Global economy gathering strength

Encouraged by a highly expansionary economic policy, the global economy is enjoying a rapid upturn. Utilisation of capacity is high in many sectors, particularly in the growth centres of the USA and East Asia, where China leads the field. With inflationary risks on the increase, most countries are now shifting the focus of economic policy. Fiscal policy in particular can be expected to provide little in the way of further stimulus. In addition, there has been a turnaround in interest rates in many countries. Yet how quickly can the monetary reins be tightened without jeopardising growth or endangering price stability?     

New ways of achieving debt sustainability beyond the enhanced HIPC Initiative

In 1996 the Heavily Indebted Poor Countries (HIPC) Initiative was launched by the Bretton Woods institutions to reduce the external debt burden of low-income countries (LICs) to sustainable levels in a reasonably short period of time because debt constitutes an obstacle to sustainable economic growth and poverty reduction. In some HIPCs, however, debt sustainability has been in danger despite debt relief under the HIPC Initiative. Debt relief is a necessary but not a sufficient condition for development. It can do no more than play a catalytic role. The question, then, is how to achieve debt sustainability beyond the HIPC Initiative.     

Self-Employment and Job Satisfaction: Investigating the Role of Self-Efficacy, Depression, and Seniority

Are self‐employed workers more satisfied with their jobs compared to wage and salary workers? Using The National Survey of Families and Households: Wave I, 1987–1988, and Wave II 1992–1994 several expectations are evaluated in this article. First, self‐employed persons should enjoy higher job satisfaction than others. Second, a portion of the association between job satisfaction and self‐employment should be explained by higher levels of self‐efficacy and by lower levels of depression among the self‐employed compared to others. Third, self‐employment veterans are a select group and should be different systematically from self‐employment newcomers with respect to reported job satisfaction. Findings offer support for the first and second arguments above but not the third. Post‐hoc analysis suggests that among the newly self‐employed, the association between job satisfaction and self‐employment depends on both the quantity and quality of time invested in the business. Implications of these findings and directions for further research are discussed.