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Sohrab Rafiq 《Structural Change and Economic Dynamics》2010,21(4):276-290
This paper examines the time-varying time series processes of the interaction between government fiscal deficits, the current account balance and the real exchange rate for the U.K. and U.S. economies. This is achieved in a novel way by estimating a time-varying vector autoregression model that allows for time variation in the stochastic variance and autoregressive parameters. This paper finds that, contrary to results reported in the recent literature, government deficit shocks worsen the U.S. current account balance. In contrast, results based on the historical time series for the U.K. show evidence of fiscal deficits having actually improved the current account balance. However, in commonality, the time-varying estimates show that the impact of fiscal deficits on the U.K. and U.S. current account balance has fallen in magnitude over the past 20 years. The time-varying variance decomposition results illustrate that fiscal deficit shocks played a key role in driving U.K. current account and real exchange rate fluctuations throughout the 1980s. In contrast, fiscal deficit shocks have been a small factor in the variation of U.S. current account and exchange rate fluctuations over the past 25 years. The time-varying results in this paper do not support the view that future fiscal deficit reductions alone can eliminate U.K. and U.S. current account imbalances. 相似文献
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Sohrab Abizadeh Mehmet Serkan Tosun 《The journal of international trade & economic development》2013,22(3):383-399
Abstract This paper examines the effect of trade openness on the productivity of skilled and unskilled labor in a group of 36 developing countries using panel data and fixed effect approach. We have developed and utilized an empirical model that readily lends itself to testing the hypothesis posed. Our results support the hypothesis that trade openness has a positive and significant impact on labor productivity for both skilled and unskilled labor in the sample countries. We also observe that the beneficial effect of trade openness is relatively stronger for the skilled labor than the unskilled labor. We conclude that contrary to the claim made by Mayda and Rodrik (2001), skilled workers in developing countries may oppose protectionism. When adjusting for the purchasing power parity, the impact of trade openness on labor productivity, although positive and significant, is not as pronounced as it is for other definitions of openness. 相似文献
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In this paper, an attempt is made to properly identify the link between deficits and the rate of inflation by using two alternate
macroeconomic models—one based on adaptive expectations and the other on rational expectations—for a multilevel government
system. It is assumed that unlike federal deficits, state deficits cannot be monetized. Nonetheless, the interaction between
state and federal inflation is explicitly incorporated into the model. When expectations are formed adaptively, the model
confirms the positive link between deficits and rate of inflation. However, with rational expectations, the model shows that
inflation is, in part, explained by the forecast error. It is proposed that only empirical testing of the theoretical models
would give credence to such conclusions. 相似文献
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Most empirical studies have sought to explain the overall growth of the total government expenditures. Few studies have focused on the growth of spending at the provincial level. This article seeks to fill the gap. It examines the growth of government expenditures in Canadian provinces. Data spanning the past three decades are used to explain the growth of provincial government expenditures in Canada and to test alternative hypotheses. From a basic general theoretical model, three empirical models are developed and tested. It is concluded that the growth of the private sector share of the Provincial Gross Domestic Product (PGDP), capacity utilization and factors such as federal transfer payments to the provincial governments best explain the growth in expenditure at the provincial level. The expenditure policies of provincial governments are found to be independent of the political stance of the political parties in power. Estimated short-run and long-run ‘income’ elasticities of provincial government expenditures with respect to PGDP reveal that government expenditures have grown in proportion to PGDP. The growth of provincial spending over the last three decades has been stimulated by the demand for services (such as education and health) and by federal transfer payment programmes through their combined income and substitution effects. 相似文献
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The impact of trade openness on growth of total factor productivity (TFP) is investigated. Given the differences in tradability of goods across sectors as well as the ongoing structural change, we examine whether trade openness has had a differential impact on TFP growth of the three main sectors of an economy. While the positive impact of openness on TFP growth for the aggregate economy is confirmed, openness has had no appreciable impact on the growth of TFP in the agricultural and industrial sectors. We find that the positive effect of openness on TFP growth for the economy as a whole was mostly due to the positive relationship between the two variables for the services sector. Further, we conclude that the lack of a general consensus in past studies could be due to their neglect of structural change and temporal factors when analyzing the trade-TFP nexus. 相似文献
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Sohrab Abizadeh 《Applied economics》2013,45(16):1881-1884
The effect of trade liberalization on government's role in the economy is investigated. It is shown that, contrary to received expectations, as small open economies liberalize their trade, the size of government decreases. 相似文献
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Professor Sohrab Abizadeh Professor Mahmood Yousefi 《International economic journal》2013,27(1):83-94
South Korea has been transformed from a nation of war torn poverty to an industrial giant in one generation. Many attribute this to the role of government and believe that the size of government spending increases with industrialization. This paper, using time series data for the 1970–1990 period, empirically tested the impact of industrialization on government spending in Korea. Our results suggest that the two major determinants of public spending are private sector's income (output) and the overall state of employment. Further, our results show that the income elasticity of demand for public goods is greater than unity, both in the short-run and long-run. [H1] 相似文献
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Asadi Farzaneh Kordrostami Sohrab Amirteimoori Alireza Bazrafshan Morteza 《Decisions in Economics and Finance》2023,46(1):335-354
Decisions in Economics and Finance - In this research, inverse data envelopment analysis (IDEA) approaches are proposed to measure inputs changes for output perturbations made while the convexity... 相似文献
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