This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of population ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into...

For nearly two decades, growth of international trade has been underpinned by the development of intermediate goods cross exchanges resulting from a new international division of labour. The share of trade in inputs, also called vertical trade, has dramatically increased. Simultaneously, there...

For nearly two decades, the share of trade in inputs, also called vertical trade, has dramatically increased. This paper suggests a new measure of international trade: “value-added trade”. Like many existing estimates, “value-added trade” is net of double-counted vertical trade. It also...