Proponents of trade liberalization routinely defend international trade institutions as engines of economic growth that benefit everyone. How trade proponents justify trade institutions matters because their justificatory rhetoric leads to certain policy conclusions about whether it is...

We express the idea of classical competition in a statistical equilibrium model, where the tendency for competition to equalize profit rates results in an exponential power (or Subbotin) distribution. The model supports and extends recent evidence on the Laplace distribution of growth rates in...

This paper takes a step towards formalizing the theoretical interconnections among four post-Industrial Revolution phenomena - the industrialization and growth take-off of rich 'northern' nations, massive global income divergence, and rapid trade expansion. Specifically, we present a stages-of...

Small states have always been more vulnerable in the global economy. This is so because trade comprises a larger proportion of their economic activity, and because they lack the power to set the terms or make any of the rules that govern globalization. Studies of small states tend to focus on...

The authors use the Bank of Canada's version of the Global Economy Model, a multi-country, multi-sector dynamic stochastic general-equilibrium model with an active banking system (the BoC-GEM-FIN), to study the evolution of global current account balances following the recent global financial...

In this paper we show that price equalization alone is not sufficient to determine the barriers to international trade. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of trade. We demonstrate this first theoretically in a...

This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...

On March 23, 2010, President Obama signed into law the Biologics Price Competition and Innovation Act of 2009 (‘BPCIA’) to create an abbreviated approval pathway for generic ‘biological products’ that are demonstrated to be highly similar (i.e., biosimilar) to or interchangeable with an...

A main reason for our present climate problems are not the basic economical requirements of man but the exponential increasing world population and their ever growing demand for luxury far beyond the necessary basic economical needs. It is suggested to put the world's attention on the basic...

Globalization is one of the biggest social processes which the humanity has facing since ever. That's why it's impact in the global economy is huge. Facing a global challenge financial information system has called for consistent financial information produced by accounting. One of the main...