6 articles in this issue
P. GRAY
Some economists suggest that macroeconomic theory is incomplete because it has neglected to construct a model of instability. The author contends that a theory of depression must provide information on an economy's ability to resist depressions most of th... see more
J.A. KREGEL
If stock markets evaluate the future prospects of the real economy, then the stock markets believe that German reunification has caused a marked deterioration in the prospects for the German people. The markets seem to have interpreted the terms of German... see more
J. TERANISHI
This article examines the role of the Japanese financial system in the industrialisation of Japan over the period 1900-1970. The author explores the role of a financial system in the development of an industrialising economy and considers the pre-war and ... see more
L. STEIN
Many Third World governments have deprived agriculture of essential resources, taxed it excessively and inadvertently constructed a pernicious disincentive system. The present work seeks to review some of the instances by which Third World regimes accord ... see more
H.G. GRUBEL
Banks extract large profits through speculative trading on the foreign exchange markets and some authors have argued that banks are the winners and that the traders of goods and services are the losers in this game of foreign exchange dealing. The author ... see more
S. SCHULMEISTER
The author states that empirical evidence suggests that two types of speculator currently exist in the foreign exchange markets: the first type of speculator simply follows trend movements in exchange rates; the second type anticipates the turning point i... see more