20,173 research outputs found
Trade Sustainability and Aid under Liberalization in Fragile Least Developed Countries
This study investigates the effect of trade liberalization on export growth, import growth, the trade balance and the current account of the balance of payments in 17 least developed countries (LDCs) over the period 1970 to 2001. The paper also assesses the marginal relation between capital flows (e.g., aid flows) and import growth, and the trade balance and the current account of the balance of payments. The higher import growth contrasts with the more modest export growth following trade liberalization and this has fundamental policy implications, especially for the balance of trade and the balance of payments. However, the financing and sustainability of the trade deficit in the reforming countries will depend not only on the outcome of trade liberalization, but also on other macroeconomic policies, developments in the real exchange rate and the inflows of foreign capital.trade liberalization, aid, balance of payments, dynamic panel data, least developed countries
Terms of Trade Shocks and the Current Account in Small Island States
This paper investigates the dynamic relationship between terms of trade shocks and the current account in selected small islands developing states. The findings show that the terms of trade explain a significant proportion of the variation in the current account balances. Also, the current account balances reflect a J-curve type reaction to terms of trade innovations. Real output also reacts negatively to changes in the terms of trade.terms of trade shocks, current account balance, panel data, vector autoregression, VAR
Export Productivity and Specialization in China, Brazil, India and South Africa
This paper analyses the patterns of export productivity and trade specialization profiles in the China, Brazil, India and South Africa, and in other regional groupings. In doing so, the investigation calculates a time varying export productivity measure using highly disaggregated product categories. The findings indicate that export productivity is mainly determined by real income and human capital endowments. Importantly, the study reveals significant differences in the export productivity and specialization patterns of countries with comparable per capita income levels. For instance, China?s export productivity and implied export sophistication is in line with that of countries with higher per capita incomes, including some OECD industrial economies.export productivity, trade specialization, comparative advantage
China and India: Country Role Models of Development Success?
The paper discusses views on China and India as country role models. In so doing the article recounts the economic and political reforms pursued by the two countries. The paper also outlines the outstanding reforms and the bottlenecks that could jeopardize economic performance and development going forward, drawing lessons for other developing countries.China, India, reforms, growth, development
Energy Consumption and Carbon Emission-Based Productivity Change and Industrialization in Post-Reform
The paper investigates the determinants of productivity growth in China. It also analyses the sustainability of the country’s industrial growth by estimating sectoral productivity, accounting for energy usage and emission since the start of the marketoriented reforms in the late 1970s. The growth accounting analysis indicates that productivity is the most significant driver of growth. Energy and capital are also important factors promoting China’s industrial growth. The substantial productivity improvement of China’s industry is attributable more to high-tech light industrial sectors. Heavy industry, characterized by high energy emission levels, lags behind in terms of productivity and overall technical change.productivity growth, industrial sustainability, energy consumption, carbon emission
Export Productivity, Finance, and Economic Growth: Are the Southern Engines of Growth Different?
Using a panel of 139 countries over the period 1992-2003, we analyse the links between export productivity, economic growth and financial development indicators. We then investigate whether the links observed in China, India and Brazil systematically differ from those observed in other countries in the sample. We find that both GDP per capita and investment generally exert a positive and significant effect on export productivity. Except for Brazil, financial development is not an important determinant of export productivity. Moreover, except for Brazil, export productivity plays a positive effect on growth, and so does financial development for both China and Brazil, but not for India. Finally, in both India and Brazil, FDI is negatively associated with growth.export productivity, financial development, FDI, growth
China and India.s Development Strategies: Lessons for Developing Countries
Development, Industrial Policy, Environmental Sustainability
Negative modes and the thermodynamics of Reissner-Nordstr\"om black holes
We analyse the problem of negative modes of the Euclidean section of the
Reissner-Nordstr\"om black hole in four dimensions. We find analytically that a
negative mode disappears when the specific heat at constant charge becomes
positive. The sector of perturbations analysed here is included in the
canonical partition function of the magnetically charged black hole. The result
obeys the usual rule that the partition function is only well-defined when
there is local thermodynamical equilibrium. We point out the difficulty in
quantising Einstein-Maxwell theory, where the so-called conformal factor
problem is considerably more intricate. Our method, inspired by hep-th/0608001,
allows us to decouple the divergent gauge volume and treat the metric
perturbations sector in a gauge-invariant way.Comment: 24 pages, 1 figure; v2 minor changes to fit published versio
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