This paper analyses the connections between the redistributional effects of an opening up of the economy to foreign markets and individual voting behaviour. Theoretical considerations lead to the hypotheses that the losers will unambiguously vote against an opening of the economy at the polls...

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Systemic risk in banking has gained renewed prominence in the literature in recent years. To date, empirical studies aimed at assessing the quantitative importance of systemic risk have analyzed the outcomes of historical banking crises. This paper takes a new tack by attempting to assess the...