We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

This paper analyses the contribution of capital income to income inequality in a cross-national comparison. Using micro-data from the Cross-National Equivalent File (CNEF) for three prominent panel studies, namely the BHPS for Great Britain, the SOEP for West Germany, and the PSID for the USA, a...

At least since 1750 when Baron de Montesquieu declared "peace is the natural effect of trade," a number of economists and political scientists espoused the notion that trade among nations leads to peace. Employing resources wisely to produce one commodity rather than employing them inefficiently...

The key dynamics of the transatlantic banking crisis are analyzed – with emphasis on the fact that the banking disaster of 2007/08 was not really a surprise –, and the five key requirements for restoring stability and efficiency in the EU/OECD banking sector are highlighted. Most important,...

Angesichts der gegenwärtigen Finanzmarkt- und Wirtschaftskrise überbieten sich die Anbieter von Prognosen derzeit in immer neuen Schreckenszenarien und pessimistischen Konjunkturvorhersagen. Prognosen beeinflussen Verhalten und Stimmungen und sind deshalb in Krisenzeiten von besonderer...

Die Erwerbsgesellschaft der Zukunft bietet neben neuen Risiken und neuer Unübersichtlichkeit vor allem vielfältige neue Chancen. Um sie bestmöglich zu nutzen, brauchen Gesellschaft, Wirtschaft und Politik ein neues Denken und Handeln, das die Familienfreundlichkeit der Arbeitswelt viel...

Based on static analysis, a number of studies argue that forming a RTA is more likely to raise welfare if member countries are "natural trading partners," while other studies claim the opposite. This paper considers the argument from a dynamic viewpoint by examining the impact of trade with...

This paper is motivated by the idea that the enlargement of the European Union is only one part of an overall process, known as economic integration, which characterizes the involvement of European economies into the global division of labor. Therefore, the paper aims at providing a quantitative...

We show that taxation of rents may yield an intergenerational Pareto-improvement in a small open economy provided tax revenues are earmarked to reduce wage taxes. Previous literature has shown that rent taxation benefits current young and future generations, while we show that it also benefits...

The multivariate technique of factor analysis is used to combine several indicators of economic integration and international transactions into a single measure or index of globalization. The index is an alternative to the simple measure of openness based on trade, and it produces a ranking of...