Journal of Economics Bibliography

Is American manufacturing in decline?

2025-03-09T23:54:31+00:00

There is a widespread popular view that American manufacturing is in decline. This declinist view reflects many factors. First, real GDP growth during the current business expansion has been the weakest in the post-WWII period. Second, over the decade from 2000 to 2010, manufacturing employment has declined by about 6 million. Third, persistent manufacturing trade deficits have led many observers to conclude U.S. competitiveness has eroded. This paper discusses these arguments and suggests a competing view that, instead, U.S. manufacturing is a leading growth sector and has remained strongly competitive internationally. On balance, we show that traditional domestic economic forces adequately explain recent trends in U.S. manufacturing output and employment growth. Finally, we argue that the recent reduction in the corporate income tax rate may further boost the fortunes of the U.S. manufacturing sector, although this favorable development could be offset by a more restrictive international trade regime.

Keywords. Intra-industry trade; Imperfect competition; Classical theories of trade.

JEL. F11; F12; F13.

A proven solution for Lebanon’s economic crisis: A currency board

2025-03-09T23:52:41+00:00

Lebanon is currently facing a financial crisis marked by rising inflation rates and a black-market exchange rate that is significantly diverging day-by-day from the official exchange rate. In this paper, the author dives into Lebanon’s financial history and what actions undertaken by the government since the civil war have led to this crisis. After a thorough examination of the current economy, the author compares Lebanon’s present day financial crisis to the one faced by Bulgaria in the 1990s and concludes that the implementation of a currency board is a viable solution for restoring the strength of the Lebanese pound and ushering in financial stability.

Keywords. Currency board, Lebanon, Bulgaria.

JEL. E58; G01; L25.

An economic analysis of the Bahamas Currency

2025-03-09T23:57:09+00:00

This paper seeks to answer whether the replacement of the Bahamas currency board by a central bank was a rational decision given the subsequent economic performance climate of the central bank and the Bahamian economy. The paper describes the currency board’s establishment; its switch from the pound sterling to the U.S. dollar as the anchor currency; and its replacement by a proto-central bank soon succeeded by the Central Bank of the Bahamas, which continues in existence today. Statements of the currency board from the Bahamas Gazette as well as other sources will help analyze the aforementioned periods and illustrate the effects each transition had on the economy. The paper will examine the later years of the currency board and test whether it behaved in an orthodox or unorthodox manner as well as exploring its relation to government finance.

Keywords. Bahamas; Currency board.

JEL. E59; N16; N26.

From The Editor

2025-03-10T00:06:38+00:00

From The Editor

Front Matter

2025-03-10T00:22:45+00:00

Front Matter