What are the macroeconomic implications of changes in sovereign risk premia? In this paper, I use a novel identification strategy coupled with a new dataset for the Euro Area to answer this question. I show that exogenous innovations in sovereign risk premia were an important driver of the...

The paper draws lessons from the experience of the past year for the conduct of central banks in the pursuit of macroeconomic and financial stability. Macroeconomic stability is defined as either price stability or as price stability and sustainable output or employment growth. Financial...

Can the increasing significance of knowledge-products in national income - the growing weightless economy - influence economic development? Those technologies reduce ''distance'' between consumers and knowledge production. This paper analyzes a model embodying such a reduction. The model shows...

I am grateful for the assistance of Kaleon Leong and Chong Wui Jean in the preparation of this paper. The paper draws on the work of the ASEAN Integration plan and other related papers for which the author gratefully acknowledges. The views expressed in the paper do not necessarily reflect the...

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