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Applies new tests for parameter instability in cointegrated models to evaluate the traditional export demand function. The determinants of exports considered are world real income, export price and competitors' export price. The data for Singapore (a newly industrializing economy), from 1973‐1997, are used as a case study. Results suggest that Singapore does not satisfy the conditions of a small, price‐taking country in world trade. Irrespective of whether one normalizes export demand function by price or quantity, the state of external demand appears to be a key ingredient in Singapore's export growth. This finding differs markedly from Riedel's evidence. It is found that the estimation of Singapore's export demand model requires the inclusion of some dummy variables in order to achieve not only cointegration but also long‐run parameter stability. However, once the structural breaks are accounted for, a stable relation is found, which resists a series of specification tests.

Using cointegration and multivariate causality approach, this paper examines the determinants of income velocity in the United Kingdom over the period, 1973Q1–1990Q2. The results suggest that changes in interest rate, interest rate volatility, real exchange rate and money growth volatility provide information that helps predict future movements in income velocity.

AbstractWe examine three major U.S. corporate bond market indices for calendar‐based anomalies over the period 1982–2002. The analysis covers the entire corporate bond market and two broad industry classes: industrials and utilities. We find mixed support for the weekend effect in the overall bond index and the industrials index and to a lesser extent in the utilities index. We also show strong evidence of a January effect. This paper not only updates the study of corporate bond market anomalies through the period 2002 but also is the first examination based on broad industry classes.

Intro -- Contents -- Tables and Figures -- Introduction -- A Theoretical Review of the Keynesian and Monetary Approaches to the Balance of Payments -- Full Employment, Balance of Payments and Adjustments in Unified (Fixed) Exchange Rate Regimes -- A Survey of the Monetary Approach to International Finance -- An Empirical Review of the Keynesian and Monetary Theories to the Balance of Payments -- Empirical Evidence for the Traditional Approach to the Capital Account -- The Traditional Theory to the Current Account: An Empirical Examination -- Empirical Evidence for the Monetary Approach to Balance of Payments Adjustments -- Criticisms of the Keynesian and Monetary Views of Balance of Payments Determination -- A Critique of the Traditional Approach to International Finance -- The Monetary Theory of the Balance of Payments: A Retrospective Analysis -- A Theoretical Comparison of the Keynesian and Monetary Theories to the Balance of Payments -- Keynesian and Monetary Approaches to the Balance of Payments -- Empirical Comparisons of the Keynesian and Monetary Theories of Balance of Payments Determination -- International Adjustment for Kenya: The Relevance of the Traditional and Monetary Approaches -- A Comparison of the Monetary and Traditional Approaches to International Competitiveness -- The Keynesian and Monetary Approaches to International Accounts Adjustment: Some Heuristics for Germany -- The Role of Exogeneity, Causality and Exchange- Rate Volatility in the Modeling of U. S. Export- Demand Function: Some New Evidence -- A Review of the Theoretical Literature on Exchange Rate Determination -- The Traditional Approach to Balance of Payments Adjustment under Flexible Exchange Rates -- Doctrinal Views on Exchange Rate Determination: An Eclectic Approach -- Empirical Evidence on Exchange Rate Determination.

The empirical estimates for the money demand function reported here
are based on quarterly time series for Thailand for the period 1973:1 to
1985:4. The money demand function estimated is novel in that it takes
into account the potential effect of external monetary developments on
domestic money demand in the open economy of Thailand. The empirical
results show that foreign interest rates do play an important role in
the Thailand money demand function. Hence the Thailand monetary
authorities should not ignore the response of domestic money demand to
external factors in formulating their stabilisation policies.