in the initial models of economic growth, economic factors entered in to models but in the following models, non-economic factors entered in to models. many broad studies were done on this subject by the economists, and already considerable results were obtained. subjects such as corruption in the administrative bodies were new variables entering the literature of economic growth at that stage....

This paper examines how devaluations affect the relative cost of labor and capital and therefore influence production levels, profitability, investment decisions, and stock returns for firms in the “crisis” country as well as competitors in the rest of the world. The paper develops these ideas in a small, open-economy model and then performs a series of empirical tests using information for abo...

When energy prices increased suddenly and unexpectedly in 1973-74 and 1979-80, a portion of the long-lived capital stock in U.S. manufacturing was rendered economically less valuable. In this paper we develop an analytical framework, consistent with the theory of cost and production, that provides an appealing structural interpretation of this capital revaluation phenomenon. In the spirit of a ...

A simple framework is developed to analyze the important role of the bond market for the welfare of a long horizon small investor when both inflation and the real interest rate are stochastic. Closed form solutions for investor utility in different settings are used to show that the welfare loss due to the absence of long term bond markets increases with the investor’s horizon and risk aversion...

Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalization...

Network processes have long been implicated in the reproduction of labor market inequality, but it remains unclear whether white male networks provide more social capital resources than female and minority networks. Analysis of nationally representative survey data reveals that people in white male networks receive twice as many job leads as people in female/minority networks. White male networ...