www.elsevier.com/locate/worlddev World Development Vol. 33, No. 5, pp. 729–743, 2005 Ó 2005 Elsevier Ltd. All rights reserved Printed in Great Britain 0305-750X/$ - see front matter doi:10.1016/j.worlddev.2004.12.001 Economic Liberalization, the Changing Role of the State and ‘‘Wagner’s Law’’: China’s Development Experience since 1978 DAMIAN TOBIN * CeFiMS, SOAS, University of London, UK Summary. — The paper applies Wagner’s Law of increasing state activity to illustrate the changing function
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Essay Plans Macroeconomic Policy Introduction Macroeconomic policies refer to policies directed at stabilising the aggregate level of economic activity or output. The fundamental rationale for government macroeconomic intervention is to stabilise fluctuations in the business cycle. Through the conduct of such ‘counter cyclical’ or ‘stabilisation’ policies the government seeks to achieve three major objectives. • Economic growth that is sustainable in delivering rising real incomes whilst
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currency, the determination on the monetary and credit policies, the collection and record of the statistics of overall economy, and the regulation of all private banks. It also closely partners with the central government for raising funds for public projects. The FSS (the financial supervisory service) oversees and supervises financial institutions involved in foreign transactions. The KSS (Korea Customs Service) ensures that the foreign exchange policies and activities in South Korea obey international
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Measuring Economic Health Memo xxxxxxxxx Eco 212 July xx, 2010 Xxxxxxxxxx In the next few paragraphs I will briefly examine how GDP (gross domestic product) is used to measure the business cycle, the roles of government bodies that determine national fiscal policy, and explain the effects of fiscal policies on the economy. Gross Domestic Policy and the Business Cycle GDP (gross domestic product) is the best indicator of where the economy is in the business cycle; “because GDP
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MACROECONOMICS: A General Overview Finance is based on economics. Therefore, to properly understand financial markets and their behavior one must first understand economics. Economics at its core is concerned with the production, distribution, trade and consumption of goods and services. To put this in human terms we can say that economics is the science that arises out of the interplay between limited resources and unlimited human wants and needs. There are two basic ways to view economics
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these two objectives, especially in the long run, the same need not hold in the short-run. A stable macroeconomic environment - low and stable inflation, sustained growth and low interest rates - can generate excessive optimism about the future economic prospects and often the risks are downplayed. Accordingly, episodes of financial instability often have their origins in environment of macroeconomic stability. Thus, macro economic stability need not necessarily always place an economy in financial
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the balance owed to the IMF and managed to reduce interest rates steadily. In order to grow like China and India, Brazil would have to tackle “the Brazil cost”: * To reduce the size and importance of the informal sector * Correct some macroeconomics deficiencies (e.g the high real interest rate and a high government debt to GDP ratio) * Reduce red tape * Improve the quality of public services (e.g education, justice and security) * Develop new infrastructure In 2006 Brazil was
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Analysis of the Business Cycle Tamika Williams Professor Amiel Managerial Economics & Globalization March 15, 2011 Strayer University ABSTRACT The purpose of this paper is to take an economical and statistical look of where the economy is headed for the next coming years. Review the outcome of the economy over the past three years and what direction it’s going. Based on this review, it will show the current state of the economy and the impact to the Oligopolist in terms of prospects
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The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. There are, however, three important distinctions within this seemingly simple definition: 1. GDP is a number that expresses the worth of the output of a country in local currency. 2. GDP tries to capture all final goods and services as long as they are produced
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Overview The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty. What we do The IMF promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade, and provides resources to help members in balance of payments difficulties or to assist with poverty
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