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. G. – Henry , S. G. B. ( 1989 ): Macro-Economic Modelling. Contributions to Economic Analysis , 172 . North-Holland, Amsterdam: reprint. Johansen , S

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). MMT, by contrast with the neoclassical model (and every other economic model) does not require taxation to support government. Instead, taxes may be levied to control inflation by diminishing aggregate demand. Taxes within MMT also act to enforce the

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. ( 2015 ): Global and Regional Volatility Spillovers to GCC Stock Markets . Economic Modelling , 45 : 38 – 49 . 10.1016/j.econmod.2014.10.052 Arshanapalli , B. – Doukas , J. ( 1993 ): International Stock Market Linkages: Evidence from the Pre

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Economic Model) . Közgazdasági Szemle , 65 ( 2 ): 122 – 160 . Harvey , D. ( 2014 ): Afterthoughts on Piketty’s Capital . May 17, http://davidharvey.org/2014

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Banking Performance: A Panel Quantile Regression Analysis . Economic Modelling , 67 ( December ): 300 – 306 . 10.1016/j.econmod.2017.01.018 Leonard , M. – Sloan , J. – Lee , T. – Elsheimer , B. ( 2008 ): An Introduction to Similarity

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. Chaiechi , T. ( 2012 ): Financial Development Shocks and Contemporaneous Feedback Effect on Key Macroeconomic Indicators: A Post Keynesian Time Series Analysis . Economic Modelling

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-009-9079-3 Dumitrescu , E. I. – Urlin , C. ( 2012 ): Testing for Granger Non-Causality in Heterogeneous Panels . Economic Modelling , 29 ( 4

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. Economic Modelling , 59 ( December ): 520 – 528 . 10.1016/j.econmod.2016.07.020 Zhang , Z. ( 1999 ): Rural Industrialization in China. From Backyard Furnace to Township and Village Enterprises . East Asia , 17 ( 3 ): 61 – 87 . 10.1007/s12140

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visible. 9 From his 19 books, 15 were translated into Chinese. Thus, many indications suggested that China was able to make a rapid and peaceful transition from a socialist economic model to a market economy model, partly on

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Europe. The economic model of central planning, with varying degrees of partial reform in different countries, was no longer delivering much growth, despite quite high rates of fixed capital investment; living standards were low and not improving much

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