Several empirical studies report the existence of declining terms of trade between commodities and manufactures, supporting the Prebisch-Singer hypothesis. As globalization leads to greater integration of markets, we ask if in a fully integrated economy the terms of trade will display the same...

In an attempt to measure the impact of cultural heritage on growth, this paper matches the definition of culture as a stock with the cultural heritage list provided by UNESCO, as it is a variable that changes at a very low pace. We test the hypothesis on whether the existence of a strong...