There has been an increase in food price instability in recent years, with varied consequences for farmers, market participants, and consumers. Before policy makers can design schemes to reduce food price uncertainty or ameliorate its effects, they must first understand the factors that have...

This paper studies international financial integration analyzing firms from various countries raising capital, trading equity, and/or cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, we find that, although...

We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...

There is no doubt that the open multilateral trading system after World War II was a key ingredient in the rapid economic development of the entire world. Especially in Hong Kong, Korea, Singapore, and Taiwan, exports increased dramatically both in absolute terms and as a percentage of GNP. In...

Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international...

The volatility of food prices has always concerned national governments, especially those of open developing economies, as it undermines their perceived national food security. A common policy approach has been to partially insulate their domestic market from international food price...

This paper illustrates some of the potential consequences of the WTO's Doha Round of multilateral trade negotiations on incomes and poverty globally. Using the global LINKAGE model to generate changes in domestic and international prices that have a direct impact on factor incomes and consumer...

This paper is a revision of an Invited Paper for the Australian Conference of Economists, Adelaide, 1-3 October 2002. The research on which the paper draws was funded by the Grape and Wine Research and Development Corporation, the Rural Industries Research and Development Corporation, and the...

The authors illustrate some of the potential consequences of the World Trade Organization's Doha Round of multilateral trade negotiations on incomes and poverty globally. Using the global LINKAGE model to generate changes in domestic and international prices that have a direct impact on factor...

This study reviews policy developments in recent years and, in the light of that, explores ways in which further consensus might be reached among WTO members to reduce farm trade distortions - and thereby also progress the multilateral trade reform agenda. Particular attention is given to ways...