Examining the accuracy of the monopolistic competition theory's predictions for import volumes, we assess whether this theory accounts for the empirical success of the gravity equation. Since certain factor-endowment based theories have the same prediction for import volumes, we employ...

There is already some degree of policy convergence between countries in the area of competition policy and corporate governance and more is likely to occur in fuure trade negotiations and in initiatives undertaken by the World Bank. For bankruptcy policy, practive is more varied and there is...

I use an indirect approach to examine the effects of capital inflows on real exchange rates in a sample of 46 developing countries. Distinguishing between autonomous and accomodating capital inflows and disaggregating capital inflows into foreign direct investment, portfolio investment and other...

The second report of the Giovannini Group "The EU Repo Markets: Opportunities for Change" was submitted to the European Commission on 26 October 1999. This report looks at the repo markets in the EU and highlights those areas that are most clearly in need of reform. The report offers practical...

Financial liberalization and integration have generated disappointing results. This paper provides an opinionated overview of many of the initiatives currently on the table. We will structure the paper by discussing the different views about what is wrong with the world, or as economists would...

This paper assesses the facts of the matter, searches for their implications for national economies, and considers the scope and need for local and national policies that provide a basis for balanced growth. The first section will summarize the evidence and implications leading to the conclusion...

This is the text of the Raul Prebisch Lecture, given at UNCTAD IX in Johannesburg on 29th April 1996.