The activities of multinational enterprises drive the economic globalization process to a very large degree. This paper lists some facts about their dominant role in all channels of globalization. Therefore, the importance of multinational enterprises in foreign direct investment and production...

This paper analyzes China's economic performance in the last 25 years and discusses its prospect for growth in the future. China has enjoyed high annual GDP growth rates of about ten percent in the last 25 years. Exports and investment were the two driving forces of the growth process. FDI plays...

Since 1997 the Hong Kong (HK) government has markedly changed its role from being a mere institution provider to being an active innovation promoter. As such, it has actively implemented innovation policies that focus especially on creating new funding opportunities and establishing several R&D...

We merge German balance-of-payments and foreign-affiliate-trade statistics to obtain data about trade in commercial services at the firm level. We use these data to study export market participation and the choice of export mode: cross-border versus foreign affiliate sales. We find that for...

The paper argues that measuring revealed comparative advantages (RCA) in international trade in services cannot be straightforwardly compared to RCA in trade in goods. The essential difference is that services are internationally exchanged not only by cross-border trade mainly subject to...

The terrorist attacks of September 11 have challenged the view that the U.S. economy is on the brink of recovery. This article discusses the effects of the attacks on real GDP taking the Kiel InstituteÂ’s forecast of September 10 as the baseline scenario. The focus is on assessing the direct...

The paper explores the basic features of structural change towards services for OECD countries in general and for Germany in particular. The determinants of sectoral shifts are analytically decomposed into the demandbias and the productivity-bias. The demand-bias, which prevails in all OECD...

This paper has two sources: One is my own research in three broad areas: business cycles, economic measurement and social choice. In all of these fields I attempted to apply the basic precepts of the scientific method as it is understood in the natural sciences. I found that my effort at using...

The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...