This paper uses an overlapping generations model with international labor mobility and apolitically responsive fiscal policy to examine aging in developed and developing regions.Migrant workers change the political structure composed of young and elderly voters in bothlabor-receiving and...

In this paper Friedman (1953) and Mundell's (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration...

How does international financial integration a

This paper analyzes a useful accounting framework that breaks down the current account to twocomponents: a composition effect and a growth effect.We show that past empirical evidence, which stronglysupports the growth effect as the main driver of current account dynamics, is misconceived. The...

This paper provides a new theory of international capital ows. In a frameworkthat integrates factor-proportions-based trade and nancial capital ows, a novel forceemerges: capital tends to ow towards countries that become more specialized incapital-intensive industries. This `composition' eect...

We use panel data on Mexican manufacturing plants to study the connection between plants´responses to changes in the economic environment and their contributions to aggregateproductivity growth in the period following the implementation of the North American TradeAgreement (NAFTA)...

This paper examines changes in individual earnings during positive and negative growthperiods in three Latin American economies: Argentina, Mexico, and Venezuela. We askwhether those individuals who start in the best economic position are those who experiencethe largest earnings gains or the...