We study episodes where economic growth decelerates to negative rates. While the majority of these episodes are of short duration, a substantial fraction last for a longer period of time than can be explained as the result of business-cycle dynamics. The duration, depth and associated output...

There are two widely-held views on economic growth: 1) it is a natural outcome of getting 'the basics' right - international integration, macroeconomic stability, and contract enforcement; and 2) it is hard, requiring a complete set of first, second, and third generation reforms that have little...

Building on the large and growing empirical literature on the political behavior of individuals in low income countries this chapter seeks to understand corruption through the lens of political economy - particularly in terms of the political and economic differences between rich and poor...

This paper reviews China's multilateral and preferential trade policies. It reviews the demanding terms of China's WTO accession, its current tariff and trade regime and its participation in the Doha Round negotiations and the institution's regular activities. The analysis concludes that China's...

When local cost discovery generates knowledge spillovers, specialization patterns become partly indeterminate and the mix of goods that a country produces may have important implications for economic growth. We demonstrate this proposition formally and adduce some empirical support for it. We...

The state-based system of global governance has struggled for more than a generation to adjust to the expanding reach and growing influence of transnational corporations, the most visible embodiment of globalization. This paper reviews two recent chapters in this endeavor, focused specifically...

They say "there are no atheists in foxholes." Perhaps, then, there are also no libertarians in crises. Even those in favor of sharply reducing the role of the government usually agree that, for example, there is a valid Lender of Last Resort role for the central bank in the event of banking...