The past three years have seen a radical change in the structure of the oil market, as a result of the deep-seated transformation the US oil industry has undergone and of OPEC's strategic reaction. This has translated into a substantial reduction in the price of oil. Specifically, this article...

The existing literature exhibits high uncertainty over the theoretical and empirical determinants of private world saving. This paper reports new evidence on the drivers of private saving by applying Bayesian techniques, using data from the world's 35 largest economies in the period 1980-2012....

Global trade has been exceptionally weak over the past four years. While global trade grew at approximately twice the rate of GDP prior to the Great Recession, the ratio of global trade to GDP growth has declined to about unity since 2012. This paper assesses to what extent the change in the...