Modern world has shrunk into a global village. The ever-expanding and multifarious links in communication, transportation, trade, services and myriad of other factors have rendered the world a single market. The trend has, no doubt benefited the people all around, but it entails the inevitable...

Modern world has shrunk into a global village. The ever-expanding and multifarious links in communication, transportation, trade, services and myriad of other factors have rendered the world a single market. The trend has, no doubt benefited the people all around, but it entails the inevitable...

This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system and its possible ascension to reserve currency status. In an unstable and financially integrated world, governments' precautionary demand for reserve assets is likely to...

After almost a quarter of a century since the fall of the Berlin wall, Germany has undoubtedly become the uncontested nerve-centre of the European Union (EU) in both economic and political terms, evolving not only as Europe’s most important economic power, but also as its de facto leader in...

In this paper we show that price equalization alone is not sufficient to determine the barriers to international trade. There are many barrier combinations that deliver price equalization, but each combination implies a different volume of trade. We demonstrate this first theoretically in a...

As a result of the emergence of the G20 as the self-appointed premier forum for international economic cooperation, Asia's expanded participation in G-summitry has attracted considerable attention. As original G7 member Japan is joined by Australia, China, Indonesia, India and South Korea, this...

In the last ten years, there has been a sea change in trade and related policies in emerging markets. This results from autonomous reforms undertaken in conjunction with macro-economic stabilization programmes. Many non-tariff measures have been eliminated and tariffs, now the principal trade...

This paper traces the rise of export-led growth as a development paradigm and argues that it is exhausted owing to changed conditions in emerging market (EM) and developed economies. The global economy needs a recalibration that facilitates a new paradigm of domestic demand-led growth....