This paper proposes a 2-country stock-flow consistent agent-based model of a monetary union and exposes it to three supposed drivers of imbalances in the build-up to the Great Recession: unequal developments in investment, competitiveness and wages. The model has some innovative features: It...

This paper proposes a 2-country stock-flow consistent agent-based model of a monetary union and exposes it to three supposed drivers of imbalances in the build-up to the Great Recession: unequal developments in investment, competitiveness and wages. The model has some innovative features: It...

In the era of financialisation, increasing income inequality could be observed in most developed and many developing countries. Despite these similar developments in inequality, the growth performance and drivers for growth differed markedly among countries, allowing clusters of different growth...

In the era of financialisation, increasing income inequality could be observed in most developed and many developing countries. Despite these similar developments in inequality, the growth performance and drivers for growth differed markedly among countries, allowing clusters of different growth...

This paper uses the Johansen test for cointegration to check the prediction of a portfolio balance model that predictable valuation effects are associated with a saddle-path dynamic relationship between the net foreign asset position and the real exchange rate. The analysis uses newly...

This paper studies the regulatory issues related to the “Sovereign Wealth Funds†(SWFs), described as “special purpose†government investment vehicles. Concerns have been expressed due to SWFs limited disclosure and transparency and their multiple investment objectives. While...