The debate on trade and growth increasingly focuses on the composition of exports. Exports of more "sophisticated" products appear to be positively correlated with growth, and upgrading the quality of exports is high on the policy agenda of many countries. This study presents evidence suggesting...

The importance of manufacturing for industrialized countries has been reappraised, specifically in the wake of the financial crisis and of China's rise to world no 1 in manufacturing. A "new industrial policy" should bolster reindustrialization, different from the old selective and...

Purpose The purpose of this paper is to empirically assess the significant indicators of macroeconomic environment that influence credit risk in high-income countries. Design/methodology/approach The study employs the system generalized method of moments estimator to avoid the dynamic panel bias...

In recent years spectacular attempts by various major industrialized countries to reduce government expenditure have met with limited success and given rise to heavy controversies. What are the lessons to be learnt? What are the principles to be followed in cutting government expenditure?