This paper draws on evidence from the last two centuries of industrialisation, analysing the evolution of energy intensity over the long- and short-run. We argue that the increased specialisation of the fuel mix, coupled with accelerating convergence of both the sectoral and technological...

The paper investigates the role of social cohesion in economic development. We capture 'social cohesion' as society swillingness to accept lower wages to maintain high employment, and as its willingness to offer benefit payments to the unemployed. The lower the minimum wage rate and the higher...

Closing remarks -- Asia's role in the post-crisis global economy : a conference (2011 : November 29-30)

Hedge funds are collective investment vehicles, often organized as private partnerships and resident offshore for tax and regulatory purposes. Their legal status places few restrictions on their portfolios and transactions, leaving their managers free to use short sales, derivative securities,...

Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and...

In a world of increasing capital mobility and broadening and more diversified trade, many (but not all) developing and transition economies are likely to find it desirable to move from relatively fixed exchange rate regimes to regimes of greater exchange rate flexibility. This paper suggests...

We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base case in which the purchaser and issuer of the bonds reside...

Each episode of volatility in financial markets heightens the attention of government officials and others to the role played by the hedge fund industry in financial market dynamics. Hedge funds were implicated in the 1992 crises that led to major exchange rate realignments in the European...