Modern production has become increasingly reliant on inputs sourced from abroad. These multi-country production processes are known as global value chains (GVCs). While it is generally accepted that GVCs increase productivity, by allowing producers to reap the gains from their individual...

Capital inflows come in all shapes and sizes. This paper highlights that equity flows, especially foreign direct investment, are the most stable forms of capital inflows. In contrast, debt inflows from banks particularly in foreign currency are most prone to booms and busts. These flows also...

There is substantial evidence that openness to trade raises economic growth and boosts living standards. But trade liberalisation has been asymmetric, focused on goods rather than services trade. The decline in goods trade barriers may have favoured countries specialising in goods, like China,...