We show that a simple and intuitive three-parameter equation fits remarkably well the evolution of the gross domestic product (GDP) in current and constant dollars of many countries during the times of recession and recovery. We then argue that it can be used to detect shocks and discuss its...

Recent evidence suggests that regional economic integration provides an important stimulus not only to trade, but also to FDI. In contrast, the available theory on FDI does not yet provide empirically testable propositions on the effects of concurrent trade and investment liberalisation....

The transition process in which a country moves from a planned economy to a market economy offers a unique opportunity for economists and policymakers to observe and understand the effects of major institutional, legal, and political changes on economic systems. But one feature of the process...