pagination: 04-20Abstract
International Trade has long debated as a source of economic growth for countries. Economists such as Adam Smith, David Ricardo, Eli Hecksher and Bertil Ohlin, and others have all put forward ideas and models for how countries benefit from international trade, at times building on their predecessorswork.AdamSmith started with his theory of absolute advantage of production, and countries specializing in the products they could produce at a lower cost. These goods would then be exported in exchange for similarly produced goods. David Ricardo Expanded this model looking instead at the theory of comparative advantage. Hecksher and Ohlin continued this trend looking at factor endowments for beneficial trade. Trade can increase the welfare in all countries, but import tariffs then reduce the welfare gained from trade. There are many reasons for protectionism including undesirable specialization, instability in the export market, terms of trade deterioration, aiding infant industries and others. These theories are applied to the situation in Kuwait and it's policies of protectionism. Kuwait currently allows only Kuwaiti individuals and Kuwaiti majority shareholder firms to import into the country, and there is a 5% ad valorem tax on most nonfood items. In early 2006 there was a modernization of the Kuwaiti customs system resulting in an increased efficiency, which then caused an increase in imports. This is verified in the data obtained from the World Bank. The result being an ease in trade leads toincreased tradeandoverallwelfare.Full Text
- Understanding the effect of Dutch Disease On The Economy Of A Developing Country:The Nigerian Case
Abstract Views :240 |
PDF Views:118
Authors
Affiliations
1 Korbel School of International Studies, University of Denver, US
2 IJEB, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Korbel School of International Studies, University of Denver, US
2 IJEB, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
Indira Management Review, Vol 8, No 1 (2014), Pagination: 4-17Abstract
Nigeria is one of many developing economies affected by the "Dutch Disease"- a concept that diagnoses the case of a country so poor yet so rich even with abundant resources. Is it possible to have resource endowment and have a slow growing economy with little or no infrastructural development? In 2009, studies showed that there has been a steady decline in life expectancy and standard of living since the discovery of crude oil in Nigeria in 1956. This is a misnomer as the country has "earned more than US$300 billion from crude oil" (Okonjo-Iweala, 2012, p.4) but corruption, infant mortality, and poor infrastructure has become the bane of the economy impeding any of form of development. In this paper, the concept of Dutch disease as it affects Nigeria is considered with a view to understanding the major culprits in the country's case. It is also surmised that the chief culprit for a nation's poverty is not always the lack of abundant natural resources but lack of planning, preparedness , transparency , mismanagement of these resources and a high level of corruption. It has been concluded that Nigeria as a nation of talented and industrious people would have fared better economically and as a consequence politically, if crude oil had not been discovered and exploited. Some evidence is the gradual decline of GDP, the increase in unemployment rate and the continued increase in the country's poverty level. These should not be the indices of a resource-rich country.Full Text
- A Case Study:Impact of International Liberalization on the Indian Economy
Abstract Views :331 |
PDF Views:115
Authors
Affiliations
1 Korbel School of International Studies, University of Denver, US
2 Indian Journal of Economics and Business, Metropolitan State University of Denver, Denver, CO, US
1 Korbel School of International Studies, University of Denver, US
2 Indian Journal of Economics and Business, Metropolitan State University of Denver, Denver, CO, US
Source
Indira Management Review, Vol 6, No 2 (2012), Pagination: 39-54Abstract
This paper, using the Solow growth model looks at the impact of liberalization on India's economic growth. Additionally, using empirical data, it analyzes the patterns, processes, and characteristics of India's economic growth. The Solow model explains the long run economic growth via the change in the Solow residuals. This paper defines the Solow residual as International trade. This paper will show that International trade and fewer regulations on exports and imports have ignited high economic growth in India. After the late 1980s, India saw an immense increase in international trade. Led by low tariff rates, India saw a hike in exports and imports and more importantly, foreign investments. With the backing of facts and figures, this paper will show that India has actually benefited in terms of economic growth from international trade. With liberalization, India has not only had success in the macro level, but it has also impacted people in terms of per capita income in the micro level. This paper is broken down into 4 sections. The first section gives an introduction to India and its relevance to the Solow model. The second section explores the theoretical framework of the Solow model. The third section uses the empirical data to examine the impact of liberalization on India (pre and post reformation). Finally, the fourth section is the analysis and conclusion section which compares India to other South Asian counties and gives policy recommendation.Keywords
International Trade, Foreign Direct Investment, Exports, Imports.Full Text
- The Challenges of Global Population Growth:Theories, Policies, and the Case of Egypt
Abstract Views :422 |
PDF Views:0
Authors
Affiliations
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80209, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80209, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 7, No 1 (2018), Pagination: 62-79Abstract
Many developing countries are experiencing rapid population growth, and this phenomenon has the potential to cause various economic, social, and environmental problems in such countries. Accordingly, this paper will explore the issue of expanding populations and their affect on a country's socioeconomic status by examining various population growth theories and applying them to a specific country. First, we will consider global population growth in detail, followed by a summary of the various views as to whether larger populations affect economic development positively or negatively. Next, we will observe the case of Egypt, a highly populated country whose rapid growth has been a focus of government policy for the last six decades. Finally, given Egypt's example, we will reach a conclusion as to how other developing countries might best solve their own population growth problems and consequently better develop economically as well as socially.Keywords
Egypt Economy, Population Explosion, Economic Development.References
- Ahlburg, D.A., A.C. Kelley, K. Oppenheim Mason, eds. The Impact of Population Growth on Well-Being in Developing Countries. Springer-Verlag Berling: Heidelberg, 1996.
- Awad, Alyaa and Ayman Zohry. “The End of Egypt Population Growth in the 21st Century: Challenges and Aspirations.” The 35th Annual Conference on Population and Development Issues, December 2005.
- Birdsall, Nancy, Allen C. Kelley, Steven W. Singding, eds. Population Matters: Demographic Change, Economic Growth, and Poverty in the Developing World. Oxford University Press: New York, 2001.
- Cropper, Maureen and Charles Griffiths. (1994 May), “The Interaction of Population Growth and Environmental Quality.” The American Economic Review,1994, pp. 250-254.
- Malthus and Robert T. An Essay on the Principle of Population, Vol. 1., Cosimo, Inc.: New York, 2006.
- Coming Up Short: Struggling to Implement the Cairo Program of Action. United Nations: New York, 1997.
- Fargues, Philippe. (1997, March), “State Policies and the Birth Rate in Egypt: From Socialism to Liberalism.” Population and Development Review,1997, pp.115-138.
- Population Challenges and Development Goals. United Nations: New York, 2005.
- Population, Environment, and Development: The Concise Report. United Nations: New York, 2001.
- Population Growth and Demographic Structure: Proceedings of the United Nations Expert Group Meeting on Population Growth and Demographic Structure. United Nations: New York, 1999.
- Population Growth, Structure, and Distribution: The Concise Report. United Nations: New York, 1999.
- Population Research Bureau Data Finder. http://www.prb.org/DataFinder. aspx. Washington, D.C., 2010.
- Robinson, Warren C. and Fatma H. El-Zanaty. The Demographic Revolution in Modern Egypt. Lexington Books: New York, 2006.
- Sen, Gita, Adrienne Germain and Lincoln C. Chen, eds. Population Policies Reconsidered: Health, Empowerment, and Rights. Harvard School of Public Health: Boston, 1994.
- World Population Prospects: The 2008 Revision. United Nations Department of Economic and Social Affairs, Population Division: New York, 2009.
- Todaro, Michael P. and Stephen C. Smith, eds. Economic Development 9th Ed. Pearson Addison Wesley: Upper Saddle River, NJ: 2006.
- A Revisit to an Open Economy Analysis and the Demand for Money Stability: A Case of India
Abstract Views :540 |
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Authors
Affiliations
1 Metropolitan State University of Denver, P. O. Box 173362, Campus Box 77, Denver, CO 80217-3362, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Metropolitan State University of Denver, P. O. Box 173362, Campus Box 77, Denver, CO 80217-3362, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 8, No 1 (2019), Pagination: 18-37Abstract
The stability for Demand for Money (DFM hereafter) functional form has been a hot topic amongst Monetarists and Keynesian economists since the 1970s. Numerous studies have since been in search of the proper estimates of the DFM function and its determinants. This paper is a revisit of Kulkarni-Yuan (2006) paper, “Demand for Money in an Open Economy Setting: A Case of India”. It will compare K-Y Vector Error Correction Model (VECM hereafter) regression model for a closed and open economy using 12 years of additional data up to 2016, to new VECM regressions using data spanning for 48 years. With over half the data now available under an open economy setting, we should see an open economy model being the appropriate model to apply to India’s open economy. After running the regressions, we observe that our findings are consistent with traditional Monetarist theory where real GDP being the most significant determinant of demand for money, and interest rate and other variables have little lower effect than GDP. In case of India, this is quite consistent with expectations because interest rates are not inherently very flexible.Keywords
Demand for Money Theory, Keynesian Theory, Monetarist Theory, Open Economy Model.References
- Arora, N. & Osati, E. A. 2016. “Does India have a Stable Demand for Money Function After Reforms? A Macroeconometric analysis”, Applied Econometrics, 2016, Vol. 44, pp. 25-37.
- Boughton, J. 1991. “Long-run money demand in large industrial countries”, IMF Staff Papers, 1991 Mar, Vol. 38, pp. 1-32.
- Friedman, M. 1959. “The demand for money- some theoretical and empirical results”, Journal of Political Economy, 1959 Jun, Vol. 67, pp. 327-351.
- Friedman, M. 1937. “Studies in the Quantity Theory of Money”, Chicago, University of Chicago Press, 1937.
- Goldfeld, S. M. 1973. “The Demand for Money Revisited”, Brookings Papers on Economic Activity, 1973, Vol. 3, pp. 577-638.
- Inoue, T. & Shigeyuki, H. “An Empirical Analysis of the Money Demand Function in India”, Institute of Developing Economies, IDE Discussion Paper.
- Jadhav, N. 1994. “Monetary Economics for India”, Macmillan India Ltd., New Delhi, 1994.
- Judd, J. & Scadding, J. 1982. “The search for a stable money demand function: A survey of post 1973 literature”, Journal of Economic Literature, 1982 Sep, Vol. 20, pp. 993-1023.
- Kulkarni, K. 1986 Apr. “Further empirical evidence on stability of demand for money in India”, Journal of Economics, 1986 Apr, pp. 18-34.
- Kulkarni, K. & Erickson, E. L. 2000. “Demand for money in an open economy setting: A case of India”, Indian Journal of Economics, 2000 Jul, Vol. 81, No. 320.
- Kulkarni, K. &Yuan, M. 2006. “Demand for money in an open economy setting: A case of India”, ICFAI Journal of Applied Economics, 2006 Sep, pp. 52-66.
- Kulkarni, K. 2009. “Principles of Macro-Monetary Economics” Kendall Hunt Publishing Company, Dubuque, Iowa, 5th Edition, 2009.
- Laidler, D. E. W. 1993. “The demand for money: Theories, evidence and problems”, Harper Collins College Publishers, Chicago, IL, 1993.
- Lieberman, C. 1980. “The long-run and short-run demand for money, revisited”, Journal of Money Credit and Banking, 1980 Feb, Vol.12, pp. 43-57.
- Short Comparison of Trade Policies in Thailand, Myanmar and Laos
Abstract Views :163 |
PDF Views:90
Authors
Affiliations
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80208, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Korbel School of International Studies, University of Denver, 2201 South Gaylord Street, Denver, CO 80208, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
SAMVAD: International Journal of Management, Vol 22, No 0 (2021), Pagination: 1-6Abstract
Many individuals remember the Golden Triangle as the drug trafficking center of the World. However, Thailand, Myanmar and Laos have each taken contrasting paths of economic development. The paper aims to explore the countries’ varying approaches to tariff policy and its effects on the economy. The first part of the paper describes some of the important theoretical perspectives to international trade such as comparative advantage, the Heckscher-Olin theorem and the gravity model, before discussing tariffs and other obstructions to free trade. The next part of the paper delves deeper into the tariff policies of the Golden Triangle countries and their effects. Thailand emerges as the most economically successful of the three countries and she has successfully used tariffs to implement more sustainable development. Myanmar still has several tariffs and sanctions, except for when dealing with other ASEAN countries. The instability of the government is a concern for Myanmar if they want to become more successful. The Laotian government has recently cut most tariffs and is starting to see much more development and economic growth as a result. The paper concludes that, free trade is imperative to economic success and free trade is perfectly represented in the differing stages of development that the three counties currently occupy. Hopefully, each can continue to develop and prosper through more liberalization of their economies.Keywords
International Trade Benefits, Laos, Myanmar, Thailand, Trade PoliciesFull Text
References
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- Asia News Monitor (2019, Jul 08). Myanmar (Burma): Myanmar’s tariff hikes: Daring but worth the risk. Asia News Monitor Retrieved from https://du.idm.oclc.org/ login?url=https://www-proquest-com.du.idm.oclc.org/ newspapers/myanmar-burma-myanmars-tariff-hikes-dar- ing-worth/docview/2252768762/se-2?accountid=14608
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- NAFTA in Mexico: What Worked? And What Did Not?
Abstract Views :225 |
PDF Views:104
Authors
Affiliations
1 Economics Major, Department of Economics, Metropolitan State University of Denver, Campus Box 77, P. O. Box 173362, Denver, CO 80217-3362, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, (www.irbejournal.com), Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Economics Major, Department of Economics, Metropolitan State University of Denver, Campus Box 77, P. O. Box 173362, Denver, CO 80217-3362, US
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, (www.irbejournal.com), Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
SAMVAD: International Journal of Management, Vol 23, No 0 (2021), Pagination: 1-7Abstract
Mexico joined the General Agreement on Tariffs and Trade in 1986 and less than a decade later joined the North American Free Trade Agreement (NAFTA) with the United States and Canada in 1994. Before these trade liberalizing moves, Mexico had hit a few bumps in the road when it came to stimulating economic growth. Unfortunately, the post NAFTA world and especially the COVID-19 world have only left more bruises on Mexico’s economy. Most economists will agree that the Mexican economy is currently in struggling shape and that some positive effects of NAFTA did not help. The purpose of this paper is to point out the small handful of economic aspects from NAFTA that had a positive effect on Mexican Trade and the Mexican economy. After explaining each aspect of what worked and why it did not last, we will conclude with what we can learn from this and what can be changed looking forward.Keywords
Free Trade, NAFTA Effects, Mexican Economy, Trade Agreements.Full Text
References
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- From Vanilla to Immiserizing Growth, Better Economy and Worse Living Conditions: A Case of Madagascar
Abstract Views :212 |
PDF Views:106
Authors
Affiliations
1 Student in International Studies, University of Denver, 2201 Gaylord Street, Denver, CO 80208, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 Student in International Studies, University of Denver, 2201 Gaylord Street, Denver, CO 80208, US
2 International Review of Business and Economics, Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
SAMVAD: International Journal of Management, Vol 24, No 0 (2022), Pagination: 01-08Abstract
This paper aims to explain and test Jagdish Bhagwati’s theory on Immiserizing Growth, focusing on export elasticity of demand. The Immiserizing Growth Hypothesis refers to the phenomenon when a country’s economic growth through international trade harms its citizens’ welfare because its Terms of Trade (TOT) deteriorate from increased exports (Bhagwati, 1958). Since then, other scholars have argued the theory lacks real-world consideration and finds almost no real-world case where the theory holds (Pryor, 2007). The core of Bhagawati's theory is not just the relationship between the Gross Domestic Product (GDP) growth and increase in the poverty rate, but also how the deterioration of TOT and increasing trade cause Immiserizing Growth. How does the elasticity of a country’s export sector affect that country’s TOT? Does Dr. Bhagwati’s causation still stand today? The paper's first section explains Bhagwati’s theory in detail and examines past publications and studies on Immiserizing Growths. Then, the study applies the approach to Madagascar’s economy from 1993 to 2008, excluding fiscal years 2002 and 2003 due to election violence. The case study hopes to establish causality between export supply inelasticity and the occurrence of Immiserizing Growth using empirical data. Lastly, the paper concludes with potential future case study plans and impacts.
Keywords
Country Study: Madagascar, Economic Growth and Terms of Trade, Immiserizing Growth TheoryFull Text
References
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- Pandemic and Global Food Insecurity: Experience from Developing Countries
Abstract Views :293 |
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Authors
Affiliations
1 MA Candidate, International Development (Major in Economics), JKSIS, University of Denver, Colorado 80208, United States, and Assistant Professor, Institute of Disaster Management and Vulnerability Studies, University of Dhaka, Dhaka 1000, BD
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, (www.irbejournal.com) Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
1 MA Candidate, International Development (Major in Economics), JKSIS, University of Denver, Colorado 80208, United States, and Assistant Professor, Institute of Disaster Management and Vulnerability Studies, University of Dhaka, Dhaka 1000, BD
2 Distinguished Professor of Economics, Chief Editor, International Review of Business and Economics, (www.irbejournal.com) Campus Box 77, P. O. Box 173362, College of Business, Metropolitan State University of Denver, Denver, CO 80217-3362, US
Source
ANVESHAK-International Journal of Management, Vol 11, No 1 (2022), Pagination: 56-88Abstract
The widespread COVID-19 pandemic has devastated the world economy unprecedently. The developed economy even shows considerable weakness in dealing with and effectively managing pandemic issues. The pandemic aftermath is also terrible for many developing countries, which will be beyond their control. With the economic fragility and weaker development planning, many developing countries may not handle the aftermath and the consequences will be deadly. Due to sudden livelihood failure and meager income opportunities, developing countries’ impoverished households will face hardship. Widespread hunger and malnutrition might be unavoidable consequences for many developing countries. This research will focus on how this pandemic can create hunger and protracted crisis in developing countries as an immediate and long-term consequence of the recent pandemic. Using real world experiences from Asia and Africa, from Southeast Asia and Sub-Saharan Africa in particular, this study explores how the current pandemic may create short-term and long-term food insecurity and hunger in developing countries.Keywords
Agriculture, Food Insecurity, Governance, Livelihood, Malnutrition, PandemicReferences
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