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...

We examine total, market and idiosyncratic risk and correlation dynamics using daily data from 1993 to 2001 on the 6 largest euro-zone stock market indices and 42 firms from the Dow Jones Eurostoxx50 index. We also estimate conditional correlations using the asymmetric DCC-MVGARCH model....

This paper examines the case for special and differential (S&D) treatment for developing countries within the WTO Agreement on Agriculture and the particular instruments or exemptions it should contain. The S&D treatment currently allowed to developing countries in the Agreement and the use they...

This paper aims at illustrating through a close reading of the works of John Rawls the anti-foundationalist cosmopolitan deliberative democratic approach to liberalism that I have sketched in the IIIS Discussion Paper N.47. I shall argue that despite what some of his critics believe Rawls'...

Much of the literature on industry evolution has found firm dynamics to be an important source of sector-level productivity growth. In this paper, we ask whether the delineation of entry and exit firms matters in assessing the impact of firm turnover. Using detailed firm level data from Vietnam,...

Because of concern that OECD tariff reductions will translate into worsening export performance for the least developed countries, trade preferences have proven a stumbling block to developing country support for multilateral liberalization. We examine the actual scope for preference erosion,...

This paper examines the optimal allocation of assets in well diversified equity based portfolio where the investor is concerned not only with mean and variance but also with the skewness of the returns. Beginning with an analysis of the rationale for concerning with skewness, the paper then...

The European Union's (EU) Common Agricultural Policy (CAP) has long been criticised for its damaging effects on developing countries, and developing country agriculture in particular. This paper reviews whether these criticisms are still valid in the light of the recent reforms of the CAP. It...

This paper explores whether, and how, the linkage with the multi-annual financial framework (MFF) negotiations affected the European Parliament's ability to influence the outcome of the common agricultural policy (CAP) reform negotiations which took place between 2011 and 2013. Specifically, the...

The European crisis is partly attributable to the sharp increase in external imbal- ances across Europe during the pre-crisis period. We examine current account imbal- ances in Europe over 1995-2007, together with the underlying saving and investment rates (and their subcomponents). We O?nd that...