Attributing the foreign trade effects of an expansion in the state budget to a single cause cannot do justice to the multitude of macro-economic interrelationships. Both theory and observation can reveal quite differing links between the public sector financial balance, the balance of payments...

Oil price increases and the persistent OPEC current account surpluses were considered the main problems of economic development in many industrial and developing countries long after the first oil crisis. Since 1983, however, the OPEC surpluses have been completely absorbed and the official base...

Over the last twenty years, the process of European integration, and improvements in the processing and transmission of information, have meant that the European financial system has become less bank-based and more market-based. This trend has been reinforced by the transition to a single...