This paper reviews international measures of the digital economy with those developed by Chinese officials and private sources. Given their lack of comparability, we use China’s input and output and census data to come up with an internationally comparable estimate of China’s size of the...

This paper shows empirically that China's trade balance is sensitive to fluctuations in the real effective exchange rate of the renminbi, although the size of the surplus is such that exchange rate policy alone will be unable to address the imbalance. One of the main reasons why the reduction in...

The Belt and Road Initiative, recently embarked on by China, aims to improve cross-border infrastructure in order to reduce transportation costs across a massive geographical area between China and Europe. We estimate how much trade might be created among Belt and Road countries as a consequence...

In this paper we assess empirically whether financial inclusion contributes to reducing income inequality when controlling for other key factors, such as economic development and fiscal policy. We conclude that financial inclusion contributes to reducing income inequality to a significant...

China has gone from being a supporter of fringe Maoist regimes in the 1960s to providing more financial assistance to the region than the World Bank (Cheng, 2015). But the idea that China would be crucial to African development is neither new nor accidental. In fact, Chinese policymakers have...

This paper reviews the theoretical and empirical literature explaining financial FDI from the perspective of the investing country (home). We conclude that the existing theoretical paradigms need to be adapted to explain the recent surge in international banks' local operations in the financial...

The euro was expected to make Europe stronger and more integrated. So far, it has not succeeded in this endeavour. The EMU's original design underplayed the importance of banking, fiscal and political union and failed to provide the right incentives to promote the structural reforms needed to...

Spanish Abstract: Desde la segunda mitad de los años noventa, las economías emergentes han sufrido cambios muy bruscos en el coste del capital externo, acompañados en muchos casos de crisis financieras con un impacto muy negativo sobre el crecimiento económico. Por este motivo, se han...

Spanish Abstract: La capacidad del Fondo Monetario Internacional (FMI) para inducir flujos privados de capital hacia los países con los que ha firmado un programa es uno de los temas clave para el buen funcionamiento de esta institución. De hecho, la función catalítica del FMI ha ganado...

Spanish Abstract: Los países asiáticos se han mostrado tradicionalmente interesados en fomentar la cooperación comercial, como muestra la actividad de la Asociación de Naciones del Sudeste Asiático1 (ASEAN), aunque no dispongan de un entramado institucional tan desarrollado como en el caso...