Global Imbalances are mainly featured by the massive and long-lasting U.S. trade deficit. Since the Breton Woods system collapsed and was replaced by the Jamaica Agreement, the U.S. trade deficit has been lasting for about 40 years. This paper proves that permanent global imbalances can be...

Using dynamic heterogeneous panel data models, this paper estimates short- and long-run fiscal elasticities with respect to various cyclical factors for more than 90 countries. We find the terms of trade are significant in explaining primary fiscal revenues. Moreover, revenue elasticities with...

Along with China becoming an upper-middle-income country from a lower-middle-income one after 2009, the happiness inequality in China has been enlarged. Based on the Chinese General Social Survey (CGSS) database (2003-2012), this paper investigates the determinants of the happiness inequality in...