This paper provides evidence on the long-term impact of market potential on economic development. It derives from the New Economic Geography literature a structural stimation where the level of factors’ income of a country is related to its export capacity, labeled Market Access (MA) by...

The location of financial activities is traditionally characterized by a great deal of inertia. However, the 2007-10 crisis may considerably modify the geography of finance and cause an upheaval in world hierarchy. The crisis hit the Western countries directly and the main financial centers have...