International trade increased rapidly after 1990, fueled by the growth of a complex network of global value chains. Financial globalization gathered force. Trade globalization, however, reversed course since the Global Financial Crisis. The new trend is expected to endure after the Global...

This paper surveys key developments in the theory of international migration and international trade, and provides a few stylized facts. International migration, in many important cases, such as cross-country differences in productivity, can be a complement to international flows of commodities....

There is strong evidence from the launch of the single financial market in Europe on the interactions among financial globalization, international tax competition, and the fading generosity of the welfare state. Financial globalization triggers a race-to-the bottom tax competition. The tax race...