Much of industrial development is a gradual and path-dependent process. Countries move from the products that they already produce to others that are similar, in terms of capital requirements, knowledge and skills. Not all the feasible new products however contribute in the same way to aggregate...

This study investigates the patterns and trends of e-commerce activities as well as their impact on labour productivity growth in a group of European countries. At hand for the exercise is a unique panel of micro-aggregated firm-level data for 14 European countries spanning over the years 2002...

A revival in South-South economic relations has raised the possibility of a shift in global power with profound implications for economic progress and poverty reduction in the developing world. This discussion paper delves behind the headline numbers to examine the underlying factors driving...

After a series of crises with severe economic and social consequences in the 1990s and early 2000s, emerging and developing economies (EDEs) have become even more closely integrated into what is widely recognized as an inherently unstable international financial system. Both policies in these...

BRICS leaders have approved creating a new development bank which would fund long-term investment in infrastructure and more sustainable development. This paper documents the scale of unmet needs in these areas in developing and emerging economies. It then estimates the likely level of loans...

In the post-crisis agenda of reform of financial regulation, macroprudential regulation has been assigned a central role. Some of the measures of this agenda involve restrictions on cross-border financial flows and discriminatory restrictions targeting particular financial institutions and...

We present a Kaldor-Thirlwall theoretical and empirical framework on the basic driving forces of the behaviour of productivity and economic development in the long-run. By calculating the so- called Thirlwall equation, the main contribution of our research is to examine whether Brazil has been...

We propose a “reflexivity” index that quantifies the relative importance of short-term endogeneity/reflexivity for several commodity futures markets (corn, oil, soybeans, sugar, and wheat) and a benchmark equity futures market (E-mini S&P 500). Our reflexivity index is defined as the average...

East Asian economies have been subject to theoretical debates, especially regarding the principal factors that have contributed to their impressive development performance. Many economists familiar with the region’s institutional particularities believe that their catching-up process has much...

The global crisis has disrupted the favourable external environment that made export-led development strategies viable. Developing countries can compensate for the resulting decline in aggregate demand growth through domestic demand if their domestic markets are sufficiently large and if they...