This paper considers the question of economic nationalism through the lens of economic openness. Complete economic openness, which connotes close or total integration of a country with that of the world economy, is the antonym of economic nationalism. The paper argues that economic openness is a multi-dimensional concept. A country can be open, or not so open to all or some of the following: tr...

In his paper “Does utility curvature matter for indeterminacy”, Kim (2005) analyzed the relationship among the utility function form, curvature and indeterminacy, concluding that the relationship between curvature and indeterminacy is not robust in neoclassical growth model and the indeterminacy may disappear under the utility specification as in Greenwood et.al (1998). The models he discussed ...

Open and closed economies have been assumed to produce opposite relations between responding and the programmed density of reward (the amount of reward divided by its cost). Experimental procedures that are treated as open economies typically dissociate responding and total reward by providing supplemental income outside the experimental session; procedures construed as closed economies do not....

In Krawczyk and Kim (Macroeconomics, 2009), we studied the problem of setting monetary policy in a closed economy using viability theory. Policies derived from the application of viability theory are ‘good enough’, rather than ‘optimal’. In this paper, we extend the analysis to a small open-economy model where the exchange rate becomes an additional channel for the transmission of monetary poli...

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate,...

I welcome this opportunity to talk about prospects for banks in Australia, a topic of possibly more than usual interest to many of you following the Government’s recent decisions to further open up banking in this country. In part, of course, the prospects for banks are linked to the prospects for the economy generally. A strong economy will help to promote strong banks, just as a healthy banki...

Despite her small size and late industrialization, Singapore has managed to capture a significant share of the global information economy over the last three decades. This paper analyzed the structure and growth dynamics of Singapore’s information industries using an analytical framework that integrates the four key components of an information economy: IT goods industry, content industry, netw...