This paper investigates whether the impact of capital account convertibility on the long term volatility of economic growth depends on financial development. It estimates a system of three simultaneous equations: mean growth, volatility of growth and financial development. This allows for the...

The question of Preferential Trading Areas, as we should call them in preference of the misleading phrase "Free Trade Areas" (and Customs Unions) which falsely equates them in the public mind and discourse with nonpreferential Free Trade, has never been distant from international economists'...