To date there does not exist one a generally acceptable measure or index of Specialization in International Trade. Development Economic Theory embraces the expectation of a direct relationship between economic growth and export diversification. However, International Trade Theory supports the...

Differences in GDP per capita across countries are large and to a large extent accounted by differences in total factor productivity. We analyze role the misallocation of resources plays in helping us understand productivity differences. In theory, the extent of misallocation is worse when there...

Giving up an independent monetary policy and a flexible exchange rate are the key sources of costs and benefits entailed to joining a monetary union. In this paper we analyze their ex post impact on the stability of the Polish economy during the recent financial crisis. To this end we construct...