This paper analyzes the role of financial development as a source of endogenous instability in small open economies. By assuming that firms face credit constraints, our model displays a complex dynamic behavior for intermediate values of the parameter representing the level of financial development of the economy. The basic implication of our model is that economies experiencing a process of fi...

abstract:while energy especially oil, crises and economic integration have been playing an important role indevelopment and growth in east west asia economies and their intertwining relations, only limitedquantitative research on their impact has been carried out and reported for improved debate andcredible policy use. this paper uses an econometric modeling innovation with features superior to...

This survey discusses theoretical models of speculative attack and currency crises, and reviews the empirical evidence. The paper outlines the correspondence of the models to different cases of crisis (e.g. Latin American crises, the ERM breakdown, and the recent Asian crisis), and points to gaps in the theoretical literature for explaining the Asian crisis. The large economic costs resulting f...

the convergence hypothesis maintains that an economy whose productivity lags behind other economies has a potential to grow faster. in other words, this economy can experience faster economic growth through absorbing, accepting, and using available technology experience. in this study, we have examined the relationship between tfp of industry sectors and regional convergence in iran's prov...

Although emerging market Asian economies have experienced high growth without crises for close to a decade, many commentators find the large buildup of foreign exchange reserves among these economies both puzzling and evidence of incipient global imbalances. This paper reviews some of the experience of Asian countries over the last decade. We focus on the degree to which Asian economies have ex...

 International trade causes that markets to become more competitive and small-medium sized enterprises (SMEs) learn to compete effectively within this increasingly competitive global market place. SMEs are able to take advantage of increased opportunities in domestic markets that follow from international trade. It is indeed a way for internationalization of SMEs. This paper analyzes income and...

While energy especially oil, crises and economic integration have been playing an important role indevelopment and growth in East West Asia economies and their intertwining relations, only limitedquantitative research on their impact has been carried out and reported for improved debate andcredible policy use. This paper uses an econometric modeling innovation with features superior toexisting ...

ONE EAST ASIAN country after another has taken off from a stagnant state to achieve an annual economic growth rate of 10 percent or more. The fact that such high economic growth rates are being sustained, along with observation based on growth convergence regressions that prior economic and social conditions do not seem to have warranted such rapid growth, has led many to call the East Asian gr...

This paper conducts empirical investigation on the relationship between exchange rate and inflation targeting regime in the three developed and three emerging Asian economies that have adopted inflation targeting (IT) regime. Using a multivariate GARCH model under BEKK specification, we investigate if exchange rate affect the performance of IT and the performance of IT is compared between Asian...