Empirical work relating trade liberalization and income distribution has identified an important anomaly. The Stolper-Samuelson theorem predicts that trade liberalization will shift income toward a country's abundant factor. For developing countries, this suggests liberalization will principally...

This paper addresses the complex relationship between geography and macreeconomic growth. We investigate the ways in which geography may matter directly for growth, controlling for economic policies and institutions, as well as the effects of geography on policy choices and institutions. We find...

Does national market size matter for industrial strucure? This has been suggested by theoretical work on "home market" effects, as in Krugman (1980, 1995). In this paper, I show that what apreviously was regarded as an assumption of convenience - transport costs only for the differentiated goods...

Stock prices move together more in low-income economies than in high-income economies. This finding is clearly not due to market size differences, and only partially explained by slightly higher fundamentals correlation in low-income economies. However, measures of a country's institutionalized...

Low levels of human capital ivnestment in poor countries have important implications for economic growth, distribution, and social conditions -- and competing explanations for the low levels have been suggested. The most prominent explanations cite low returns, parental preferences, cultural...