https://www.nber.org/system/files/working_papers/w6254/w6254.pdf

Monetary Policy Rules in Practice: Some International Evidence

The advantage of tying one's hands: EMS discipline and Central Bank credibility

Foreign direct investment (FDI) has registered an enormous growth over the past three decades. Whereas during the fifties and early sixties the United States and the United Kingdom were by far the biggest exporters of FDI, the entry of German and Japanese firms into this field has since then considerably increased the international competition for overseas investment opportunities. The growth of FDI has, however, been excelled by the growth of publications specially on the determinants of these investments. An attempt is made in this paper to survey this literature1. Attention is focused on the main currents of thought rather than on coverage of all the publications.2 This survey is selective also in the sense that the marxist and dependencia schools of thought are not covered here. There are two reasons for this. Firstly, the explanations offered by them for FDI are dominated by ideological argumentation and as such cannot be fruitfully compared with the explana -

https://www.jstor.org/stable/pdfplus/40438670.pdf

Determinants of foreign direct investment: A survey

AMARTYA K. SEN * University of Delhi T HIS paper has four objects. In the first section the economic equilibrium of a peasant family is studied. In the second section we discuss the theory of surplus labor and disguised unemployment and, more generally, the response of peasant output to a withdrawal of the working population. The third section goes into an analysis of a dual equilibrium of a partly peasant, partly capitalist agriculture. In the last section some observations are made on the efficiency of resource allocation in peasant agriculture and in share-cropping. Illustrations on the working of peasant agriculture come mostly from India, though the general framework might be of somewhat wider interest.

Peasants and Dualism with or without Surplus Labor

The trajectories of European cities, 1960–2005

The theory of international trade : with its applications to commercial policy

THE rubber tree is one of the so-called "economic trees ". This group includes cocoa, coconut, citrus, and a number of other trees yielding fruit or nuts or bark or latex. Each has its own foibles -for example, young cocoa usually needs the sunshade of another kind of tree, but all have broadly the same economic life-history. First, the land must be cleared and prepared for planting. As a rule, the young trees must be protected from animals. Most types begin to bear only after five to seven years-seven in the case of rubber. Hence there is a considerable time before they are " established " and begin to yield some return on the original investment. Then comes the long period of yielding. As a rule the yield increases for the first few years, reaches its peak about ten or twelve years after planting, stays there for about fifteen years, and then begins to fall off. A tree may continue to yield something until it is over fifty or even a hundred years old, unless it dies from disease or is blown down in a storm, but trees will probably be abandoned or replaced by something better long before that. During this period, the income from the trees is of the nature of economic rent. Yields may vary with the amount of manuring or weeding, but the cost of extracting some yield is often quite low. Nutmegs, to take an extreme case, fall to the ground when they are ripe and have only to be picked up. Hence large outputs are likely to continue to come forward even when prices are very low. An example is the large quantities of rubber which continued to come forward from the Netherlands East Indies during the 'thirties. even when the net return to the native producer was less than twopence a pound. On the other hand, prices may remain very high for a long time because, although output from existing trees can be somewhat increased, it takes several years for new trees to be planted and to come into bearing. This happened with rubber in the late 'twenties. It will never happen again. So long as a fairly good substitute can be produced synthetically for about iod. or iid. a pound, the price of natural rubber will not remain for long above say Is. a pound at most. Finally there is the problem of replacement, by replanting on the same land or by new planting on land not at present under that crop. Clearly, a producer who wishes to maintain his capital intact must

Frederic Benham

Papers

The theory of international trade : with its applications to commercial policy

The Rubber Industry

British monetary policy

Industrialisation and Foreign Trade.

Economic Essays and Addresses.