This article explores the arguments for and against the use of government debt to finance large-scale public investments. Relative to the options of higher taxation or lower other expenditures, debt finance means that both the costs and the benefits of the investment fall on future generations....

"In the 2007 Wincott Lecture the author argues that global current account imbalances are an indication of 'intertemporal trade'. Savings and investment, both private and public, determine the imbalances. He expounds Richard Cooper's argument that it is perfectly natural for the USA to have a...

Este trabajo examina el rol de la protección cuando un país tiene problemas en la cuenta corriente. Se analizan los aspectos macroeconómicos de la liberalización del comercio, incluyendo su relación con la política cambiaria y con la liberalización del mercado de capitales. Finalmente, se...

If Australia's population were to reach 40 million, it could only result from either a drastic reversal of the decline in the fertility rate or a very large increase in the rate of net migration. This lecture explores this interesting question.

This paper analyses the relationship between the global imbalances and the financial crisis. The imbalances were connected with the increase in world savings emanating from the ‘savings glut’ countries, notably China. This increase in savings led to a decline in world interest rates, and...

The international current account imbalances, where the United States has a vast deficit, and several countries, notably Japan, China, Germany and the oil exporters have corresponding surpluses, are usually seen as problems. The argument here is that current account imbalances simply indicate...

This paper reviews some recent developments in the theory of trade policy that have to do with imperfect competition, strategic interactions as a result of oligopoly, and economies of scale. All these developments have been described as the"new international economics."In the view of some they...