Following the Stolper-Samuelson type of logic, the general impression is that freeing up trade, whether preferentially as in the North American Free Trade Agreement (NAFTA) or on a nondiscriminatory basis as in the Uruguay Round, must lower real wages in one set of countries and raise them in...

Following the Stolper-Samuelson type of logic, the general impression is that freeing up trade, whether preferentially as in the North American Free Trade Agreement (NAFTA) or on a nondiscriminatory basis as in the Uruguay Round, must lower real wages in one set of countries and raise them in...

Public debt in Thailand increased substantially between 1997 and 1999, leading to widespread concerns about its near and longer-term impact. This paper discusses the increase in public debt during the crisis and assesses its impact on various monetary and fiscal policy aggregates. Of particular...

A key issue in the NAFTA debate was the effect of international capital mobility. This paper considers the implications of capital mobility in a three-good, three-country model of preferential trading. Capital mobility gives rise to foreign investment-induced trade creation in one country, but...

This paper discusses the economic analysis of sector investment or expenditure programs, collectively referred to as SIPS. There are many different views as to what actually constitutes a SIP. For the purposes of this paper, the essential feature of a SIP that is focused on is that the...

Public debt in Thailand increased substantially between 1997 and 1999, leading to widespread concerns about its near and longer-term impact. This paper discusses the increase in public debt during the crisis and assesses its impact on various monetary and fiscal policy aggregates. Of particular...

Compared with the previous three years, 2014 seems hopeful and 2015 could be a turning point for the countries in the Middle East and North Africa (MENA) region. Many countries in MENA will start to benefit from stronger external demand in the high-income economies, as the global economy is set...