The relative price of services rises with development. A standard interpretation of this fact is that productivity … differences across countries are larger in manufacturing than in services. The service sector comprises heterogeneous categories … negative income elasticity of relative prices, whereas the relative price of aggregate services is mostly driven by large …

have made it possible to trade in some business and computing services that were previously considered non-tradable. This …

(deregulation) and improving contractual enforcement (legal reform). Deregulation fosters entry, thereby increasing the number of … deregulation, as it preserves incumbents' rents, while at the same time allowing the less efficient among them to transfer control …

liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up … real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper … explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary …

effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was … deregulation raises above the level present in more competitive markets, suggesting that the pre-existing conditions severely …