Toward a service-oriented growth strategy

This article suggests that the linkage between industrial modernization and significant service sector employment gains has not been adequately considered and that such consideration might lead to a re-evaluation of the labour absorption argument which calls for more ‘appropriate’ technologies with higher labour intensity. This paper reviews the literature on labour absorption and appropriate technology. It then examines the experience of the service sector in both DCs and LDCs. The key relationships between the service sector and the economy are then developed, leading up to possible implications for LDC growth strategies.     

U.K. and U.S. trading of British cross-listed stocks: an intraday analysis of market integration

This article analyzes intraday patterns for U.K. and U.S. tradingof British cross-listed stocks. For each market, the intradaypatterns for these stocks closely resemble those of otherwisesimilar, non-cross listed stocks. There is a 2-hour period eachday when cross-listed stocks are traded both in New York andin London. This overlap is characterized by concentrated tradingas private information, originating in New York, gets incorporatedinto prices in both markets. Cross-border competition for orderflowtends to reduce already declining spreads in London. By contrast,New York specialists maintain     

Quotas and equilibrium relative prices in the trade restricting country

This paper is concerned with the effects of international trade restriction through quotas. It is shown that a casual relationship exists between the fraction of licences distributed domestically, the terms of trade, and the domestic relative price of the importable.