India’s Post-Liberalisation Blues
Deepak Lal
Pages 1 - 12
This article first explains why India’s recent form of rent seeking has not damaged its growth performance. Second, it argues that India’s recent embrace of Latin American style populism could lead to a ‘growth collapse’. Third, the entitlement economy being created from the rising tax revenues of r ... Read more
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Raising Consumption, Maintaining Growth and Reducing Emissions
The objectives and challenges of China’s radical change in strategy and its implications for the world economy
Nicholas Stern
Pages 13 - 34
China’s 12th five-year plan represents a radical change in strategy. China now sees its future growth within this strategy and accordingly as driven by: a rising share of consumption; moving to a low-carbon economy; and innovation. Two indicators are examined – capital efficiency and the relationshi ... Read more
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Counting the Bottom Billion
Measuring the wealth and progress of African economies
Morten Jerven & Morten Jerven
Pages 35 - 52
What do the statistics from the international databases tell us about income and growth in Sub-Saharan Africa? Less than we would like to think. The article takes a starting point in per capita GDP estimates in Africa. Recently, Ghana announced a revision of its GDP statistics, increasing its nation ... Read more
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The Shadow Economy Labour Force
What do we (not) know?
Friedrich Schneider
Pages 53 - 92
In this paper, the main focus lies on the development and size of the shadow economy labour force in OECD, developing and transition countries. Besides informal employment in the rural and non-rural sector, other measures of informal employment like the share of employees not covered by social secur ... Read more
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Economic and Monetary Union Governance
Irene Kyriakopoulos
Irene Kyriakopoulos
Pages 93 - 108
The global financial crisis has exposed serious flaws in the economic governance of the Eurozone. The crisis has accelerated pre-existing divergence in the performance of member states in terms of economic growth, unemployment and inflation. Economic and Monetary Union (EMU) governance structures ha ... Read more
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Greece and Ireland
A comparison of their economic policies and economic prospects
Michael Mitsopoulos & Theodore Pelagidis
Pages 109 - 120
In this short paper, we deal with a comparison of the economic policies that Ireland and Greece have followed since the early 1990s on four fronts. We do that in four sections correspondingly. We begin with the general macroeconomic environment and policies’ comparison. We continue with the public-s ... Read more
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Currency Wars
Rhetoric and Reality
Graham Bird & Thomas D. Willett
Pages 121 - 136
The concept of ‘currency wars’ has come into popular use in recent years. This article examines various meanings of the phrase and its historical antecedents. It goes on to discuss why currency wars have become the focus of attention and the economic policy weapons that may be used to conduct such w ... Read more
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Foreign Assistance and Economic Growth
Evidence from Pakistan 1972–2010
Muhammad Abdul Wahab & Vaqar Ahmed
Pages 137 - 152
This paper examines the relationship between foreign assistance and economic growth for the period 1972 to 2010. Past literature indicates that, due to low domestic resource mobilisation, Pakistan had to resort to various forms of foreign assistance on a regular basis. Using time series data since 1 ... Read more
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Does Government Spending Crowd Out Private Consumption and Investment?
Theory and some empirical evidence
Davide Furceri & Ricardo M. Sousa
Pages 153 - 170
This paper reviews the theoretical and empirical literature on the existence of crowding-out versus crowding-in effects. It also provides some new empirical evidence on the effect of changes in government spending on private consumption and investment by using a panel of 145 countries from 1960 to 2 ... Read more
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The Diseconomies of Terrorism
Peter J. Phillips
Pages 171 - 192
The Global Terrorism Database (GTD) contains many active and inactive terrorist groups. The defining characteristic of the terrorist groups contained in the GTD is smallness. Unlike the modern business enterprise, for example, there appears to be no trend towards ‘bigness’. This paper presents an an ... Read more
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Book Review
Keith Boyfield on Stephen Ellis: Season of Rains: Africa in the World.
Diane Flaherty and Bill Gibson on Sylvia Nasar: Grand Pursuit: The Story of Economic Genius.
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