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...

In this paper we introduce an overlapping generations structure of the Blanchard type in a New Open Economy macroeconomics model. This allows us to study a wider range of fiscal shocks compared to the traditional Mundell-Fleming and to the baseline Redux models. One important policy implication...

When assessing the likely net impact of regulation, many jurisdictions test for specific effects on areas of concern, such as small businesses or the environment, as well as for more generalised costs and benefits. This paper considers how best to design a negative-clearance test for the...

Although capital flows are closely monitored, surprisingly little is known about the accumulated stocks of foreign assets and liabilities held by various countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt...

This paper responds to the editorial in European Competition Law Review, Issue 3, 1998 (The E.C. Green Paper on Vertical Restraints: An Economic Comment). Contrary to the views expressed in that editorial, it is argued that an evaluation of the potentially anti-competitive effects of exclusive...

The link between income and subjective satisfaction with one’s financial situation is explored in this paper using a panel analysis of 4,000 individuals tracked through the course of the ‘Celtic Tiger’ boom period, 1994-2001. The impact of the level of individual and household income, the...

In postwar Europe aviation markets were controlled by bilateral agreements which confined the market to one airline per country. The airlines charged the same fares and divided the markets. Economists from Adam Smith to William Baumol recommend that governments should not ban new entrants or...