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Economic Integration and Convergence : Lessons form asia, Europe and Latin America
Karras, Georgios 세종대학교 국제경제연구소 1997 Journal of Economic Integration Vol.12 No.4
This paper examines whether economic integration facilitates convergence in per capita income by investigating the post-war convergence experience within three regional economic areas: the Association of Southeast Asian Nations (ASEAN), the European Union (EU), and the Latin American Free Trade Area (LAFTA). A number of different empirical tests and specifications provide evidence that convergence in income per capita has been the strongest and most rapid in the EU, milder but probably present in LAFTA, and nonexistent in ASEAN,(JEL Classification: F15, O41)
Costs and Benefits of Dollarization : Evidence from North, Central, and South America
Karras, Georgios 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.3
This paper examines the macroeconomic costs and benefits of dollarization. Economic theory suggests that the main benefit is enhanced price stability, while the main cost is higher business-cycle volatility if the dollarizing country's output is not sufficiently correlated with that of the U.S.Data from 1950-1997 are used to estimate various cost and benefit measures for nineteen North, Central,and South American countried. The paper finds that these cost and benefit factors exhibit substantial variability across the ciuntries considered. Furthermore, they are strongly positively correlated: countries(such as Peru) that have a lot to gain from dollarization, also have a lot to lose from it: while countries(such as Canda) that have little to lose by dollarizing, have also little to gain by it. The empirical results can be also used to compare net benefits for individual countries, showing, for example, that Chile is a better dollarization candidate than Mexico.
Partial replacement of fine aggregates with laterite in GGBS-blended-concrete
Karra, Ram Chandar,Raghunandan, Mavinakere Eshwaraiah,Manjunath, B. Techno-Press 2016 Advances in concrete construction Vol.4 No.3
This paper presents a preliminary study on the influence of laterite soil replacing conventional fine aggregates on the strength properties of GGBS-blended-concrete. For this purpose, GGBS-blended-concrete samples with 40% GGBS, 60% Portland cement (PC), and locally available laterite soil was used. Laterite soils at 0, 25, 50 and 75% by weight were used in trails to replace the conventional fine aggregates. A control mix using only PC, river sand, course aggregates and water served as bench mark in comparing the performance of the composite concrete mix. Test blocks including 60 cubes for compression test; 20 cylinders for split tensile test; and 20 beams for flexural strength test were prepared in the laboratory. Results showed decreasing trends in strength parameters with increasing laterite content in GGBS-blended-concrete. 25% and 50% laterite replacement showed convincing strength (with small decrease) after 28 day curing, which is about 87-90% and 72-85% respectively in comparison to that achieved by the control mix.
Karras, Georgios 세종대학교 국제경제연구소 1996 Journal of Economic Integration Vol.11 No.3
This paper asks whether Europe is an optimum currency area. Economic theory suggests that a common currency is more likely to be beneficial if country-specific shocks are mild and symmetric, whereas in the presence of major asymmetric shocks, floating exchange rates are more likely to be stabilizing. Using annual data from the 1950-1990 period, real output fluctuations of 20 European countries (the 15 current members of the European Union, and 5 prospective members) are decomposed into common and country-specific shocks. The decomposition reveals that country-specific shocks in Europe (and the European Union) are both large and asymmetric. These results imply that a common European currency (despite its political attractiveness and potential credibility gains) will have very few stabilization benefits. (JEL Classification: E42, F36, F42)
Fiscal Policy Spillovers through Trade Openness
( Georgios Karras ) 세종대학교 경제통합연구소 2014 Journal of Economic Integration Vol.29 No.3
This paper studies whether trade openness reduces the domestic fiscal multiplier, but increases the impacts of foreign fiscal shocks, i.e., the spillover effect, as suggested by theory. Using annual data from the period of 1970 to 2011, for 179 developed and developing economies, we show that domestic fiscal shocks are less potent in more open economies, while foreign (rest of the world) fiscal shocks are more potent in more open economies.
Macroeconomic Volatility and the Current Account: Evidence from a Panel of OECD Countries
Georgios Karras 한국국제경제학회 2016 International Economic Journal Vol.30 No.3
This paper investigates the relationship between macroeconomic volatility and the current account. Using quarterly data for a panel of OECD economies, time-varying relative volatility measures are constructed for GDP, net output, and government consumption. The empirical evidence suggests that current account balances are positively affected by all three volatility measures. Moreover, the current account balance is found to be related positively to output growth and negatively to the growth of government consumption. Evidence from saving and investment rates also suggests that the precautionary saving motive is part of (though perhaps not the entire) mechanism that relates output volatility and the current account. Broadly consistent with the predictions of the standard theoretical model, these estimates are sizable, statistically significant, and robust.
Is Fiscal Policy More Effective During Cyclical Downturns?
Georgios Karras 한국국제경제학회 2014 International Economic Journal Vol.28 No.2
Using a panel data set of 61 countries for the 1952–2007 period, the paper shows that fiscal policy is more potent during downturns than during expansions, and that the difference is substantial: the fiscal multiplier is twice as large when output is below its long-term trend. In particular, the empirical results suggest that during expansions the output ‘multiplier’ is less than one, private consumption is crowded out, and the response of investment is weak; whereas during downturns the output multiplier is greater than one, private consumption is not crowded out, and the response of investment is strong. Differences between expansion and downturn multipliers are found to be greater in low-income countries.
Costs and Benefits of Dollarization: Evidence from North, Central, and South America
( Georgios Karras ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2002 Journal of Economic Integration Vol.17 No.3
This paper examines the macroeconomic costs and benefits of dollarization. Economic theory suggests that the main benefit is enhanced price stability, while the main cost is higher business-cycle volatility if the dollarizing country`s output is not sufficiently correlated with that of the U.S. Data from 1950-1997 are used to estimate various cost and benefit measures for nineteen North, Central, and South American countries. The paper finds that these cost and benefit factors exhibit substantial variability across the countries considered. Furthermore, they are strongly positively correlated: countries (such as Peru) that have a lot to gain from dollarization, also have a lot to lose from it; while countries (such as Canada) that have little to lose by dollarizing, have also little to gain by it. The empirical results can be also used to compare net benefits for individual countries, showing, for example, that Chile is a better dollarization candidate than Mexico.