We characterise “new economy” shocks as capital or skill augmentation, associated with the increasing prominence of computers in the capital stock particularly in the US, and an increase in US investment at least partially financed from abroad. A short-run comparative static analysis of...

During the Asian crisis, China’s healthy reserves and low debt made possible the avoidance of a ‘country run’. Nonetheless, it did experience a substantial increase in private savings, an associated increase in capital outflow and a slowdown in economic growth. This paper employs a global...

The prospective WTO Millennium Round of negotiations will highlight critical economic issues regarding the application and implementation of the WTO rules to international trade in goods and services. In this book, a distinguished group of academic experts considers the agenda and areas of...

The Asian recession saw an increase in the volume of mainly manufactured Asian exports. Other things equal, this would have disadvantaged the labour intensive end of northern (mainly USA and EU) manufacturing and hence the northern manufacturing workforce. Central to the crisis, however, was a...

We estimate the extent of factor bias in technical changes consistent with observed changes in skill premia. To control for the effects of expanded trade on wages we use a structural model with multiple regions and comparative static analysis. Two alternative biased technical-change stories...