Covariations in the currency ratio and the velocity of money in underdeveloped countries 1

This paper investigates the effects of various socioeconomic variables on fertility rates, with special reference to the United States. Most of the results are consistent with the earlier cross‐sectional results of Adelman, Drakatos, et. al. More specifically it appears that such socioeconomic variables as age structure, education, per capita income, population, density, and urbanization influence birth rates in both developing and developed countries. Both linear and logarithmic forms are used to estimate birth rates. In the final portions of the paper an attempt is made to reconcile those cases in which the results were not consistent with some of the earlier findings.     

Modelling the demand for foreign savings in developing countries: Testing a hypothesis with Latin American data

The demand for foreign savings is an important feature of the economy in many LDCs, and it would be helpful to have a better understanding of its determinants. This paper considers one approach to modelling the demand for foreign savings in LDCs. If the demand for investment shifts out more buoyantly than does the supply of domestic saving in response to current macro‐economic conditions, persistent demand for foreign savings will be generated as a normal feature of the development process. We test this hypothesis with elasticities computed from the parameters of investment and domestic saving equations estimated for a sample of 21 Latin American countries. The empirical results show that in approximately half of the countries in the sample (and most notably in Brazil and in Mexico), the demand for foreign savings is rooted in the parameters of the investment and domestic saving functions.     

On the relation between savings,distribution and inflation

A model of inflation, distribution and savings analysed by Thirlwall is evaluated. We replace the Kaldor saving function, instead following Pasinetti, where capitalists’ and workers’ savings are assumed proportional to their respective incomes. With this formulation, estimates of the inflation required to change the overall savings rate are generally larger than Thirlwall's. The magnitude of the difference is related, inter alia, to the share of capitalists’ profits in total income. Alternative estimates are presented, and it is shown that in general very large inflation changes are required to raise savings through redistribution. We also discuss the empirical evidence on the value of the wage adjustment parameter in the models.     

当前全球性通货膨胀的原因及影响

2011年以来,全球性通货膨胀形势持续发展,成为影响世界经济复苏和稳定运行的最大风险。全球性通货膨胀的出现与美西方国家奉行宽松货币政策有关系,有全球经济长期以来的结构性因素,也与近期的突发性国际事件相互牵连。通胀的持续和蔓延在国际经济、政治、社会领域产生诸多负面影响,对中国外部环境也具有微妙、复杂的影响。     

The less developed countries and the global economy

The Transnational Corporation and Uneven Development: The Internationalisation of Capital and the Third World. By Rhys Jenkins. London: Methuen, 1987. Pp.229. £28 (hardback); £8.95 (paperback). ISBN 0 416 733409 and 73350 6.

Developing With Foreign Investment. Edited by Vincent Cable and Bishnodat Persaud. Beckenham: Croom Helm, 1987. Pp.viii + 327. £25. ISBN 0 7099 4825 5.

International Industry and Business: Structural Change, Industrial Policy and Industry Strategies. By Robert H. Ballance. London: Allen & Unwin, 1987. Pp.xxi + 357. ISBN 0 04 339037 4 and 339038 2.

Trade Among Multinationals: Intra‐Industry Trade and National Competitiveness. By Donald C. MacCharles. London: Croom Helm, 1987. Pp. xiv + 207. £30. ISBN 07099 4618 X.

Myths and Reality of External Constraints on Development. By James Riedel. Alder‐shot: Gower for the Trade Policy Research Centre, London, 1987. Pp.xvi + 111. ISBN 0566 05336 5.

International Economic Restructuring and the Regional Community. Edited by Herman Muegge and Walter Stohr. Aldershot: Gower, 1987. Pp.x + 404. £28.50. ISBN 0566 05478 1.     

Urban Wage Behaviour and Food Price Inflation in Ethiopia

Theoretically, increases in food prices could benefit the poor by increasing the demand for unskilled labour, and hence their wages. This paper tests this hypothesis in urban Ethiopia. We exploit a unique panel of monthly price and wage data from 111 urban markets to first construct welfare-relevant measures of real wages, before employing various panel estimators to formally test wage-food price integration. We find moderate rates of long-run adjustment to increases in food prices, but that adjustment is very slow. This implies highly adverse short-run welfare impacts of higher food prices on the urban poor.