This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

Human development, in combination with technology, yields economic growth which, in turn, is necessary to generate further advances in human development. This paper focuses on the first channel above and finds the relationship significant. Secondly, the paper tries to investigate what affects...

We discuss metrics of globalization for individual economies as distance measures between fully integrated and trade restricted equilibria in economies initially operating under less than full integration with the global economy. Such metrics can be used to construct country globalization...

Against the background of the rapid inter- and intraregional integration of East Asia, we examine the extent and nature of synchronisation of business cycles in the region. We estimate various specifications of a dynamic common factor model for output growth of ten East Asian countries. A...

This paper analyses the importance of common factors in shaping non-fuel commodity price movements for the period 1957-2008. For this purpose, a dynamic factor model is estimated using Kalman Filtering techniques. Based on this set-up we are able to separate common and idiosyncratic developments...

Over the last twenty years, there has been a growing fascination within public and academic circles about the livelihood of islands with small populations and territory which are present in each of the world's great oceans. The Small Island Tourism Economies analysed in this paper vary...

We discuss recent regional trade and economic partnership agreements involving the large population rapidly growing economies (Brazil, Russia, China, India, South Africa, ASEAN, Mexico) who (with the exception of Mexico) are also outside of the OECD. Perhaps 50 out of 300 that exist worldwide...

The paper discusses the impact of high capital mobility for monetary and budget policy as well as for the Provision of public goods, for taxation, for wage policy and trade unions, for distribution policy, and for social security Systems. The mobility of porrfolio capital puts additional...

Die Vorstellung, die Wirtschaftspolitik könne auf die Globalisierung durch eine internationale Kooperation und Harmonisierung etwa der Sozialnormen antworten, ist ökonomisch nicht wohl begründet. Es ist eine Illusion, die Bedingungen für den Produktionsfaktor Arbeit weltweit harmonisieren zu...

The paper analyzes how the next financial crisis can be prevented and which role the IMF should play. The paper distinguishes between the improvement of existing instruments and solving the moral hazard problem. Both issues are interrelated. The size of operation of the IMF creates a moral...