South Africa's trade barriers are still relatively high compared to other emerging market economies, and its industrial policy still preferentially treats certain industries. Based on a static GTAP model, we estimate the economic impact of further trade liberalization on the South African...

From a retrospective perspective, effective future fiscal cooperation in Europe is not likely to stand a chance. Focusing on the Stability and Growth Pact (SGP, the Pact), this paper studies the determinants of national policymakers' changing commitment to a multilateral fiscal rule, referred to...

This paper studies the impact of political events that systematically undermined the Stability and Growth Pact (SGP) on the euro's foreign exchange expectation bias for the period 2001 to 2005. Our findings suggest that euro foreign exchange markets were attentive to the political dispute over...

These days, plenty of cognoscenti in academia and politics share the common concern that the build-up of global macroeconomic imbalances threatens the international economy. While there is broad disagreement on the essence of what an imbalance exactly is, the term is generally associated with...