Dynamics of money, output and price interaction — some Indian evidence

The present study is an attempt to model the dynamic interactions between money, output and prices in a structural vector autoregression framework. The primary concern of the paper is to examine the sources of variations and response of one variable to changes in others in a system of economic variables in the Indian context. Using quarterly data from 1970Q1 to 1990Q4, we find that structural factors, in addition to monetary factors, play an important role in generating and sustaining the process of inflation and fluctuations in economic activity. An increase in money/credit supply is found to increase output and prices in the short-run and prices in the long-run, while a non-accommodating monetary policy is ineffective in controlling inflation even at the cost of substantial output losses, thereby indicating relative rigidities in price movements. Another interesting finding is that the monetary authority responds differently to different price shocks, exercising its leverage in altering the quantity as well as the composition of aggregate money supply. Our findings also indicate that the economy is characterized by relatively large and infrequent shocks to ‘price/cost’-related factors. Finally, our analysis suggests that a simple monetary targeting without adequate ‘supply side’ measures may not be able to serve the objective of maintaining growth with price stability.     

Inadequacy of technology and innovation systems at the periphery

Inadequacy of technology is a child of structuralism; the conceptof a national system of innovation (NSI) is a child of evolutionarytheory. A dialogue between these concepts can enrich our understandingof the problems involved in building NSIs at the periphery.Celso Furtado explains the structural roots of modernisation–marginalisationpolarisation and how the orientation of technology of underdevelopedcountries is embedded in income concentration. The formationof welfare states at the periphery provides NSIs with a new‘focusing device’, helping to break the marginalisationside of the process. The combined formation of NSIs and welfaresystems is an institutional response to modernisation–marginalisationpolarisation.     

结构主义国际投资理论及优化方法

随着经济全球化,国际直接投资快速发展。本文采用结构主义理论与方法分析国际直接投资的动机与模式,根据国家风险指数、城市管理效率指数和产业效率指数,提出国际直接投资三步二维定位理论和指数优化方法。     

基于经济全球化背景下的结构主义发展经济学

结构主义的研究思路在发展经济学的发展进程中占据着重要的位置,首先,基于经济全球化的新背景下,对结构主义发展经济学的理论综述及其早期理论发展进行分析,从而肯定结构主义研究思路的价值;其次,面对结构主义在新古典主义和新古典政治经济学的冲击下,出现结构主义与制度主义结合的新的研究发展趋势给与分析;最后,对结构主义发展经济学的研究思路重新思考.