Satya Dev Gupta

Testing causality: Some caveats and a suggestion

Abstract The Granger concept of causality is defined within the framework of dynamic economic systems in terms of the predictability criterion. The concept has however been often wrongly applied to static systems. The test procedures for Granger causality due to Granger, Sims, Haugh and Pierce provide grossly inconclusive and often conflicting if not misleading results. These problems are illustrated with the data on profits and investment for Canada and the U.S.A. Further, it is suggested that the predictability criterion, if interpreted in terms of conventional forecasting methods, would enable us to provide more conclusive results. The problems assume added importance as the recent vintage of econometric modelling techniques heavily rely on these causality tests.

Globalization and the Dilemmas of the State in the South

Acknowledgements List of Acronyms List of Tables and Figures About the Contributors Globalization and the Developing World: An Introduction F.Adams, S.D. Gupta & K.Mengisteab PART I: THEMATIC ISSUES For a Progressive and Democratic New World Order S.Amin Conceptualizing Resistance to Globalization C.Chin & J.Mittleman The Essence and Appearance of Globalization: The Rise of Finance Capital J.Weeks PART II: CASE STUDIES Popular Resistance to Neoliberalism in Latin America R.Harris Economic Reform and Political Turmoil in Mexico F.Adams Reforming Cuban Socialism: State-Society Dynamics S.Eckstein Globalization and South Africas Transition through a Consociational Arrangement K.Mengisteab Avoiding Globalization: The State and Depoliticization in Nigeria J.Ihonvbere Ideology, Politics, and Public Policy in Ghana: 1982-1996 W.Ofuatey-Kodjoe Liberalization and Retrenchment in the Middle East and North Africa M.Dorraj Global Accumulation and Structural Adjustment in Iran B.Yaghmaian Liberalization, Globalization, and Inequality in South Asia M.Pasha State-Socialist Transition and Labor Relations in China X.Lu Selected Bibliography Index

Globalization, growth and sustainability

Preface. 1. Globalization, Growth and Sustainability: An Introduction S.D. Gupta, N.K. Choudhry. I: Liberalization and Growth. 2. Trade Barriers and Economic Growth: Theory and Evidence J.-W. Lee, P. Swagel. 3. Trade Liberalization and the International Distribution of the Gains from Growth F.L. Rivera-Batiz. 4. Trade Liberalization and Growth D. Greenaway, et al. 5. Trade Liberalization and Growth in Developing Countries, 1950-1988 B. Armah. II: Regional Integration. 6. Regional Trading Blocs and Their Implications for the Indian Economy D.M. Nachane, R. Lakshmi. 7. Globalization, Free Trade and Economic Growth in Mexico H. Bougrine. 8. Asia Pacific Economic Cooperation in the Changing World Economy Y.-S. Kim. 9. Trade and Foreign Direct Investment Linkages Among APEC Economies A. Ahmad, S. Rao. 10. Succeeding in the Global Business Environment: A Challenge for Small States in the Twenty-First Century B.J. Punnett. III: Equity and Sustainability. 11. Globalization and Sustainable Development M. Desai. 12. Globalized Trade and Environmental Protection S. Abizadeh, et al. 13. Global Market Relations and the Phenomenon of Tropical Deforestation M. Dore, et al. 14. What is Sustainable Trade? P. Perkins. 15. Global Economic Integration and Justice: A Capabilities Approach G. DeMartino. Index. Contributors.

Dynamics of globalization and development

Preface. 1. Dynamics of Globalization and Development: An Introduction S.D. Gupta, N.K. Choudhry. I: Financial Liberalization. 2. Foreign Aid and Growth: A Simulation Model K. Gupta, R. Lensink. 3. Liberalization and Growth-Oriented Structural Adjustment Programs: A Financial Programming Approach for India M.J. Manohar Rao, B. Singh. 4. The Monetary Dynamics of Economic Integration P. Deprez, J. Deprez. II: Multinational Enterprises, Investment and Technology. 5. EU, ASEAN and North American Integration: Lessons from Their Degrees of Integration M.S. Aguirre. 6. Speculation-led Development in the Third World I. Grabel. 7. Globalization and Development: Lessons from the Peripheral Countries of the European Union E. Paliginis. 8. Globalizations Implications for Indonesia: Trade Policy, Multinationals, and Competition W.E. James, E.D. Ramstetter. 9. Technical Diffusion and Confusion M. Bradfield. 10. The Role of Intellectual Property Rights in Economic Growth D.M. Gould, W.C. Gruben. III: Micro Foundations. 11. A New Approach to Global Trade Imbalances R. Batra. 12. Structural Microeconomics of Productive Efficiency and Strategic Alliances R. Rowley, R. Jain. 13. Markets, Globalization and Structural Change M.A. Choudhury, A.F. Che Hamat. 14. A New International Economic Priority: Policy Responsibilities among Multilateral and Regional Institutions H.E. English. Index. Contributors.

Globalization, Growth and Sustainability: An Introduction

Globalization--the process of economic, political, social and cultural integration--is transforming the world into a “global village” at an accelerating pace. The process is driven by an increasing liberalization of restrictions on the mobility of goods, services, capital (both real and financial) and technological knowledge. The recent revolution in transport and information technologies is acting as a great catalyst, accelerating the process to an often unmanageable extent for many developing countries.

Globalization and the Developing World: An Introduction

Globalization is the defining characteristic of our time. The modern system of independent nation states and distinct national economies is being replaced by a single transnational political economy. Power and authority are steadily shifting to global institutions and corporations. National governments have seen their sovereignty and control over domestic political and economic affairs rapidly diminish.

The Political Economy of Globalization: An Introduction

Since the dawn of the modern era, nations have carefully guarded their sovereignty and independence. National governments emerged as the primary arbiters of economic and political affairs within clearly delineated territorial boundaries. These governments gradually assumed broad responsibilities for stimulating economic growth, maintaining political stability, and promoting societal welfare.

Dynamics of Globalization And Development: An Introduction

The process of globalization is changing the world—economically, politically, socially and culturally. Its impact is obvious in the everyday life of a typical housold in a developed country. For example, a simple breakfast menu may include items from countries on every continent: bread made from Canadian wheat, cheese from Switzerland, a banana from Costa Rica, juice from New Zealand, and tea from India. If we listed all the countries producing things we use regularly in our daily lives, we would reach 50 without much difficulty! In addition, a person’s income and work opportunities may be the result of investment from a number of countries. Economic security in retirement may depend critically on the success of funds invested abroad. Firms, in search of profits, are restructuring their businesses and adapting their behavior in response to global market opportunities. The United Nations’ World Investment Report, 1996 provides an interesting example: New York Life insurance clients mail their health insurance claim forms to an address at Kennedy Airport in New York. The claims are sent overnight to Shannon Airport in Ireland, and then by courier to the firm’s processing centre in Castleisland, about 60 miles from Shannon. The processing affiliate is linked via transatlantic telecommunications line to the parent company. After processing, the claims are returned by dedicated line to the insurance firm’s data processing centre in New Jersey, and checks or responses are printed out and mailed to the clients.” (p. 107).

An Estimate of the Social Opportunity Cost of Factory-Workers in some Selected Industries in India

An evaluation of the economic activity from the social point of view requires its valuation of social prices, i.e. the prices that reflect cost or benefit to the society rather than a part of it. Such prices assume greater importance in choosing a technique of production and/or output-mix from the viewpoint of the entire economy.