In geographically segmented credit markets, local real estate booms can deteriorate the funding conditions for small manufacturing firms and undermine their competitiveness. Using exogenous variation in the administrative land supply across 172 Chinese cities, we show that higher predicted real...

This book explores what happened in the transition economies of China, Vietnam and Myanmar from both macro and micro perspectives, and questions whether the governments of these countries are capable of implementing effective reform and transformation

This paper analyses the main characteristics of the European Socio-Economic Model. We discuss how the model varies across countries within Europe, examine how the model has changed over time and compare the European model with the corresponding US model. While the differences with regard of...

The economic performance of European countries was in general disappointing in the nineties. However, country difference increased, as it was that in some European countries economic growth and productivity accelerated or could match US rates. This paper uses a broad set of performance...

A crucial issue in the era of globalisation and internationalization, is whether the relationship between investment and finance is beneficial to growth and development. Received wisdom is that Research and Development is essential not only for maintaining productivity, but also for competing in...