THE COMPETITIVENESS OF UK MANUFACTURING: EVIDENCE FROM IMPORTS

The paper presents an empirical analysis of the behaviour ofUK imports of manufactures, intended to develop understandingof non-price competitiveness by evaluating the impact of capacityconstraints, international specialisation, and industrial standards.Two data sets are employed: aggregate data for the period 1970–93,and a panel of 81 industries for 1985–90. Structural stabilityin a model of the former suggests that no competitiveness improvementhas occurred in domestic UK manufacturing which matches thatfound elsewhere for exports The panel model shows the importantimpact of standards on imports, while confirming that skilledlabour shortages are a key source of volatility.     

FACTORS INHIBITING DEFLATIONARY BIAS IN CURRENCY BOARD ECONOMIES: EVIDENCE FROM THE COLONIAL ERA

A traditional criticism of currency boards is that they impart a deflationary bias to growing economies. Three factors, however, may inhibit the bias: increases in the velocity of money; increases in the monetary base, which under a currency board occur only through balance-of-payments surpluses; and increases in the money multiplier. This article investigates each of the factors in Fiji, Ghana, Jamaica and Malaya over various periods near the end of the colonial era. Except in Malaya, where the money multiplier declined, all helped prevent deflationary outcomes. In broad terms, growth in the monetary base was the most important.     

DEVELOPING EMPLOYMENT EFFECTS OF INNOVATIONS: MICROECONOMETRIC EVIDENCE FROM TAIWAN

This paper aims to identify the effects of innovation on employment and labor composition in Taiwan. Using a new and detailed firm‐level data set, the empirical results determine that innovations, measured by R&D investments or patent counts, have a positive impact on employment. Both of the estimated employment effects of product and process innovations are overall significantly positive. Although the effects of process innovations differ between high and low R&D‐intensive industries, the process innovation tends to expand the firms’ output and then increase employment for high R&D‐intensive industries. However, it frequently results in laborsavings in terms of production work and reduces jobs in low R&D‐intensive industries. Moreover, technological innovations are found to be non‐neutral, leading to a shift in labor composition in favor of skilled and more educated workers.     

PRICE‐SETTING BEHAVIOR IN TURKISH INDUSTRIES: EVIDENCE FROM SURVEY DATA

This study investigates the price‐setting behavior of Turkish industries based on the results of a survey that was conducted by the Central Bank of the Republic of Turkey. The results show that, under normal conditions, the majority of the firms follow a time‐dependent pricing rule but when significant events occur a substantial fraction of them alter their behavior to state‐dependent reviewing. The median Turkish firm reviews its prices every month, but changes its prices four times a year. Price reviews and changes are affected by: the market share, price discrimination, customer type, firm size, and the existence of regulated prices.     

DISGUISED UNEMPLOYMENT AND MARKETED SURPLUS OF FOODGRAINS IN A DEVELOPING ECONOMY

The thesis of Balanced Growth in the underdeveloped countries provided by Prof. Nurkse was strengthened by this essay throwing light on the problems which were not deeply treated in the original theoretical frame; and some critical comments were included in this paper against the criticism which has been brought against Nurkse's theory.