In this work we first model the role of demand- and supply-side factors (labour market adjustment, productive efficiency) in explaining economic growth. Empirically testing the model, we evaluate why different growth regimes may appear in the 20 Italian administrative regions. This exercise uses...

This paper argues that economic growth is fundamentally constrained from the supply side, which is why it is desirable to maintain the constraints on balance-of-payments deficits that are provided by limited reserves. Reform of the international monetary system could lead to more harm than good...