In this study we analyze the welfare and sectoral effects of a variety of options for the formation of free trade agreements by several major emerging market economies. The economies covered include: Brazil, Russia, India, Indonesia, China, and South Africa (BRIICS). The analysis is carried out...

Recent studies have established that the Japanese stock market had a substantial size in the pre-war period, and played an important role in financing economic development. The pre-war stock market in Japan, however, did not achieve its size and status quickly. Indeed, the market capitalization...