Showing papers in "The World Economy in 1991"

Inflation, Growth, and External Debt: A View of the Landscape

Abstract: This paper reconsiders the relationship between inflation, economic growth and external debt, and discusses various channels through which (a) increased inflation tends to reduce growth and raise foreign indebtedness over time and (b) declining growth tends to amplify both inflation and debt. Based on a simple model of the simultaneous determination of inflation and growth, a non-parametric statistical comparison of the growth record and external indebtedness of high- and low-inflation economies reveals significantly slower growth and greater debts in the high-inflation economies since 1973. The observed growth differential indicates that the real costs of inflation over time may be high for individual countries as well as for the world economy as a whole.(This abstract was borrowed from another version of this item.)

The International Regulation of Dumping: Protection Made Too Easy

Abstract: In many ways, the international regulation of dumping looks like a model of successful multilateral rule making. Yet the systemic justification of anti-dumping measures is dubious, and international rule making has perversely served to expand the scope for regulatory protection. The multilaterally agreed rules have made protection too easy, as compared to the standards that are used to regulate predatory behavior under domestic competition laws and as compared to the standards stipulated for safeguard measures under Article XIX of the GATT. This paper also explores the reasons why the deregulation of dumping will be difficult