The traditional explanation of resurgence regionalism nations rests on two pillars. Regionalism is: (i) due to frustration with the WTO process (thought to be too cumbersome for today’s trade issues); and (ii) due to the United States’ conversion from devoted multilateralist to ardent...

The literature on new technology diffusion is vast, and it spills over many conventional disciplinary boundaries. This paper surveys this literature by focussing on alternative explanations of the dominant stylized fact in this are: namely, that the usage of new technologies over time typically...

Advances in the transaction technology allow agents to economize on the cost of cash management. We argue that accounting for the impact of new transaction technologies on currency holding behaviour is important to obtain theoretically consistent estimates of the demand for money. We modify a...

We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the funded tier is key for the way in which risks are shared over the various generations. The laissez-faire market solution fails to...

It has been a remarkably difficult empirical task to identify clear-cut real effects of exchange-rate regimes on the open economy. Similarly, no definitive view emerges as to the aggregate effects of capital account liberalizations. The main hypothesis of the Paper is that a direct and an...

Waiting-time targets are frequently used by policy makers in the healthcare sector to monitor provider's performance. Such targets are based on the distribution of the patients on the list. We compare and link such distribution with the distribution of waiting time of the patients treated, as...

This Paper studies how economic integration affects transfer pricing, tax policy and welfare, when multinationals are taxed either according to formula apportionment (FA) or separate accounting (SA). It is shown that economic integration induces multinationals to lower their transfer prices...

This review of recent contributions reveals common conclusions about the effects of integration on location. For high trade costs the need to supply markets locally encourages firms to spread across different regions. Integration weakens the incentives for self-sufficiency and for intermediate...

The paper estimates the correlation between tariffs and economic growth in the late nineteenth century, in the context of three types of growth equation: unconditional convergence equations; conditional convergence equations; and factor accumulation models. It does so for a panel of ten...

In recent decades, foreign assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt...