SOUTHWESTERN ECONOMIC REVIEW Edward M. McNertney, Editor Department of Economics Volume 30 Spring 2003 Number 1 i
SOUTHWESTERN ECONOMIC REVIEW EDITOR: Edward M. McNertney, The Southwestern Economic Review is published annually by the Department of Economics,. We gratefully acknowledge the support given to the production of the journal by the Southwestern Society of Economists and the AddRan College of Humanities and Social Sciences,. Subscriptions to the Southwestern Economic Review: Members of the Southwestern Society of Economists No additional charge; Non-members -- $20.00; Library -- $25.00. For requests for subscriptions, additional copies, or further information, contact Edward M. McNertney, Editor Southwestern Economic Review Department of Economics Box 298510 Fort Worth, TX 76129 Tel: 817-257-6232 E-Mail: e.mcnertney@tcu.edu Price per copy: $20 All rights reserved. No part of this publication may be reproduced in retrieval systems, or transmitted in any form or by any means, electronically, photocopying, recording or otherwise without prior written permission of the publisher. No responsibility for the views expressed by authors in the Southwestern Economic Review is assumed by the editor, the publisher,, or the Southwestern Society of Economists. Southwestern Economic Review is jointly supported by the Southwestern Society of Economists and by. It is published by the Department of Economics at Texas Christian University. Southwestern Society of Economists (SSE) is one of the regional professional associations of the Federation of Business Disciplines (FBD). Copyright by the Southwestern Society of Economists 2003, all rights reserved. ii
SOUTHWESTERN ECONOMIC REVIEW Volume 30 Spring 2003 Number 1 TABLE OF CONTENTS Indiana s Export Base: A Comparison of Export Industries Across Indiana s Metropolitan Statistical Areas Wayne Bartholomew, Paul Joray and Paul Kochanowski... 1 Measuring Productive Efficiency and Cost of Public Education Kalyan Chakraborty...23 Do College Endowments Matter? The Case of Educational Spending Harold R. Christensen and Elizabeth L. Rankin...35 Modeling Central Bank Behavior with a Taylor-Type Rule: The Case of Developing Nations with Open Economies William Seyfried and Dale Bremmer...43 The Cycle of Poverty: New Insights to an Old Problem Joshua J. Lewer...51 Public Spending and Economic Growth: Empirical Investigation of Sub-Saharan Africa Mesghena Yasin...59 IPO Premiums and Investor Behavior in the Neuer Market Anne Macy...69 The Trade Creating Effects of Capital Mobility: Recent Evidence from Latin America Joshua J. Lewer and Neil Terry...79 Russian versus Bulgarian Personality Variables: New Findings with Implications for Entrepreneurship, Economic Development and Marketing in these two Transition Economies Gary B. Jackson, Charles R. Strain, Jr., Dan Ghosh and Sam Ghosh...91 The Lecture-versus-Case Controversy: Its Philosophical Foundation Kavous Ardalan...99 Explaining Contradictions from Econometric Models Frank G. Landram and Amjad Abdullat...119 iii
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APPRECIATION The editor of the Southwestern Economic Review and the Southwestern Society of Economists would like to thank the following individuals who have contributed their time and effort in reviewing articles for this issue of the Review. Gaurango Banerjee University of Texas at Brownsville Waldo L. Born Eastern Illinois University David Braddock Delta State University Tantatape Brahmasrene Purdue University North Central Richard Cox University of Arkansas-Little Rock Barbara J. Davis Centenary College B.J. Dooley Louisiana State University, Eunice Barry Duman West Texas A&M University Dawn R. Elliott John T. Harvey David J. Hoaas Centenary College Marshall J. Horton Southern Arkansas University Yu Hsing Southeastern Louisiana University Anisul M. Islam University of Houston-Downtown Kristin Klopfenstein John Leonard Southeastern Louisiana University N.R. Vasudeva Murthy Creighton University Tammy Rapp Parker University of Louisiana at Monroe Bruce C. Payne Barry University Matiur Rahman McNeese State University Elizabeth L. Rankin Centenary College Barrie Richardson Centenary College Craig Richardson Salem College Bill Rickman Fort Hays State University Neil Terry West Texas A & M University Richard Vogel SUNY-Farmingdale v
Charles N. Weaver St. Mary s University Michael N. Wolfe University of Houston-Clear Lake vi
PREFACE The support and efforts of a number of dedicated people were necessary in order for the Southwestern Economic Review (SER) and the Southwestern Economic Proceedings, Selected Papers to be published. First, the faculty of the TCU Department of Economics and Mary L. Volcansek, Dean of AddRan College of Humanities and Social Sciences at TCU provided much needed support for this endeavor. Second, the reviewers of the manuscripts submitted to the journals provided much needed expertise in helping to decide which papers should be accepted for publication. Third, Tami Freeman of Arkansas State University magically turned the accepted papers into final publishable form. Finally, Barbara Goodman of the TCU Department of Economics provided much needed secretarial help and Howard Horne of the TCU Printing Services Department turned a stack of 8.5 x11 pages into this volume. The editor is grateful for all of this help and hopes this issue of the Review will promote and advance our organization, the Southwestern Society of Economists, to new educational and professional horizons. The Southwestern Society of Economists is affiliated with the Federation of Business Disciplines. The annual membership fee of Society of Economists is $19 and includes a subscription to the Southwestern Economic Review and the Southwestern Economic Proceedings, Selected Papers. Correspondence on membership, change of address and information about Southwestern Society of Economists should be addressed to: Lonnie R. Vandeveer, Secretary-Treasurer Southwestern Society of Economists Department of Agricultural Economics and Agribusiness 101 Agricultural Administration Building Louisiana State University Baton Rouge, LA 70803 Tel: 225-578-2754 E-Mail: lvandeveer@agctr.lsu.edu Once again, many thanks to those who helped bring this publication to fruition. Edward M. McNertney, Editor Southwestern Economic Review Southwestern Economic Proceedings, Selected Papers vii
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