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HABITS AND DURABILITY IN CONSUMPTION AND THE EFFECTS OF EXCHANGE RATE POLICIES
MANSOORIAN, ARMAN,NEAIME, SIMON 한국국제경제학회 2002 International Economic Journal Vol.16 No.2
The effects of exchange rate policies are worked out in a model in which consumption goods are durable, and money enters the utility function. The interaction of habits and durability results in a non-monotonic adjustment of consumption expenditures, and the current account. As money does not exhibit durability, its dynamics are monotonic, and determined mainly by habits effects. Hence, an increase in the rate of depreciation of the domestic currency will very likely lead to a non-monotonic adjustment of consumption and the current account, while the adjustment of real money holdings will be monotonic. [F31, F32, F41]
Income Convergence in the Asia-Pacific Region
( Leo Michelis ),( Simon Neaime ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2004 Journal of Economic Integration Vol.19 No.3
This paper uses the concepts of σ-convergence and β-convergence to evaluate empirically the hypothesis of income convergence in the Asia-Pacific region, and its subsets of East Asia and ASEAN during the period 1960-1999. Because of the East Asian financial crisis in the late 1990s, the analysis is carried out sequentially, first for the period 1960-1990 and then for the period 1960-1999. For the former period, we find evidence of conditional β-convergence in a group of 17 APEC countries and in 10 EASTASIA countries. No evidence of income convergence is found for the ASEAN group of countries. For the latter period, there is weak evidence of conditional β- convergence in a group of 16 APEC countries, and much weaker evidence of income convergence in EASTASIA. We attribute this finding to the damaging effects of the financial crisis in the second half of the 1990s. Also, the empirical evidence shows that openness to international trade is statistically the most important variable for sustaining economic growth in the Asia-Pacific region. Of the other variables macroeconomic stability has a positive impact on growth, while government spending and population growth have a negative effect in general.