Hard currency indebtedness of the developed socialist countries

From Hard Currency Policy to Monetary Union

In the wake of monetary integration in Europe, Austria abandoned the tested hard currency policy (HCP) for joining EMU as a member. The final target of monetary policy and real sector adjustment needs are similar in both regimes, and the HCP may therefore be viewed as a convenient "training camp" for later EMU accession. Georg Winckler devoted a number of essays on the critique, but also on the...

Chronicle of Currency Collapses and the Effects on Output: Evidence from Six Asian Countries

The main goal of the present paper is to analyze the effects of currency collapses (a large devaluation of country’s nominal exchange rate) on real gross domestic products of six Asian countries (Iran, Indonesia, Malaysia, Pakistan, South Korea, and Turkey). A yearly data is collected from the WDI of the World Bank over the period 1980-2011. The econometric model includes the real GDP growt...

The effect of wage growth caused by stock market liquidity on income inequality and poverty in developed and developed countries

One of the significant incentives of the investors to enter the capital market is to earn profits and finally increase wealth. However, one of the most important concerns of the investors while investing in the stock market is the liquidity of the stocks. Thus, the high liquidity of the stock market reduces the risk of non-liquidity of the stock, as well as reduces the cost of capital accumulat...

The Informal Sector in Developed and Less Developed Countries

The main goal of this study is two-fold: (1) to provide a general overview of the contributions to the literature on the informal sector, with a special focus on the Public Choice approach; and (2) to compare these contributions across two institutionally different types of countries: developed and less developed (developing and transition) countries. The paper focuses on the criteria used to d...

The Economics of Fertility in Developed Countries