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More adults gain jobs as a result of removing child labour. Adult males appear to be complementary with, and adult females substitutes for child labour, although the employment effects of banning child labour are inconclusive. (DSE/DÜI)

Bailey (1971) first documented the idea that there may be a degree of substitutability of the relationship between government spending and private consumption. In this paper, this issue is embedded in a Markov–switching framework where the relationship is subject to shifting between two different regimes. To control small–sample bias, the bootstrap maximum likelihood estimator is used. Evidence from Taiwan indicates that the crowding–in effect dominated the pre–1980 period; the substitutability dominates the post–1980 period. It renders unconvincing the Keynesian plea for expansionary fiscal policy of Taiwan since the 1980s. A Mundell–Fleming approach is proposed to explain this dating.

Bailey (1971) first documented the idea that there may be a degree of substitutability of the relationship between government spending & private consumption. In this paper, this issue is embedded in a Markov-switching framework where the relationship is subject to shifting between two different regimes. To control small-sample bias, the bootstrap maximum likelihood estimator is used. Evidence from Taiwan indicates that the crowding-in effect dominated the pre-1980 period; the substitutability dominates the post-1980 period. It renders unconvincing the Keynesian plea for expansionary fiscal policy of Taiwan since the 1980s. A Mundell-Fleming approach is proposed to explain this dating. 6 Tables, 4 Figures, 2 Appendixes, 41 References. Adapted from the source document.

The authors advance a general perspective on how to incorporate the notion of foreign policy substitutability in probabilistic models of international politics. They suggest that substitutability may be dealt with in one of two ways, namely, (1) through better specification or (2) through the use of multinomial logit analysis techniques. Their solution is applied to the substantive problem of how internal economic conditions affect the behavior of states in enduring rivalries. States in rivalries might react to worsening economic problems by either (1) escalating conflict within the rivalry to gain the benefits of a diversionary conflict or (2) seeking to settle the rivalry to free up resources that can be directed toward dealing with economic problems. The possibility that seemingly contradictory policies may be undertaken requires the use of a model for analysis that takes into account substitutability. The authors perform empirical analysis to determine how economic conditions may simultaneously affect the probabilities of dispute initiation and rivalry termination.

This paper's main objective is to empirically investigate
whether or not the use of the simple• sum aggregate is justified in the
context of Pakistan's economy and also to determine the degree of
substitutability of monetary assets.