This note describes how research on the link between globalization and openness has changed over time. Early contributions assumed that countries develop welfare states to compensate for volatility caused by economic openness (the compensation hypothesis). Recent findings have cast doubts on...

Development studies on the middle-income trap have highlighted the challenges for developing economies to transform their productive systems from simple towards high value-added activities. Here, we use trade data of 116 countries to quantify the stages of productive sophistication and reveal...

This paper argues that institutional quality has both direct and indirect (moderating) effects on productivity of countries. These hypotheses are tested using a battery of institutional proxies (governance, economic freedom, intellectual property rights and ease of doing business) and two...

The years of 2017-2019 mark the first 10-year anniversary of the latest global financial crisis. In the upfront to the financial turmoil, increasing global activity of banks was seen as a clear manifestation of financial and trade globalization. World trade has been flat since 2008, while...

This doctoral thesis explores the impact of socioeconomic behaviour and foreign policy changes by international law on economic growth factors. The study investigates the ways in which changes in socioeconomic behaviour and foreign policy can affect economic growth, and the role that...

Climate change has become a pressing issue that requires comprehensive and scientific understanding of its impact on the economy. Policymakers seek answers to the questions of how climate change affects economic growth, inflation, and the financial system. To design targeted policies, it is...

The objective of this study is to enhance the understanding of inflation targeting tools, which can aid in the development of effective inflation targeting policies in the context of global trends exposure. The current paradigm of sustainable economic development is being challenged by the...

During crises, governments resort to extraordinary fiscal and financial measures to mitigate the recessionary impacts of crises. These macroeconomic intervention measures along with aggregate demand and supply shocks and policy choices would affect the exporting environment of a country through...

This paper combines different strands of the productivity literature to investigate the effect of idiosyncratic (firm-level) policy distortions on aggregate outcomes. On the one hand, a growing body of empirical research has been relating cross-country differences in key economic outcomes, such...

Stability is destabilizing. These three words concisely capture the insight that underlies Hyman Minsky's analysis of the economy's transformation over the entire postwar period. The basic thesis is that the dynamic forces of a capitalist economy are explosive and must be contained by...