Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such...

This book presents the reasons for which, given the globalization brought about by the ICT revolution, both liberalism and realism are ill suited as guides for international relations. And it argues in favor of a third option: institutionalism. The liberal ideal of progress and peace, brought...

In this paper, we document the determinants of portfolio investments to Gulf Cooperation Council (GCC) economies by bringing up the role played by market forces, cultural anities, and institutional quality. We classify the GCC economies as host to 35 countries as per the Coordinated Portfolio...

The monograph serves as a full-fledged introduction to the Eurasian Economic Union (EAEU) — its institutions, legal foundation, evolution, and, above all, economic integration issues. The authors focus on the common markets for goods, services, capital, and labour, as well as the EAEU foreign...

The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium...

The paper aims to investigate the changes in Romania’s net international investment position (NIIP) and to evaluate the prospects of this position, having in view the country's road towards joining the Eurozone. Among the 11 key indicators of nominal and real convergence monitored by the...

The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by emerging economies, are still an important puzzle. Why do emerging economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium...

Notably, Africa countries have enjoyed relatively strong economic growth for the past years (decade) mainly because of impressive global demand for primary commodities. Unfortunately, Africa’s economic growth had failed to generate many good jobs and thus postponing the benefits of the...

In his Inquiry into the Nature and Causes of the Wealth of Nations Adam Smith (1776) considered the phenomenon of division of labor so enormously significant for the creation of a nation’s wealth that he devoted the first three chapters of his book to an investigation of this process. This is...

This paper is a stock-taking exercise that brings together existing findings and new insights on the potential costs and benefits of EU membership for both Turkey and the EU. As far as Turkey is concerned, we focus on the costs and benefits of EU membership that are likely to result from...