Rapid growth among the major emerging markets over the past 20 years has boosted global demand for commodities. The seven largest emerging markets accounted for almost all the increase in global consumption of metals, and two-thirds of the increase in energy consumption over this period. As...

This paper assesses the international comovement of gross capital inflows and outflows using a two-level factor model. Among advanced and emerging countries, capital flows exhibit strong commonality: common (global and country group-specific) factors account, on average, for close to half of...

1 Introduction -- 2 Early Globalization: Arguments and Evidence -- 3 Harbingers of Modernity: an Iberian perspective -- 4 Silver production, prices and globalization in the eighteenth century -- 5 The Austrian mining industry and the Iberian globalization -- 6 The Manila Galleon and the Age of...

"Despite recent reforms, world agricultural markets remain highly distorted by government policies. Traditional indicators of those price distortions can be poor guides to the policies' economic effects. Recent theoretical literature provides indicators of trade and welfare-reducing effects of...