Instead of simply relying on static comparative advantage considerations, the governments of the three second-tier South-East Asian newly industrializing countries of Indonesia, Malaysia and Thailand have all intervened to diversify their economies. Such diversification has included the...

This study investigates the patterns and trends of e-commerce activities as well as their impact on labour productivity growth in a group of European countries. At hand for the exercise is a unique panel of micro-aggregated firm-level data for 14 European countries spanning over the years 2002...

The discussion on exchange rate policy is dominated by the so-called “impossible trinity”. According to this principle an autonomous monetary policy, a control over the exchange rate and free capital movements cannot be achieved simultaneously. In this paper, a strategy of managed floating...

Many economists and policy makers advocate a fundamental shift towards “green growth” as the new, qualitatively-different growth paradigm, based on enhanced material/resource/energy efficiency and drastic changes in the energy mix. “Green growth” may work well in creating new growth...

Economic growth strategies of developing countries have focused in the last decades on expanding their exports. In that scheme, wage compression seems necessary in order to compensate the observed slow productivity pace achieving, therefore, “competitiveness”. The core of this discussion is,...

We present a Structuralist-Keynesian theoretical approach on the determinants of the real exchange rate (RER) for open emerging economies. Instead of macroeconomic fundamentals, the long-term trend of the real exchange rate level is better determined not only by structural forces and long-term...

The paper provides a new perspective on rising food prices by out mapping the many complex ways in which higher food prices are affecting developing countries, in particular the poorest. The analysis presented herein develops important and differentiated policy implications by distinguishing not...

This paper presents a non-technical survey of the modern literature on international government debt. In doing so, it aims to match predictions made by theoretical models with the existing empirical evidence and to identify the models that best explain the real world experience of sovereign debt...

For a large number of developing countries, agriculture remains the single most important sector. Climate change has the potential to damage irreversibly the natural resource base on which agriculture depends, with grave consequences for food security. However, agriculture is the sector that has...

There are three reasons for attempting to reach a common understanding of the responsibilities of sovereign borrowers and their lenders. First, the flow of capital to sovereign debtors is exceptionally important to the world economy. Industrialized countries rely on it to finance their budget...