 |
Atlantic
Economic Journal |
4949 West Pine Blvd.
Second Floor
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| VOLUME 32 |
DECEMBER
2004
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NUMBER 4
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E-Mail: iaes@iaes.org
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| Table of Contents | Submission | Manuscript Instructions | Anthology Instructions | Membership | Friends of the Society | Endowment Fund | IAES Officers | Front Page | |||
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This paper overviews the joint strategy of the Bank of
Slovenia and of the Government of Slovenian for the policy management
in the Exchange Rate Mechanism II (ERM II) and the eventual adoption of
the euro. The current prospects of the Slovenian economy are favorable
for early entry into ERM II so that the currency union can be acceded
as soon as possible. The ERM II-connected risks, in particular an asymmetric
credit financed demand boom, require a new policy mix to be set in place.
While the monetary policy will focus on the tight management of the nominal
exchange rate, the role of inflation restraint and shock absorption will
rely on fiscal and income policies. (JEL E61, E65, F33)Atlantic Econ.
J., 32(4): pp. 268-79, Dec. 04. ©All Rights Reserved
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In this paper, Poland's preparations to introduce the
euro and discussions surrounding them are briefly analyzed. Its first
part deals with legal and macroeconomic developments before Poland's accession
to the EU in May 2004. The second part considers Poland's official position
and possible future scenarios. The main conclusions are twofold. Firstly,
it is argued that after finishing successfully the disinflation process,
Poland's monetary integration is above all subject to fiscal and exchange
rate developments. In both cases, they are a function of the economy's
structural changes. Secondly, as a consequence, fulfilling the Maastricht
Treaty nominal convergence criteria by Poland will imply enough degree
of real convergence for its successful participation in the euro zone.(JEL
E5, P2)Atlantic Econ. J., 32(4): pp. 280-92, Dec. 04. ©All Rights Reserved
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The aim of the paper is to give an overview of the issues
related to Estonia's entry into ERM II. For that purpose the article describes
the official position of the Estonian authorities regarding entry into
ERM II and the adoption of the euro, explains the rationale for early
entry into ERM II, and presents the reasons for maintaining the currency
board arrangement until full membership in EMU. Also, the challenges of
the adoption of the euro are discussed. The article concludes that early
entry into ERM II is appropriate as the perceived costs---short-term costs
of fiscal consolidation and the cost of giving up independent monetary
policy and flexible exchange rates as stabilization tools---are practically
non-existent in Estonia. The paper argues that the high level of exchange
rate stability and nominal convergence, relatively high flexibility of
the economy, and integration with the euro area support the rationale
for maintaining the currency board arrangement and adopting the euro early.
(JEL E42, E65, F31)Atlantic Econ. J., 32(4): pp. 293-301, Dec. 04. ©All
Rights Reserved
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When published, the Czech Euro-area Accession Strategy
signalled a rather cautious approach to adopting the euro in comparison
to the intentions of other EU acceding countries. The euro adoption was
scheduled around 2010 and the ERM II was viewed only as a waiting room.
The Czech strategy was attuned to specific features of the Czech economy.
Although inflation and nominal interest rates converged to the EMU levels
before EU entry, large fiscal deficits and the need for significant fiscal
reform did not make it possible to meet the Maastrich criteria soon. Moreover,
real convergence was viewed as a priority for the forthcoming years and,
consequently, the strategy was aimed at maintaining nominal flexibility
in order to cushion consequences of price and wage rigidities during the
peak period of the catch-up process. (JEL E60)Atlantic Econ. J., 32(4):
pp. 302-11, Dec. 04. ©All Rights Reserved
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Anthropologists and sociologists have long emphasized
the concept of generalized reciprocity and symbolic value of gifts. When
gifts are given in primitive or modern societies, symbolic meanings of
gifts are taken into account and the gift recipients feel obliged to return
the favor. In the field of economics, several papers in recent years have
emphasized the value of gifts as signaling tools or as expressions of
altruism. However, these papers do not address the issue of symbolic value
of gifts. This paper discusses how symbolic value of a gift can be determined
and how it is related to the concept of generalized reciprocity. A Nash
game is used to show how symbolic values may be determined in a model
of generalized reciprocal gifts. (JEL D63, D64, H4, J42)Atlantic Econ.
J., 32(4): pp. 312-319, Dec. 04. ©All Rights Reserved
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Empirical Estimation of Agglomeration Economies Associated with Research Facilities GEOFFREY BLACK, JOHN CHURCH, AND DONALD HOLLEY |
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This research employs a new technique to estimate agglomeration economies, which are omitted from standard Input-Output (I-O) models. The overall economic impact of an economic entity includes the direct and indirect impacts as well as the agglomeration economies. I-O analysis is employed to assess the direct and indirect economic impacts of a research facility. The overall economic impact is estimated by employing a demographic projection model that estimates employment, population, and income in the region without the facility's contribution to the economic landscape. The difference between the overall economic impact and the direct and indirect impacts are attributed to the agglomeration effects of the facility. The findings indicate that agglomeration economies are significant part of the overall economic impact. (JEL R1)Atlantic Econ. J., 32(4): pp. 320-28, Dec. 04. ©All Rights Reserved |
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English Mercantilist Influences on the Foundation of the Portuguese School of Commerce in 1759 LUCIA LIMA RODRIGUES AND RUSSELL CRAIG |
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The Portuguese School of Commerce, founded in 1759, is promoted frequently as the world's first official, government-sponsored school to offer formal instruction in commerce. This paper contends that Sebastião Carvalho e Melo (1699-1782), the Marquis of Pombal, was responsible for the transfer, from England to Portugal, of the educational "know how" instrumental to the School's success. Pombal was influenced by the English mercantilism he observed as the Portuguese ambassador to England (1738-43), particularly proposals by a writer on mercantilism, Malachy Postlethwayt, for academy-based commercial education in England. Another influence on Pombal was former East India Company employee, John Cleland. Pombal's motives were to imitate the success of British mercantilism, develop trade and economic activity in Portugal, and improve and expand Portugal's merchant class. (JEL A20, M40, N10)Atlantic Econ. J., 32(4): pp. 329-345, Dec. 04. ©All Rights Reserved |
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