This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...

We study the response of regional employment and nominal wages to trade liberalization, exploiting the natural experiment provided by the opening of Central and Eastern European markets after the fall of the Iron Curtain in 1990. Using data for Austrian municipalities, we examine differential...

This paper investigates how trade flows are being affected by new discriminatory measures implemented during the global financial crisis. We match data on behind-the-border measures (e.g., bailouts and subsidies) and border measures implemented through April 2010 to monthly HS 4-digit bilateral...

As the current wave of globalization strengthened, so did the fury of the anti-globalization lobby against it. The author believes that the members of this lobby failed to take a thoughtful and balanced perspective of the on-going integration of the global economy. Indubitably, globalization has...

This report discusses the effect of global integration through trade and investment liberalization on small economies. Findings included the idea that small states are more vulnerable and experience greater income volatility than larger states, and that the sources of this vulnerability are...

What are the empirical effects of trade liberalization? This question is debated nowadays, in both an international and a regional scope. This work analyzes the economic inequality among Mexican states by means of a convergence methodology and spatial econometrics techniques. Results indicate a...

After twenty years of trade liberalization in Mexico, the relationship between gender wage inequality and trade remains insufficiently studied, in spite of evidence of increasing numbers of women in industrial employment. This study aims to analyze the effects of export orientation and other...

Trade and investment in services is inhibited by a range of policy restrictions, but the best offers so far in the Doha negotiations are on average twice as restrictive as actual policy. They will generate no additional market opening. Regulatory concerns help explain the limited progress. We...

Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and years. This paper studies the impact of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product...