Models of stabilization in open economy traditionally emphasize the role of exchange rates as a substitute for nominal price flexibility in fostering relative price adjustment. This view has been recently criticized on the ground that, to the extent that prices are sticky in local currency, the...

Finnish and Russian energy clusters widely use resources and competences of each other. They can be considered as a good example of broader phenomenon which is internationalisation of clusters. Though these clusters are on very different development stages their internationalisation ambitions,...

Using a repeated game approach, this paper models a North-South trade agreement under which North offers South improved market access (via a tariff reduction) if South agrees to prevent local imitation by strengthening its protection of intellectual property rights (IPRs). We show that such an...

Purpose – The purpose of the paper is to empirically examine the interdependence of income between China and ASEAN‐5 countries by using the real gross domestic product (GDP). Besides answering this important policy question, the paper is also concerned with ascertaining the causal direction...

Purpose – This paper aims to be a “thought piece”. It is not based upon rigorous empirical research supported by focused economic theory. Rather it presents a view of where China is likely to see its economic expansion under a new leadership and at the same time how Egypt could be very...

Describes the Wolfsberg Principles, which are essentially global anti‐money laundering guidelines for private banking only, and were drafted by 11 banks: Citibank, Morgan, Chase, HSBC, Barclays, Banco Santander Central Hispano, Societe Generale, Deutsche Bank, ABM AMRO, Credit Suisse, and UBS....

Focuses on Guernsey’s financial services industry as an example of a financial intermediary: this includes banks, fund managers, investment advisers, insurance brokers, companies and managers, and fiduciaries like company directors, company service providers and trustees. Describes the...