... Empirical testing of the Ricardian equivalence proposition has taken the form of either testi... more ... Empirical testing of the Ricardian equivalence proposition has taken the form of either testing its implications eg for private consumption behavior or of testing the empirical validity of some subset of the conditions required for the proposition to hold. ...
In an Islamic financial system, interest is replaced by a profitsharing system in which risks are... more In an Islamic financial system, interest is replaced by a profitsharing system in which risks are shared between lenders and borrowers. Concerns have been expressed that in such a system investment will decline. This paper formulates investment behavior in a profit-sharing system as a principal-agent problem and investigates the relevant issues under conditions of uncertainty and moral hazard. A major conclusion of the paper is that the assertion of investment decline cannot be justified and that, under certain conditions, a profit-sharing system may lead to an increase in investment.
... therefore, Ricardian equivalence would have pro-found implications for the effects of fiscal ... more ... therefore, Ricardian equivalence would have pro-found implications for the effects of fiscal adjust-ment in ... countries, however, where interest rate ceilings and credit controls are important policy tools and ... ie, toward a finding of no finite-horizon effect though such an effect is in ...
Page 1. Macroeconomic Management with Informal Financial Markets Pierre-Richard Agénor and Nadeem... more Page 1. Macroeconomic Management with Informal Financial Markets Pierre-Richard Agénor and Nadeem U. Haque Research Department, International Monetary Fund, 700 19th Street NW, Washington DC 20431, USA Informal ...
... Institutional Development: Skill Transference Through a Reversal of "Human Capital F... more ... Institutional Development: Skill Transference Through a Reversal of "Human Capital Flight" orTechnical Assistance ... We examine the issue of technical assistance versus brain drain repatriation as alternative strategies for transferring scarce skills to a skill-poor economy. ...
A small macroeconomic model based on familiar theoretical considerations is developed and estimat... more A small macroeconomic model based on familiar theoretical considerations is developed and estimated using data from 31 developing countries. Efficient estimation techniques are used to control for country heterogeneity under the assumption of rational expectations. The estimates and the test statistics suggest that the model could serve well as a framework for developing-country macroeconomic analysis. An interesting feature of the specification of the model is that it allows the hypothesis of capital mobility to be explicitly tested. The empirical analysis suggests that on average developing countries tend to exhibit a high degree of capital mobility.
The Sesamatic Proof (aka the Relatiological Proof) for the Existence of God presented in Part I c... more The Sesamatic Proof (aka the Relatiological Proof) for the Existence of God presented in Part I can be applied to three cosmological issues: the Big Bang; the Cyclical Universe and everexisting matter, to prove the existence of God.
In the new globalized financial market environment Policies Are "Sound?" facing developing countr... more In the new globalized financial market environment Policies Are "Sound?" facing developing countries, volatility has become an increasing fact of life. Faced Manlsoor DaziamXi with such volatility, what Nadeem ufl Ha>qlue broad principles should guide their macroeconomic management?
Over the last two decades a number of cross-country empirical studies have been undertaken to ass... more Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy. JEL Classification Numbers: E63, F34, F41, 019
... We can also examine the case of the governance good being pro-duced by a technology that is s... more ... We can also examine the case of the governance good being pro-duced by a technology that is similar to that of ... The simple model presented above illustrates the critical role that the quality of governance plays in determining income and growth ... The Quality of Governance 81 ...
... Empirical testing of the Ricardian equivalence proposition has taken the form of either testi... more ... Empirical testing of the Ricardian equivalence proposition has taken the form of either testing its implications eg for private consumption behavior or of testing the empirical validity of some subset of the conditions required for the proposition to hold. ...
In an Islamic financial system, interest is replaced by a profitsharing system in which risks are... more In an Islamic financial system, interest is replaced by a profitsharing system in which risks are shared between lenders and borrowers. Concerns have been expressed that in such a system investment will decline. This paper formulates investment behavior in a profit-sharing system as a principal-agent problem and investigates the relevant issues under conditions of uncertainty and moral hazard. A major conclusion of the paper is that the assertion of investment decline cannot be justified and that, under certain conditions, a profit-sharing system may lead to an increase in investment.
... therefore, Ricardian equivalence would have pro-found implications for the effects of fiscal ... more ... therefore, Ricardian equivalence would have pro-found implications for the effects of fiscal adjust-ment in ... countries, however, where interest rate ceilings and credit controls are important policy tools and ... ie, toward a finding of no finite-horizon effect though such an effect is in ...
Page 1. Macroeconomic Management with Informal Financial Markets Pierre-Richard Agénor and Nadeem... more Page 1. Macroeconomic Management with Informal Financial Markets Pierre-Richard Agénor and Nadeem U. Haque Research Department, International Monetary Fund, 700 19th Street NW, Washington DC 20431, USA Informal ...
... Institutional Development: Skill Transference Through a Reversal of "Human Capital F... more ... Institutional Development: Skill Transference Through a Reversal of "Human Capital Flight" orTechnical Assistance ... We examine the issue of technical assistance versus brain drain repatriation as alternative strategies for transferring scarce skills to a skill-poor economy. ...
A small macroeconomic model based on familiar theoretical considerations is developed and estimat... more A small macroeconomic model based on familiar theoretical considerations is developed and estimated using data from 31 developing countries. Efficient estimation techniques are used to control for country heterogeneity under the assumption of rational expectations. The estimates and the test statistics suggest that the model could serve well as a framework for developing-country macroeconomic analysis. An interesting feature of the specification of the model is that it allows the hypothesis of capital mobility to be explicitly tested. The empirical analysis suggests that on average developing countries tend to exhibit a high degree of capital mobility.
The Sesamatic Proof (aka the Relatiological Proof) for the Existence of God presented in Part I c... more The Sesamatic Proof (aka the Relatiological Proof) for the Existence of God presented in Part I can be applied to three cosmological issues: the Big Bang; the Cyclical Universe and everexisting matter, to prove the existence of God.
In the new globalized financial market environment Policies Are "Sound?" facing developing countr... more In the new globalized financial market environment Policies Are "Sound?" facing developing countries, volatility has become an increasing fact of life. Faced Manlsoor DaziamXi with such volatility, what Nadeem ufl Ha>qlue broad principles should guide their macroeconomic management?
Over the last two decades a number of cross-country empirical studies have been undertaken to ass... more Over the last two decades a number of cross-country empirical studies have been undertaken to assess whether IMF-supported adjustment programs have led to an improved balance of payments and current account balance, lower inflation, and higher growth. These studies use a variety of methodologies and cover different country samples and time periods. This paper critically surveys the evidence yielded by the cross-country studies, paying special attention to the pros and cons of the respective empirical methodologies employed. These studies, particularly the more recent ones, conclude that IMF-supported programs have generally been successful in stabilizing the economy. JEL Classification Numbers: E63, F34, F41, 019
... We can also examine the case of the governance good being pro-duced by a technology that is s... more ... We can also examine the case of the governance good being pro-duced by a technology that is similar to that of ... The simple model presented above illustrates the critical role that the quality of governance plays in determining income and growth ... The Quality of Governance 81 ...
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