We use changes in Brazil's tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and externalities from capital controls on investor portfolios. The analysis is structured based on information from investor interviews. We find that an increase in Brazil's tax on foreign...

The global financial crisis which erupted in the United States instantaneously swept across Europe. Like the United States, the European Monetary Union (EMU) was ripe for a crash. It had its own real estate bubble, specifically in Ireland and Spain, indulged in excessive deficit spending,...

This paper considers the primary challenges faced by the Eurozone and caused by the 2008+ crisis. It suggests that one should distinguish among institutional, conceptual (model/paradigm) and real economic challenges. As a factor that influences progress in other areas, the latter topic is a...

Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding...

Export restrictions can be problematic if trading partners question either their conformity with international obligations or their possibly unintended negative impacts on others. Regulatory transparency can help. This paper examines how three multilateral environmental agreements (MEAs)...

The recent surge in competition between state and private firms in global markets calls for a reflection on how to minimise any potentially distortionary effects on international trade and investment created by state enterprises while at the same time restraining any undue protectionist policy...

COVID-19 related travel restrictions, including complete border closures, have been one of the first containment measures to be implemented by many countries and have been continuously adjusted according to the epidemiological situation in departure and destination countries. Despite some easing...

The economic crisis triggered by the COVID–19 pandemic once again raises doubts about the eurozone's ability to deal with joint economic problems given its dissimilar dynamics and asymmetries. This chapter contributes to a paradigm shift in the governance of the euro area towards a more...

The official intention of the UNESCO World Heritage List is to protect the global heritage. However, the existing List is highly imbalanced according to countries and continents. Historical reasons, such as historical GDP, population, and number of years of high civilization, have a significant...

The official intention of the UNESCO World Heritage List is to protect the global heritage. However, the imbalance of the distribution of Sites according to countries and continents is striking. Consequently, the World Heritage Committee launched the Global Strategy for a Balanced,...