Constructivist and Ecological Rationality in Economics [08/01/2007]
Smith, V.
A recurrent theme in economics is that the values to which people respond are not confined to those one would expect based on the narrowly defined canons of rationality. Research in economic psychology has prominently reported examples where .fairness. considerations are said to contradict the rationality assumptions of the standard socio-economic science model. But experimental economists have reported mixed results on rationality: people are often better, in agreement with, or worse in achieving gains for themselves and others than is predicted by rational analysis.
Time Series Analysis, Cointegration, and Applications [07/01/2007]
Granger,C.
An important objective of empirical research in macroeconomics is to test hypotheses and estimate relationships, derived from economic theory, among aggregate variables. The statistical theory that was applied well into the 1980s in building and testing large simultaneous-equation models was based on the assumption that the variables in these models are stationary. The problem was that statistical inference associated with stationary processes is no longer valid if the time series are indeed realizations of nonstationary processes.
Risk and Volatility: Econometric Models and Financial Practice [06/01/2007]
Engle, R.
The increased importance played by risk and uncertainty considerations in modern economic theory have necessitated the development of new econometric time series techniques that allow for the modeling of time varying variances and covariances. Particularly instrumental in this development has been the AutoRegressive Conditional Heteroskedastic (ARCH) class of models introduced by Robert Engle.
The Effect of Exchange Rate Changes on Belarus. Trade Balance [05/01/2007]
Tochitskaya, I.
This study tests the impact of real effective exchange rate changes on Belarusian trade balance. The findings suggest that depreciation has a short-run and long-run positive effect on trade balance. The negative immediate impact of exchange rate depreciation can be explained at the same vein as in numerous papers examining the short-run and long-run relationship between exchange rate changes and trade balance by existence of the lag in the time during which consumers and producers adjust to a new buying patterns, and asymmetries between the changes in export and import prices.
Impact of the Financial System on Economic Growth in Transition Economies [04/01/2007]
Kruk, D.
In this article the analysis of the relationship between financial system and economic growth is provided. This relationship is considered as a part of general interrelation between finance and economic development. The channels and long-run mechanisms of impact of the financial system on economic growth are considered. Comparison of finance and growth theories bring us to conclusion that financial intermediation is implicitly included into AK-type models of endogenous growth, as well as into the exogenous models.
Trade Specialization of Ukraine: Evidence of Revealed Comparative Advantages [03/01/2007]
Vavryshchuk, V.
The article provides analysis of structure of trade specialization of Ukraine in the world market and markets of its major trading partners: Russia and European Union. The dynamics of trade specialization in 2001.2004 is also analyzed. In particular, the analysis shows that Ukraine specializes in production of commodities with low value added, primarily in metallurgy products. The structure of revealed comparative advantages of Ukraine in the markets of Russia and European Union differs substantially.
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