This paper argues that current account statistics may provide a poor indication for the real evolution of a country's net foreign assets. This may be due to a series of factors including the mismeasurement of FDI, unreported trade of insurance or liquidity services and debt relief. Because of...

This paper considers ongoing and proposed reforms of the international financial system in light of Latin America's recent experience of volatility and a regional recession largely resulting from financial contagion. The authors begin by surveying three diagnoses of Latin America's financial...

This paper discusses a variety of proposals intended to reform global financial architecture and reduce vulnerability. The authors examine Theories of Too Much, which associate volatility with moral hazard and excessive lending, and Theories of Too Little, which alternatively assert that capital...

Using a newly assembled, consistent and disaggregated dataset (12 goods and 7 services) on internal and bilateral trade for 25 European countries, we analyse the difference between trade in goods and services. The measurement of both trade in goods and trade in services is improved over earlier...

Using a newly assembled, consistent and disaggregated dataset (12 goods and 7 services) on internal and bilateral trade for 25 European countries, we analyse the difference between trade in goods and services. The measurement of both trade in goods and trade in services is improved over earlier...

Regions economically differ from each other – they compete in different products and geographical spaces, exhibit different strengths and weaknesses, and provide different possibilities for growth and development. What fosters growth in one region may hamper it in another. This highly original...

Although increasing attention is paid to the resilience of regions to economic shocks, theoretical and empirical insights in the determinants of regional resilience are still limited. This paper aims to make a first step in quantifying regional resilience. Using a model, we explore how three...

International regional competitiveness developed recently into smart, sustainable and inclusive growth objectives of the Europe 2020 policy programme, as envisioned for the cohesion policy reform after 2013 (EC, 2004). Currently, place-based development policies are proposed for future cohesion...

We explore optimal and politically feasible growth policies in the form of basic research investments and taxation. Basic research is a public good that benefits innovating entrepreneurs, but its provision and financing also affect the entire economy -- in particular, occupational choices of...

The aim of this paper is to identify possibilities for guiding policy in the area of basic research. We provide an extended review of basic research and offer new insights on its linkages to key economic variables and economic growth. After defining what basic research is, we identify and...