After more than fifteen years of Chinese equity markets, we study how variance, covariance, and correlations have developed in these markets relative to world markets, based on the dynamic conditional correlation (DCC) model of Engle (2002). Chinese markets offer A-shares to domestic investors...

A growing recent theoretical literature advocates the use of prudential capital control policy, that is, the tightening of restrictions on cross-border capital flows during booms and the relaxation thereof during recessions. We examine the behavior of capital controls in a large number of...

This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the...

This paper reviews the role of climate change vulnerability in identifying least developed countries (LDCs). Taking a sustainable development perspective, it argues that climate change should be seen as an aggravating factor of existing handicaps and many indicators used to identify LDCs already...

This paper assesses the backlash facing the globalization process. It argues that globalization as the catchword describing the “new world order” coincides with the period of the rising prominence of America in global affairs. Globalization becomes at once part of America’s strategy of...

The paper analyses initiatives undertaken to contain the impact of the sovereign debt crisis and improve economic governance in emu and examines further some fundamental questions about emu’s sustainability looking at emu’s performance for far and at its main strengths and weaknesses. A...

The article analyses the phenomenon of Euroregions and cross-border co-operation in Ukraine, Republic of Moldova and Romania area in a comparative perspective with the Western European practice. It outlines the expected mission of the “Lower Danube” and “Upper Prut” Euroregions, their...

Following the Arab-Spring protests, we examine macroeconomic interactions between a productive firm and a rent-seeking government characterized by a continuous probability of regime shift. The model is able to rationalize the early growth leaps witnessed in many Arab economies (the “Social...

International migration is maybe the single most e¤ective way to alleviate poverty at a global level. When a given host country allows more immigrants in, this creates costs and bene…ts for that particular country as well as a positive externality for all those (individuals and governments)...