Globalisation, governance and economic performance affect each other in very complex mutual relationships. In this paper, we establish a clear and well-circumscribed hypothesis: “is there an effect of globalisation on governance?” To test this hypothesis or, even more specifically, to test...

The Hayek Hypothesis holds that prices contain enough information to direct the resources in the economy to their most efficient use. In a series of experiments, Vernon Smith [1987] found that with the right trading institutions, a market with agents that know only their own valuations of a good...

This paper proposes a two-country 'economic' model (in the sense that it contains utility and profit maximization motives), in which a low-income economy enjoys a high growth rate relative to a high-income economy, thanks to importing technologies (or 'machines') invented in the high- income...

The paper analyzes investment behavior of industrial enterprises in the period immediately following price and foreign trade liberalization in the Czech Republic. It also focuses on the effect of Asoft@ macroeconomic environment on the microeconomic decisions. A dynamic investment function with...

This study brifly looks into the process of Turkey into the world economy and concludes that this process has been accelareted in the 1990s.

This paper investigates why regional trade arrangements (RTAs) are proliferating extensively and how the effects of multiple RTAs, by interacting with each other, evolve over time. Our empirical analysis, based on an extended gravity model utilizing a large panel data set of 175 countries from...

This article aims to determine whether the geographical pattern of the external trade of foreign-owned enterprises in Brazil differs from that of domestic enterprises and whether, in the case of foreign enterprises, the region of origin of their capital is an important factor in determining that...

Most of the large tariff reductions achieved in multilateral trade negotiations have involved the use of tariff-cutting formulas, such as the “Swiss” formula. But the wide variations in initial tariff rates between active participants may create a demand for new approaches in the Doha...

The results of the Uruguay Round, show that the concessions given by developing countries were generally more valuable than those they received from industrial countries. I suggest that this outcome is explained by aggressive demands from industrial countries, and by the lack of resources at the...