Divisia Monetary Aggregates and Economic Activities in Asian Developing Economies


Book Description

First published in 1999, this volume examines the role and effects of financial liberalisation in ten deregulated Asian developing countries including Indonesia, Malaysia, Myanmar, Nepal, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan and Thailand. These areas experienced significant financial and economic changes between the ‘financially repressed economies’ of the 1970s through to the 1990s. Muzafar Shah Habibullah approaches this issue in two parts. Part 1 provides empirical evidence of relationships between monetary aggregates, nominal income and price level. In part 2, he offers an early attempt to evaluate the Divisia monetary aggregate as an alternative to the Simple-sum aggregate as an indicator for the financial and economic situation of Asian developing countries.




ASEAN in an Interdependent World


Book Description

This title was first published in 2000. This volume contains nine selected applied economic papers presented during the 1999 Faculty of Economics and Management Seminar in Melaka. The articles included focus the studies on trade and finance in Malaysia and other ASEAN member countries.




Survey of Literature on Demand for Money


Book Description

A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.




The Theory of Monetary Aggregation


Book Description

William Barnett, the coeditor of this volume, introduced modern economic index number theory into monetary economics and this book comprises a focussed and unified collection of his most important publications in this area. It provides a clear and systematic development of the state-of-the-art in monetary and financial aggregation theory.










Financial Reforms in Sudan


Book Description

The paper reviews the experience of financial reforms in Sudan with a view to assessing their macroeconomic impact and to shedding light on the question why such reforms have not yet brought about visible improvements in financial intermediation. The paper concludes that regardless of the progress achieved in recent years, deficiencies in the reform design, institutional weaknesses, shallow financial markets, shortcomings of the Islamic mode of finance, and strong seasonality remain key factors that constrain financial intermediation. Additional efforts, in particular in bank restructuring, credit instrument design, monetary policy management, and prudential regulation are needed to address the systemic problems of the financial sector and to make it capable of supporting private sector growth.







The Supreme Court's Federalism


Book Description

In the last decade, the Supreme Court has handed down a remarkable series of decisions invalidating congressional legislation in the name of federalism or states' rights. Most of these were decided by a razor-thin majority of five justices. The cases fall into four categories. First, in two cases the Court reaffirmed and expanded the principle of state sovereign immunity. In a second pair of cases, the Court held that state governments (other than their courts) cannot be "commandeered" by Congress to assist in the enforcement of federal law. Third, for the first time since the early New Deal, the Curt, but the familiar 5-4 margin, invalidated a federal statute enacted pursuant to the interstate commerce clause. Finally, the Court adopted a new, and extremely demanding, standard of review for congressional action under Section 5 of the Fourteenth Amendment, which empowers Congress to "enforce" the amendment "by appropriate legislation." The 13 articles in this volume of The Annals deal with the various aspects of the Supreme Court's federalist revival and the principles underlying it. The first three articles discuss these principles in comprehensive terms. Each of the next three articles focuses on a particular aspect of the federalism principle or its judicial enforcement. These articles are followed by a contribution with regard to Congress' ability to escape the constitutional limitations of federalism by means of conditional grants under the spending clause. The next three articles point up alternative themes, purposes, or agendas in the Court's federalism decisions. Another two contributions focus on the anti-commandeering issue, but place that issue in a broader context. The final article illuminates, from several perspectives, the four-year-old federal habeas corpus statute (the Anti-Terrorism and Effective Death Penalty Act). The Supreme Court's recent decision in Bush v. Gore - issued shortly before this volume went to press - dramatically reverses the case and principles that are the subject of the articles in this volume. Perhaps the best justification for the Court's action is not legal but political. The majority justices - or some of them - may have looked down the road and seen a constitutional catastrophe in the making. Unfortunately, there is also a less benign explanation: one or more of the justices may have reached the conclusion that if the presidential outcome were going to be determined by an act of judicial will, it would be their will, and not that of the Florida Supreme Court.