Proper holomorphic mappings of balanced domains in Cn\mathbb{C}^n

We extend a well-known result, about the unit ball, by H. Alexander to a class of balanced domains in $\mathbb{C}^n, \ n > 1$. Specifically: we prove that any proper holomorphic self-map of a certain type of balanced, finite-type domain in $\mathbb{C}^n, \ n > 1$, is an automorphism. The main novelty of our proof is the use of a recent result of Opshtein on the behaviour of the iterates of holomorphic self-maps of a certain class of domains. We use Opshtein's theorem, together with the tools made available by finiteness of type, to deduce that the aforementioned map is unbranched. The monodromy theorem then delivers the result.Comment: 12 pages; article extensively rewritten; additional hypothesis added to the main result; to appear in Math. Zeitschrif

South-south monetary integration: the case for a research framework beyond the theory of optimum currency area

Optimum Currency Area (OCA) theory proves inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies since the 1990s. Building on the concept of original sin developed by Eichengreen et al. we argue that a different conceptual framework is needed as these regional monetary South-South integration (SSI) schemes differ fundamentally from North-South arrangements because they involve none of the international reserve currencies. Insights from the cases of monetary south-south cooperation in Southern Africa, East Asia and Latin America suggest that SSI can have beneficial effects on macroeconomic stability. This paper sketches a first set of hypotheses on the necessary conditions for these stability gains to materialise. --Regional Monetary Integration , Optimum Currency Area (OCA) Theory , Development Theory , ASEAN , MERCOSUR , CMA

Regional Monetary Integration among Developing Countries: New Opportunities for Macroeconomic Stability beyond the Theory of Optimum Currency Areas?

Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of ‘original sin’ (Eichengreen et al.) we argue that regional monetary South-South integration schemes that, unlike North-South arrangements, involve none of the international reserve currencies, have specific monetary constraints and implications which need to be duly considered. A first comparative analysis of three cases of monetary South-South cooperation in South Africa (CMA), East Asia (ASEAN) and Latin America (Mercosur) shows that these can indeed provide macroeconomic stability gains but that this strongly depends on the existence of economic hierarchies within these integration schemes.regional monetary integration, monetary integration theory, development theory, ASEAN, Mercosur, CMA

Corruption, Investment and Economic Growth: Theory and International Evidence

This paper analyzes the real effects of corruption on a firm’s production function. Using an augmented-Solow Growth model, with multifactor productivity as a function of corruption, a closed-form solution is derived for real GDP per capita, economic growth and physical capital per capita, at steady-state. With the a priori assumption of a negative relationship between corruption and multifactor productivity, it is shown that corruption negates a society’s standard of living, economic growth and investment level. OLS results of the closed-form solutions not only support this theoretical finding for a full cross-section of countries, but they also reveal that corruption may have a positive concave effect on economic variables for the OECD sample. Nonlinear least squares estimates of the elasticities of physical and human capital, with the inclusion of the corruption index, confirm that the productivity of inputs is impacted. &nbsp

the case for a research framework beyond the theory of optimum currency area

Optimum Currency Area (OCA) theory proves inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies since the 1990s. Building on the concept of ‘original sin’ developed by Eichengreen et al. we argue that a different conceptual framework is needed as these regional monetary South-South integration (SSI) schemes differ fundamentally from North-South arrangements because they involve none of the international reserve currencies. Insights from the cases of monetary south-south cooperation in Southern Africa, East Asia and Latin America suggest that SSI can have beneficial effects on macroeconomic stability. This paper sketches a first set of hypotheses on the necessary conditions for these stability gains to materialise