...Submitted By Zahirul Islam [pic] DEFICIT FINANCING: TEORY AND PRACTICE IN BANGLADESH INTRODUCTION In the past as today, the deficit budget policy is famous instrument of fiscal policy used to increase the rate of economic growth of the country. That way of financing was establish after the two world wars, oil crises and current financial and economic crises. The objective in seeking deficit financing is to finance the shortfall between government expenditures and tax receipts. Tax increases are not politically palatable. Governments often resort to deficit financing when other components of GDP such as private consumption decline during recessionary periods. Such deficits, if undertaken for a short period with an action plan to create equivalent surplus in near future, could reverse decline in real GDP and stimulate growth in real GDP for the benefit of citizens of the nation. Structural deficits are indicative of inability to reduce entrenched government expenses. The sustainable level of accumulated deficits can also be determined with reference to both the deficit servicing requirements and deficit servicing sources. This analysis will entail identification of cause and effect relationships that determine the factors influencing each of these two areas. As shown by other researchers, the explanatory variables leading to deficits include domestic budgetary receipts; tax structure; budgetary endowments; budgetary discretionary expenses;...
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...DEPARTMENT OF AGRICULTURAL AND RESOURCE ECONOMICS AND POLICY DIVISION OF AGRICULTURAL AND NATURAL RESOURCES UNIVERSITY OF CALIFORNIA AT BERKELEY Working Paper No. 887 FALLACIES IN DEVELOPMENT THEORY AND THEIR IMPLICATIONS FOR POLICY by Irma Adelman Copyright © 1999 by Irma Adelman. All rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies. California Agricultural Experiment Station Giannini Foundation of Agricultural Economics May, 1999 FALLACIES IN DEVELOPMENT THEORY AND THEIR IMPLICATIONS FOR POLICY. by Irma Adelman I. Introduction No area of economics has experienced as many abrupt changes in leading paradigm during the post Word War II era as has economic development. Since economic development is a policy science, the twists and turns in development economics have had profound implications for development policy. Specifically, the dominant development model has determined policy prescriptions concerning the desirable: role of government in the economy; its degree of interventionism; the form interventionism; and the nature of government-market interactions. Changes in both theory and policy prescriptions arise mainly from the following five sources: First, there is learning. As our empirical and theoretical knowledge-base enlarges, new theoretical propositions, or new evidence concerning either resounding real-world successes...
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...INTRODUCTION TO MACROECONOMICS E202 $ ¥ Dr. David A. Dilts Department of Economics Doermer School of Business and Management Sciences Indiana-Purdue University-Fort Wayne June 1, 1993 Revisions: May 1994, December 1995, July 1996, November, 2000, May 2003, May 2006 PREFACE This Course Guide was developed in part because of the high cost of college textbooks, and in part, to help organize students’ studying by providing lecture notes together with the reading assignments. This Guide is provided to the student online at the Department of Economics website. Jayla Heller, the Department’s secretary has been kind enough to go through all of the frustration and hard work to put the guide in the appropriate format and put it online. To her goes my gratitude. The department, neither school, nor the professor make anything whatsoever from this Guide. In fact, the department’s budget and the professor’s own resources are used in the writing of the Guide, and the numerous draft copies that are produced in the revisions of this document. Like the sign in the Mom and Pop bait shop on Big Barbee Lake says, “This is a non-profit organization, wasn’t planned to be – it just worked out that way.” Well, actually it was planned to be a non-profit enterprise in this case. The professor also wishes to acknowledge the fact that several students have proposed changes, improvements, caught errors, and helped to make this document more useful as a learning tool. Naturally, any errors of omission...
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...soundness of the financial system into the forefront of discussions in Jamaica. While not necessarily providing any consolation for us, it is important to note that this issue has also been plaguing many other countries and has become a matter of international concern. The number of countries experiencing significant banking problems has increased substantially in recent years - hitting industrial and developing countries alike - and the high costs and macroeconomic disruptions caused by banking crises have become a matter of increasing concern to the international financial community. Not since the Great Depression of the 1930's have so many banks failed as in the 1980's and the 1990's. A recent survey by the International Monetary Fund reported banking problems in 131 of its 181 member countries over this period, ranging from outright systemic crises to isolated causes of failing banks. We all remember the collapse of the Bank of Credit and Commerce International (BCCI) in 1990. There was the much publicised savings and loan debacle in the United States which cost some $150 billion. In Latin America, banks in four countries - Venezuela, Brazil, Mexico and Argentina - have recently had to struggle with crises of varying degrees of severity. The Scandinavian countries have also had their fair share of problems. In addition to these, there have been some very serious individual problems such as the collapse in February, 1995, of Britain's Barings Bank under the weight of...
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...Brazil – Country Report Introduction The country has been expanding its presence in international financial and commodities markets, and is one of a group of four emerging economies called the BRIC countries. Although struggling with social inequality and infrastructural deficits we think that Brazil is already a great world power. Also what attracted us to Brazil as a case study for this report is it’s exotic character. Not many people really know the extent of Brazil’s recent growth and improvements in social security and in overcoming poverty. We expect the labor force and operational costs to be low, like in the other emerging countries like China. However we take in to consideration higher costs involving security and bureaucracy. Chapter 1 – Short presentation of the country The Federative Republic of Brazil is the largest country in both South America and the Latin America Region. It is the world's fifth largest country, both by geographical area and by population, with over 193 million people. It is the largest Lusophone country in the world, and the only one in the Americas. Bounded by the Atlantic Ocean on the east, Brazil has a coastline of 7,491 km. It is bordered on the north by Venezuela, Guyana, Suriname and the French overseas region of French Guiana; on the northwest by Colombia; on the west by Bolivia and Peru; on the southwest by Argentina and Paraguay and on the south by Uruguay. Numerous archipelagos form part of Brazilian territory, such as Fernando...
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...Economy and Society Volume 37 Number 2 May 2008: 193Á223 Regional trade agreements and the pursuit of state interests: institutional perspectives from NAFTA and Mercosur Francesco Duina and Jason Buxbaum Abstract Are regional trade agreements (RTAs) carefully crafted projects that systematically advance their member states’ interests or do they instead generate outcomes that frustrate those interests? Works on the most prominent RTA Á the European Union Á have traditionally been split over this question. New research on international organizations parallels that literature. Combining rational choice and historical institutionalism, this article makes a middle-ground case: the limited rationality of national representatives and the complexity of RTAs ensure both the advancement and frustration of national interests. The focus is on shifting national preferences, the unpredictable implications of decisions over time and the pursuit of short-term gains to the benefit of some constituents but not others. Evidence from NAFTA and Mercosur supports these claims while highlighting, in line with recent scholarship, the need to include politics in institutionalist accounts of integration. The conclusion reflects on the findings and explores whether alternative, more flexible designs for RTAs might satisfy more fully the interests of the member states. Keywords: regional trade agreements; rational choice institutionalism; historical institutionalism; NAFTA; Mercosur; international...
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...JOSÉ LUIS MACHINEA Executive Secretary ALICIA BÁRCENA Deputy Executive Secretary Economic Commission for Latin America and the Caribbean economic commission for latin america and the caribbean C E P A L Review NUMBER 85 APRIL 2005 SANTIAGO, CHILE OSCAR ALTIMIR Director REYNALDO BAJRAJ Deputy Director The CEPAL Review was founded in 1976 and is published three times a year by the United Nations Economic Commission for Latin America and the Caribbean, which has its headquarters in Santiago, Chile. The Review, however, has full editorial independence and follows the usual academic procedures and criteria, including the review of articles by independent external referees. The Review is distributed to universities, research institutes and other international organizations, as well as to individual subscribers, and is also consulted extensively on the Internet. The purpose of the Review is to contribute to the discussion of socio-economic development issues in the region by offering analytical and policy approaches and articles by economists and other social scientists working both within and outside the United Nations. Accordingly, the editorial board of the Review extends its readers an open invitation to submit for publication articles analysing various aspects of economic and social development in Latin America and the Caribbean. The opinions expressed in the signed articles are those of the authors and do not necessarily reflect the views of the...
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...RESEARCH PAPER 99/14 11 FEBRUARY 1999 The Asian Economic Crisis This paper considers the economic crisis that began in the financial markets of South East Asia in 1997 and the consequences for the economies of the region and the rest of the world. The paper provides a chronology of and explores the factors that led to the crisis. An overview is given of the policy measures that the international financial institutions (IFIs), such as the IMF, have taken to deal with the crisis. Some of the arguments and policy proposals made to try to avoid future crises are also covered. Eshan Karunatilleka ECONOMIC POLICY AND STATISTICS SECTION HOUSE OF COMMONS LIBRARY Recent Library Research Papers include: 98/119 98/120 99/1 Unemployment by Constituency - November 1998 Defence Statistics 1998 The Local Government Bill: Best Value and Council Tax Capping Bill No 5 of 1998-99 16.12.98 22.12.98 08.01.99 99/2 99/3 99/4 Unemployment by Constituency - December 1998 Tax Credits Bill Bill 9 of 1998-9 The Sexual Offences (Amendment) Bill: 'Age of consent' and abuse of a position of trust [Bill 10 of 1998-99] 13.01.99 18.01.99 21.01.99 99/5 99/6 99/7 The House of Lords Bill: 'Stage One' Issues Bill 34 of 1998-99 The House of Lords Bill: Options for 'Stage Two' Bill 34 of 1998-99 The House of Lords Bill: Lords reform and wider constitutional reform Bill 34 of 1998-99 28.01.99 28.01.99 28.01.99 99/8 99/9 99/10 99/11 99/12 Economic Indicators Local Government...
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...RETURN OF DEPRESSION E C O N O M CS AND T H E C R I S I S OF I 2 0 0 8 ISBN 9 7 8 - 0 - 3 9 3 - 0 7 1 0 1 - 6 W USA $24.95 CAN. $27.50 hat better guide could we have to the 2008 financial crisis and its resolution than our newest Nobel Laureate in Economics, the prolific columnist and author Paul Krugman? In his prescient 1999 classic, The Return of Depression Economics, Krugman surveyed the economic crises that had swept across Asia and Latin America and pointed out that they were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression were making a comeback. In the years that followed, as Wall Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America. When the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises—and a replay of the 1930s seems all too possible. In this new, greatly updated edition of The Return of Depression Economics, Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States and the world up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken to contain the crisis and turn around a world economy sliding...
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...‘Double Hegemony’? State and Class in American Foreign Economic Policymaking CHRISTOPH SCHERRER, UNIVERSITY OF KASSEL Published in: Amerikastudien 46 (2001, 4), 573-591. ABSTRACT The paper introduces research on transatlantic relations done by neo-Gramscian authors. This research is distinctive by focusing on class in international relations and by using the concept of hegemony in a relational sense. Hegemony is leadership through the active consent of other classes and groups. A central question of this neo-Gramscian research is whether an international class of capitalists has emerged. Some authors have answered in the positive. This paper, however, maintains that hegemony in the international realm is still exercised by the American state, though its foreign economic policies have been greatly influenced by internationally-oriented corporations and that these actors have increasingly found allies among economic elites in other countries. The paper explores the relationship between hegemony by the American state and by internationally-oriented capital groups against the backdrop of transatlantic relations in the post-war period and the current debate on labor rights in international trade agreements. 1. Introduction The United States government has been, without doubt, the decisive force in establishing and shaping the main multilateral institutions of the world market since the Second World War. It has consistently pursued the opening of other nations’ markets to gain...
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...Solutions for exchange rate policy of transition economy of Vietnam Dissertation zur Erlangung des Grades Doktor der Wirtschaftswissenschaft (Doctor rerum politicarum, Dr. rer. pol.) der Juristischen und Wirtschaftswissenschaftlichen Fakultät der Martin-Luther-Universität Halle-Wittenberg vorgelegt von M.A. Mai Thu Hien geb. am 23. August 1976 in Hanoi, Vietnam Gutachter: 1. Prof. Dr. Dr. h.c. Rüdiger Pohl, Martin-Luther-Universität Halle-Wittenberg 2. Prof. Dr. Martin Klein, Martin-Luther-Universität Halle-Wittenberg Datum der Einreichung: 07.06.2007 Datum der Verteidigung: 12.07.2007 Halle (Saale), Juli 2007 urn:nbn:de:gbv:3-000012127 [http://nbn-resolving.de/urn/resolver.pl?urn=nbn%3Ade%3Agbv%3A3-000012127] 2 Acknowledgements This doctoral dissertation could not be completed if I have not received the help and encouragement from numerous people. Firstly, I am greatly indebted to my first supervisor, Prof. Dr. Dr. h.c. Rüdiger Pohl, who kept an eye on the progress of my work and was always available when I needed his advices. His great advices, supports, criticisms, comments, and encouragement helped me to develop necessary knowledge to understand and to build theoretical context in this dissertation. I also would like to express my deep gratitude to Prof. Dr. Martin Klein, my second supervisor, for his suggestions and concerns with my dissertation. I gratefully acknowledge the financial support of DAAD, without which this dissertation would not have been...
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...PROFIT AND LOSS PROFIT AND LOSS LUDWIG VON MISES Ludwig von Mises Institute AUBURN, A L A B A M A Copyright © 2008 Ludwig von Mises Institute Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 U.S.A. www.mises.org ISBN: 978-1-933550-36-7 CONTENTS A. The Economic Nature of Profit and Loss . . . . . . . . . 7 1. The Emergence of Profit and Loss . . . . . . . . . . . . 7 2. The Distinction Between Profits and Other Proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3. Non-Profit Conduct of Affairs . . . . . . . . . . . . . . . 11 4. The Ballot of the Market . . . . . . . . . . . . . . . . . . . . 13 5. The Social Function of Profit and Loss . . . . . . . . 19 6. Profit and Loss in the Progressing and in the Retrogressing Economy . . . . . . . . . . . . . . . . . . 24 7. The Computation of Profit and Loss . . . . . . . . . . 26 B. The Condemnation of Profit . . . . . . . . . . . . . . . . . . . 33 1. 2. 3. 4. 5. 6. 7. Economics and the Abolition of Profit . . . . . . . . . 33 The Consequences of the Abolition of Profit . . . . 34 The Antiprofit Arguments . . . . . . . . . . . . . . . . . . . 37 The Equality Argument . . . . . . . . . . . . . . . . . . . . . 40 Communism and Poverty . . . . . . . . . . . . . . . . . . . 43 The Moral Condemnation of the Profit Motive . . 47 The Static Mentality . . . . . . . . . . . . . . . . . . . . . . . 50 C. The Alternative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 5 A...
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...Colgate: Global Strategies, Local Strength 2010 Annual Report Colgate: Global Strategies, Local Strength Succeeding With Consumers, The Profession And Our Customers u Innovating Everywhere u Effectiveness And Efficiency In Everything u Strengthening Leadership Worldwide u Colgate-Palmolive Company is a $15.6 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. The Company focuses on strong global brands in its core businesses – Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to grow market shares for key products, such as toothpaste, toothbrushes, bar and liquid soaps, deodorants/antiperspirants, dishwashing detergents, household cleaners, fabric conditioners and specialty pet food. Cover: Photo taken in Chengdu City, Sichuan Province, China Contents: Financial Highlights Dear Colgate Shareholder Succeeding With Consumers Succeeding With The Profession Succeeding With Our Customers Innovating Everywhere Effectiveness And Efficiency In Everything 18 Strengthening Leadership Worldwide 2 4 8 10 12 14 16 20 Colgate’s Corporate Governance Commitment 21 Your Board Of Directors 22 Your Management Team 23 Non-GAAP Reconciliation Of Financial Measures 24 Global Financial Review/Form 10-K IBC Shareholder Information t Mexico Financial Highlights 2006 2007 2008 2009 2010 Net Sales ($ millions) 2006 2007 2008 2009 2010 $12...
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...Colgate: Global Strategies, Local Strength 2010 Annual Report Colgate: Global Strategies, Local Strength Succeeding With Consumers, The Profession And Our Customers u Innovating Everywhere u Effectiveness And Efficiency In Everything u Strengthening Leadership Worldwide u Colgate-Palmolive Company is a $15.6 billion global company serving people in more than 200 countries and territories with consumer products that make lives healthier and more enjoyable. The Company focuses on strong global brands in its core businesses – Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate follows a tightly defined strategy to grow market shares for key products, such as toothpaste, toothbrushes, bar and liquid soaps, deodorants/antiperspirants, dishwashing detergents, household cleaners, fabric conditioners and specialty pet food. Cover: Photo taken in Chengdu City, Sichuan Province, China Contents: Financial Highlights Dear Colgate Shareholder Succeeding With Consumers Succeeding With The Profession Succeeding With Our Customers Innovating Everywhere Effectiveness And Efficiency In Everything 18 Strengthening Leadership Worldwide 2 4 8 10 12 14 16 20 Colgate’s Corporate Governance Commitment 21 Your Board Of Directors 22 Your Management Team 23 Non-GAAP Reconciliation Of Financial Measures 24 Global Financial Review/Form 10-K IBC Shareholder Information t Mexico Financial Highlights 2006 2007 2008 2009 2010 Net Sales ($ millions) 2006 2007 2008 2009 2010 $12...
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...University Karaikudi, Tamilnadu. MBA PAPER 4.33 INDUSTRIAL RELATIONS SYLLABUS UNIT 1 Industrial Relations: Concept – Definition – Significance – Objectives – Scope – Approaches – Principles of good industrial relations – Role of State, Employers and the Unions in industrial relation. UNIT 2 Trade Unionism and Industrial Relations: Labour movement – Concepts – Trade union movement – Development of trade unionism in Indian – Functions and problems of trade unions. International Labour Movement – International Confederation of Free Trade Unions (ICFTU) – World Federation of Trade Unions (WFTC) – International Labour Organisations (ILO) – Origin, history, objectives and functions. UNIT 3 Industrial Disputes: Meaning – Causes – Forms – Industrial relations machinery – Joint consultation – Works...
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