In this study both aggregate and industry-level foreign direct investment (FDI) data are employed to investigate the spatial dependence of FDI hosts. The analysis contributes to the existing literature by focusing on the heterogeneous spatial correlation of FDI in different industries. Using...

The author argues that the Mexican peso crisis of the mid-1970s was a direct forerunner of the Asian crises of 1997. The Mexican miracle collapsed just a year after NAFTA was signed, and the author looks back to learn lessons that are applicable today.

Development economists have been highly skeptical about the value of direct aid. But the author argues the skepticism has been overstated. Aid has worked, he strongly argues, but sensible guidelines are needed.

The launch of a new trade round in Doha in November 2001 was a major breakthrough following the discord in Seattle in 1999. The Doha Round is the first set of multilateral trade negotiations in which the needs and interests of developing countries have been officially declared a priority and...

A series of financial crises in emerging market economies during the 1990s have been a catalyst for efforts to strengthen the international financial system. Indeed, much has been done to strengthen the architecture of the international financial system, both in terms of crisis prevention and...

The exchange rate regimes of the Asian countries and their subsequent collapse played key roles in the financial crisis. This prompted a renewed debate over the best choice of exchange rate arrangements, particularly for emerging markets. How should emerging markets, at present, structure their...

India has been a major beneficiary of economic globalisation. Yet, integration into the global economy has also made India vulnerable to the unpredictable swings in market sentiment. Nevertheless, the ultimate effects of cross-border economic forces also depend on the robustness of domestic...

This paper questions the conventional view that the Korean financial crisis of 1997 was simply the result of pervasive government intervention in the economy. While Korea has had a long history of state involvement, and while state policies did contribute to inefficient resource allocation and...

In October 2012, the Norwegian Nobel Committee honoured the EU with the 2012 peace prize for creating a peaceful and stable Europe after the destructive wars and economic crises of the twentieth century. However, it would have been more appropriate to bestow the prize on the...