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activities adjustment agricultural analysis assets average balance-of-payments Bank basic behaviour budget constraint capital flight capitalist cent changes coefficients competition costs cultivating households data services demand devaluation developing countries distribution domestic economic development effects employment equation estimates expansion expenditure export external factors firms foreign direct investment function growth rate host country implicit contracts import import substitution incentives income elasticity increase India inflation interest rates Japan Japanese Journal labour Latin America liberalization macroeconomic manufacturing ment mills monetarism monetarist monetary money multiplier money supply multiplier non-cultivating output growth percent period Phillips Curve political problems production profits ratio rational expectations region relatively result revenue risk risk-aversion sector social stabilisation policy strategy structure Table target tariff textile textile industry Third World tion trade transactions United University of Allahabad variables wage weather workers