Are Economic Sanctions Useful in Discouraging the Proliferation of Weapons of Mass Destruction?
Robert Carbaugh
Volume 9, Number 4, 2008, pages 181 - 200
against countries that have been implicated in the development of weapons
of mass destruction and the use of terrorism. These sanctions have included
limitations on customary trade and/or financial relations with a target country.
Are sanctions effective in discouraging the proliferation of weapo ... Read more
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Why do Governments Delay Devaluation?
The political economy of exchange rate inertia
Graham Bird & Thomas D. Willett
Volume 9, Number 4, 2008, pages 55 - 74
In the sequence of currency crises in emerging economies in the 1990s, there
was an observed reluctance to devalue the exchange rate. Although ultimately
adopted, the decision to devalue was usually delayed, often until it could no
longer be avoided. While economic explanations of delay are avail ... Read more
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The Effectiveness of IMF Surveillance
A study on global financial governance
Biagio Bossone
Volume 9, Number 4, 2008, pages 27 - 54
IMF surveillance of the international monetary and financial system is a global
public good. Its effectiveness depends critically on the dynamics that underpin
the mechanisms governing the IMF and global finance. These dynamics, in turn,
reflect the interests and power of influence of countries ( ... Read more
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Bringing Balance to the IMF Reform Debate
Domenico Lombardi
Volume 9, Number 4, 2008, pages 13 - 26
This paper summarises the outcome of formal discussions among scholars,
former policymakers and senior officials of International Monetary Fund (IMF)
member countries that took place in 2007–08 regarding the future of the
IMF and how its responsiveness to member countries might be improved. It
r ... Read more
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Islamic Economics and Finance
Rodney Wilson
Volume 9, Number 1, 2008, pages 177 - 195
This article provides an introduction to key concepts and methods involved in an Islamic approach to business, investment, risk taking and insurance. The prohibition of riba (interest or usury) profoundly influences the way business transactions and investments are made and financial contract ... Read more
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Two Concepts of the Output Gap
Tim Congdon
Volume 9, Number 1, 2008, pages 147 - 175
Two alternative concepts of the output gap, Keynesian and monetarist, can be distinguished. When they use the phrase, economists should make clear which concept is under discussion. The first concept, developed by Okun in the early 1960s, defines the output gap relative to a full employment notion o ... Read more
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Three Cheers for the 'Progressive State'
Ben Friedman on the moral consequences of economic growth
An interview with introduction by Brian Snowdon
Volume 9, Number 1, 2008, pages 97 - 146
Ben Friedman is widely recognised as one of the world’s leading macroeconomists. His research and publications have focused on monetary and fiscal policy, and the key role that financial markets play in influencing how macroeconomic policies impact on aggregate economic activity. Professor Friedman’ ... Read more
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Growth Strategies and Dynamics
Insights from country experiences
Mohamed A. El-Erian & A. Michael Spence
Volume 9, Number 1, 2008, pages 57 - 96
The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market and regulatory institutions cha ... Read more
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Alternative Strategies for Fighting Unemployment FREE ARTICLE
Lessons from the European experience
Gilles Saint-Paul
Volume 9, Number 1, 2008, pages 35 - 55
During more than three decades of protracted high unemployment, European countries have developed a variety of approaches in order to tackle the problem. These strategies differ in their philosophy, scopes and successes. A number of them can be understood in terms of shying away from full-fledged li ... Read more
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The Future of Financial Regulation
Howard Davies
Volume 9, Number 1, 2008, pages 11 - 34
In light of the recent turmoil in global financial markets and criticisms of the performance of the regulatory system, Sir Howard Davies-who prior to his current appointment as Director of the London School of Economics was Chairman of the Financial Services Authority, the UK’s single financial regu ... Read more
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Challenging Times for UK Monetary Policy
Andrew Sentance
Volume 9, Number 1, 2008, pages 1 - 10
Global economic developments have recently thrown up two major challenges for the setting of UK monetary policy. The recent global financial turmoil threatens to reinforce the slowdown in the UK and globally. But rising energy and commodity prices will push up inflation in the short term, and pose a ... Read more
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Tim Lankester on Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It
Volume 8, Number 3, 2007, pages 195 - 199
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Colin I. Bradford and Johannes F. Linn reply to Graham Bird’s review in the last issue of World Economics [8(2): 285-287] of their co-edited volume, Global Governance Reform: Breaking the Stalemate
Volume 8, Number 3, 2007, pages 183 - 184
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Monetary Policy, Governance and Economic Development
The Botswana experience
Michael Chibba
Volume 8, Number 3, 2007, pages 111 - 129
Botswana is at a crossroads, as economic growth has slowed significantly in recent years while social problems remain largely unresolved. Exacerbating this situation is a monetary policy in crisis as over a decade of generally high interest rates have failed to address inflationary pressures. Thus, ... Read more
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How to Tackle Poverty
Economists are closing in on the answers
Diane Coyle
Volume 8, Number 3, 2007, pages 1 - 5
There has been an unprecedented political focus on economic development and poverty reductions since the Gleneagles Summit of 2005, yet it seems economists have been unable to agree on how to capitalise on the opportunity. Is more aid the solution? Or the problem? This article argues that, beyond th ... Read more
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Graham Bird on Colin I. Bradford Jr. and Johannes F. Linn, editors, Global Governance Reform: Breaking the Stalemate FREE ARTICLE
Volume 8, Number 2, 2007, pages 285 - 287
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Tim Lankester on Andrew Glyn, Capitalism Unleashed: Finance, Globalization, and Welfare FREE ARTICLE
Volume 8, Number 2, 2007, pages 277 - 280
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Does China Still Need Hong Kong?
Friedrich Wu
Volume 8, Number 2, 2007, pages 271 - 275
As the Hong Kong Special Administrative Region reaches the 10th anniversary of the territory’s reunion with its sovereign in China this year, it faces several looming competitive challenges from its ambitious and aggressive “sister” cities on the mainland. Going forward, without a credible counter-m ... Read more
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Can China Learn from Sweden?
Arne Bigsten
Volume 8, Number 2, 2007, pages 17 - 40
China is undergoing a very rapid process of structural and institutional transformation, which has led to dramatic increases in income levels. During this process, the country is facing a series of development challenges that need to be dealt with in order to sustain growth. The question posed in th ... Read more
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Reply to Aldo Matteucci, ‘Is Suicide Terrorism a Novel Economic Phenomenon?’ FREE ARTICLE
Mark Harrison
Volume 8, Number 1, 2007, pages 241 - 243
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Is Suicide Terrorism a Novel Economic Phenomenon? FREE ARTICLE
A response to Mark Harrison’s ‘An Economist Looks at Suicide Terrorism’
Aldo Matteucci
Volume 8, Number 1, 2007, pages 239 - 240
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The EU, the Middle East, and Regional Integration
Bessma Momani
Volume 8, Number 1, 2007, pages 47 - 56
The European Union’s venture into enhancing trade linkages with the Middle East, as conceived by the 1995 Barcelona Process, had high hopes but failed in producing the intended political and economic deliverables. The Euro–Mediterranean Partnerships were flawed, as they created a hub and spoke tradi ... Read more
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What Future for Central Banks?
Howard Davies
Volume 7, Number 4, 2006, pages 57 - 85
Central banks around the world differ in their functions, size, efficiency and status. In this article, Sir Howard Davies, a former Deputy Governor of the Bank of England, discusses the development of central banking over the last few years, and where it might go in the future. His main focus is the ... Read more
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Has the European Social Model a Future?
J. R. Shackleton
Volume 7, Number 3, 2006, pages 43 - 62
The European Social Model, involving high levels of government spending and taxation, labour and product market regulation and the involvement of the “social partners”, is in crisis. The core European economies are experiencing low economic growth, slow job creation and high levels of unemployment. ... Read more
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An Economist Looks at Suicide Terrorism
Mark Harrison
Volume 7, Number 3, 2006, pages 1 - 15
Suicide terrorism has an economic aspect. The organisation of a suicide mission requires an incentive, a voluntary transaction, and a contract that is enforceable by the parties to it. A terrorist faction that competes for power in a community that is both oppressed and oppressive provides young peo ... Read more
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Russia at the Crossroads
Padma Desai on transition, reform, and the legacy of Yeltsin’s ‘kamikaze crew’
An interview with introduction by Brian Snowdon
Volume 7, Number 2, 2006, pages 11 - 71
To set the interview in context, Brian Snowdon first traces out some important landmarks in twentieth-century Russian/Soviet Union history. In the conversation that follows, Professor Desai gives her views on a number of key issues relating to the decline of the Soviet system and problems of Russia’ ... Read more
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What is the Economics of Climate Change?
Sir Nicholas Stern
Volume 7, Number 2, 2006, pages 1 - 10
A major review of the economics of climate change under the leadership of Professor Sir Nicholas Stern was announced at the end of July 2005, reporting to the United Kingdom’s Chancellor of the Exchequer and to the Prime Minister. The Stern Review on the Economics of Climate Change is due to report ... Read more
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The Enduring Elixir of Economic Growth
Xavier Sala-i-Martin on the wealth and poverty of nations
An interview with introduction by Brian Snowdon
Volume 7, Number 1, 2006, pages 73 - 130
“I think that the most important question that an economist can ask is, What is it that makes a country grow? More than anything else it is economic growth that affects human welfare…this is why it must remain a major research interest for economists.” In this interview Xavier Sala-i-Martin—w ... Read more
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Making Capitalism Work for Everyone
Raghuram Rajan & Luigi Zingales
Volume 7, Number 1, 2006, pages 1 - 10
There is a widespread belief that free markets do not benefit the common person, let alone the poor: they are only an instrument for the rich to get richer. Not only is this belief false, but in fact the opposite is true. Free markets are the single most important tools to eliminate poverty and spre ... Read more
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To What Extent Should Less-Developed Countries Enforce Intellectual Property Rights?
Gilles Saint-Paul
Volume 6, Number 3, 2005, pages 175 - 196
This paper discusses a number of issues in the context of the debate on intellectual property in less developed countries (LDCs). It starts by discussing the consequences of IP enforcement in LDCs for global innovation and welfare in poorer countries. It then considers the costs and benefits of IP e ... Read more
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Monetary Policy in an Uncertain World
Charles Bean
Volume 6, Number 1, 2005, pages 31 - 53
In this article, Charles Bean, Bank of England Chief Economist and member of
the Monetary Policy Committee, reviews and assesses the three types of
uncertainty which affect monetary policymakers: uncertainty about the data;
uncertainty about the nature and persistence of shocks; and uncertainty a ... Read more
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Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets
Robert Skidelsky
Volume 6, Number 1, 2005, pages 15 - 30
For most of the twentieth century, pessimism about, and hostility to, markets was
prevalent and this pulled in an anti-globalist direction. Indeed, the global
institutions set up in 1944 were constructed by two market pessimists, John
Maynard Keynes, on whom this article concentrates, and Harry D ... Read more
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Trade in the Chinese 21st Century
Howard Davies
Volume 6, Number 1, 2005, pages 1 - 13
In this article Sir Howard Davies, Director of the London School of Economics
and Political Science, offers some thoughts, first, on the political framework
within which trade policy is determined, then about the way in which the
globalization debate has developed, and finally some suggestions on ... Read more
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The Influence of Political Distortions on Economic Performance
The contributions of Alberto Alesina
An interview with introduction by Brian Snowdon
Volume 5, Number 4, 2004, pages 91 - 136
Alberto Alesina is the Nathaniel Ropes Professor of Political Economy and
Chairman of the Department of Economics at Harvard University. In this
interview he discusses with Brian Snowdon his views on several important
contemporary issues, including politics and the business cycle, budget deficits ... Read more
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Dollarisation in Theory and Practice
John C. B. Cooper
Volume 5, Number 4, 2004, pages 79 - 89
Dollarisation involves the replacement of a soft domestic currency with a hard
foreign alternative. This paper explains the different forms that dollarisation can
take, its consequences for an economy, and concludes by exploring the
experience of Panama, a country dollarised since 1904. ... Read more
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Governance Matters
The role of governance in Asian economic development
David E. Bloom, David Steven & Mark Weston
Volume 5, Number 4, 2004, pages 53 - 78
In recent years there has been a surge of interest in governance: good governance
increasingly is seen as a vital adjunct to successful development efforts. This paper
attempts to explain what governance is and why it is important, and assess which
forms of governance are likely to best support a ... Read more
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Responsible Growth to 2050
Kirk Hamilton & Ian Johnson
Volume 5, Number 4, 2004, pages 33 - 51
At plausible rates of growth in population and income per capita, world GDP in
2050 could be four times what it is today. This paper considers the benefits this
growth can provide, the risks that it presents, and the building blocks required to
achieve it. The authors argue that “business as usua ... Read more
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Are Governments Overextended?
Assessing the spectrum of a government’s debts and its exposure to risk
Peter S. Heller
Volume 5, Number 4, 2004, pages 1 - 31
Have government debt levels reached dangerous levels? Certainly, for some
countries, the data would suggest so. However, this paper will argue that for
many governments, the amount of explicit debt on their balance sheets seriously
understates the magnitude of their future fiscal obligations. Thi ... Read more
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Monetarism: A Rejoinder
Tim Congdon
Volume 5, Number 3, 2004, pages 179 - 197
Tim Congdon responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Monetarism in Retrospect — and Prospect
Andrew G Haldane
Volume 5, Number 3, 2004, pages 171 - 178
Andrew Haldane responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185. ... Read more
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Monetarism: A Response
Meghnad Desai
Volume 5, Number 3, 2004, pages 165 - 170
Meghnad Desai responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Monetarism Revisited
Allan Meltzer
Volume 5, Number 3, 2004, pages 161 - 164
Allan Meltzer responds to the article by Thomas Mayer
and Patrick Minford, ‘Monetarism: A
Retrospective’ that appeared in World Economics, Vol. 5,
No. 2 (April–June), 2004, pp. 147–185.
... Read more
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Asian Drama
The pursuit of modernisation in India and Indonesia
Tim Lankester
Volume 5, Number 3, 2004, pages 75 - 93
The now largely forgotten book Asian Drama: An Inquiry into the Poverty of Nations
by Swedish social scientist Gunnar Myrdal was published in 1968. Myrdal called
his book “Asian Drama” because of the tensions he saw being played out in Asia
between modern ideals and the traditional. But th ... Read more
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Globalisation, Economic Progress and New Millennium Collectivism
A review article
David Henderson
Volume 5, Number 3, 2004, pages 43 - 73
Three major studies of globalisation and its effects have recently been published.
One of these is the report of an international commission of eminent persons.
The other two are books by leading economists, one by Jagdish Bhagwati and the
other by Martin Wolf. David Henderson comments on all the ... Read more
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The Bourgeois Virtues
Deirdre McCloskey
Volume 5, Number 3, 2004, pages 1 - 16
‘Bourgeois virtue’ is not a contradiction in terms. The age of capitalism has
enormously enriched the world. But the enrichment is by no means only
material. The virtues enabled capitalist development; but a bourgeois life also
encouraged new versions of old virtues; and gave scope for varied liv ... Read more
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Explaining the ‘Great Divergence’
Daron Acemoglu on how growth theorists rediscovered history and the importance of institutions
An interview with introduction by Brian Snowdon
Volume 5, Number 2, 2004, pages 83 - 130
Daron Acemoglu is Professor of Economics at the Massachusetts Institute of
Technology. In this interview he discusses with Brian Snowdon some of his
recent research findings that confirm the key role played by ‘good’ and ‘bad’
institutions in determining the economic performance of countries. He ... Read more
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Beyond the Ivory Tower
Stanley Fischer on the economics of contemporary global issues
An interview with introduction by Brian Snowdon
Volume 5, Number 1, 2004, pages 67 - 114
Stanley Fischer had a long and distinguished career as an academic economist at
MIT, and was Vice President, Development Economics and Chief Economist at
the World Bank, before becoming First Deputy Managing Director of the
International Monetary Fund in 1994. He is now President of Citigroup
In ... Read more
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Leadership and Progress
Allan Meltzer
Volume 4, Number 3, 2003, pages 15 - 26
When World War II ended, the United States took the lead in providing political
stability, rules for freer trade, and international financial stability. The ‘Pax
Americana’ worked extremely well. During the postwar years, more people in
more countries increased their living standards by larger am ... Read more
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How to Reform Europe’s Fiscal Policy Framework
Lars Calmfors & Giancarlo Corsetti
Volume 4, Number 1, 2003, pages 109 - 116
The current budgetary problems of some EU member states have intensified the
debate on Europe’s fiscal policy framework. It is not enough to change the
interpretation of the Stability and Growth Pact. More fundamental revisions of
the EU Treaty are needed in order to strike a reasonable balance b ... Read more
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Some Lessons from a Single Currency
Alan J. Brown
Volume 4, Number 1, 2003, pages 99 - 107
This article looks at the early experience of the Euro and argues that both the
original rules established for the European Central Bank and the Stability and
Growth pact need to be reconsidered. Failure to do so will result in the whole
European economy delivering less growth and prosperity. Wit ... Read more
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Why The Five Economic Tests?
The decision about British membership of a single European currency in historical context
Ed Balls
Volume 4, Number 1, 2003, pages 73 - 98
Chief Economic Adviser to the Treasury, Ed Balls, sets out the government’s
approach to making the decision about British membership of a single European
currency in an historical context. The basis for deciding whether there is a clear
and unambiguous economic case to join the single currency is ... Read more
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From Socialism to Capitalism and Democracy
János Kornai on the trials of socialism and transition
An interview with introduction by Brian Snowdon
Volume 4, Number 1, 2003, pages 33 - 71
János Kornai is generally regarded as the world’s leading scholar on socialist
economic systems. In this interview, Professor Kornai discusses the evolution of
his thinking on the political economy of the socialist system, its characteristics,
reform, transition and future. ... Read more
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Capitalism and the End of History
Adair Turner
Volume 4, Number 1, 2003, pages 15 - 32
In this article Adair Turner explores the relative economic and social success of
different variants of capitalism, and considers how societies best reconcile the
objectives of economic dynamism with those of social inclusion and
environmental responsibility. He also addresses the wider issue of ... Read more
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Ready to Join the EU?
On the status of reform in the candidate countries
Federico Foders, Daniel Piazolo & Rainer Schweickert
Volume 3, Number 4, 2002, pages 43 - 72
This paper presents a new set of indicators concerning the status of economic
reform in the candidate countries for the enlargement of the European Union
which is scheduled for 2004. After an overview of indicators of institutional
development, macroeconomic policy and trade policy, a composite i ... Read more
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The UK’s Achievement of Economic Stability
How and why did it happen?
Tim Congdon
Volume 3, Number 4, 2002, pages 25 - 41
The UK achieved a remarkable degree of macro-economic stability in the 1990s.
Contrary to expectations when the pound was expelled from the European
exchange rate mechanism in September 1992, over the next ten years inflation
was kept almost exactly on target and its volatility declined by over 9 ... Read more
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The Quest for Stability
Alan Budd
Volume 3, Number 3, 2002, pages 55 - 70
The UK seems to be enjoying a golden age of macroeconomic policy-making.
Growth is steady; inflation is low and stable, and unemployment is low. After
years of trying to achieve economic stability we seem to have found the answer.
This paper explores the history of policy-making from the late 195 ... Read more
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Slobodan Milosevic and the Fire of Nationalism
Ronald Wintrobe
Volume 3, Number 3, 2002, pages 1 - 26
This paper is an economist’s attempt to understand the behaviour of dictators
with special reference to the Milosevic regime in Serbia. The author focuses on
nationalism, ethnic cleansing and war, especially the most recent war with
NATO. The basic argument is simple. First, like any dictator, Mi ... Read more
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The Ups and Downs of Capitalism
Ben Bernanke on the ‘Great Depression’ and the ‘Great Inflation’
An interview with introduction by Brian Snowdon
Volume 3, Number 2, 2002, pages 125 - 170
Ben Bernanke is a leading macroeconomist who has contributed extensively to
the literature on business cycles, monetary policy, the role of financial markets in economic fluctuations, inflation targeting and the economics of the Great Depression. He is one of the six economists who form the NBER Bu ... Read more
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A Hard Look at the Costs of Peace
Jacques Fontanel & Michael D. Ward
Volume 3, Number 2, 2002, pages 61 - 74
The United States has emerged as a hegemonic, dominant military power exactly
during the period when its military expenditures have grown least. The end of
the Cold War did indeed deliver a huge dividend to its largest beneficiary, the
United States. During this same period, the US economy has al ... Read more
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Capital Controls
The experience of Malaysia
Jomo K.S.
Volume 3, Number 1, 2002, pages 125 - 143
Malaysia’s decision to adopt capital controls in September 1998 reminded the
world that there are alternatives to capital account liberalisation. Unfortunately,
there has been a tendency for both sides in the debate over the capital control
measures to exaggerate their own cases, with little rega ... Read more
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Stock Markets and Central Bankers
The economic consequences of Alan Greenspan
Andrew Smithers & Stephen Wright
Volume 3, Number 1, 2002, pages 101 - 124
There is a near-consensus that central bankers should focus their attention on the control of inflation, and should accordingly not pay attention to movements in stock markets. This view is reinforced by the continuing influence of the Efficient Markets Hypothesis (EMH), which maintains that financi ... Read more
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In Praise of Historical Economics
Bradford DeLong on growth, development and instability
An interview with introduction by Brian Snowdon
Volume 3, Number 1, 2002, pages 59 - 100
Professor Bradford DeLong is a leading macroeconomist and economic historian,
and is best known for his work on economic growth, business cycles, finance and
issues relating to international economic history and globalisation. However, his interests and publications cover a vast range of issues an ... Read more
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The Economics of Happiness
Bruno S. Frey & Alois Stutzer
Volume 3, Number 1, 2002, pages 25 - 41
Economists have long considered themselves fortunate that micro-economic
theory needs only be based on relative utility, as it is widely believed that utility is not measurable in absolute terms. But this view is no longer valid. The measurement of happiness constitutes a good approximation to util ... Read more
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Economists and Sustainable Development
The OECD Report on Policies for Sustainable Development
Wilfred Beckerman
Volume 2, Number 4, 2001, pages 1 - 17
The OECD report is almost exclusively about environmental policy (on which it
contains a mass of useful data and discussion). There is, commendably, hardly
any discussion of the implications of the usual core condition in consensus
definitions of sustainable development, namely that there should ... Read more
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Redefining the Role of the State
Joseph Stiglitz on building a ‘post-Washington consensus’
An interview with introduction by Brian Snowdon
Volume 2, Number 3, 2001, pages 45 - 86
An interview with introduction by Brian Snowdon
Professor Joseph Stiglitz is without question one of the world’s leading
economists. In his extensive research he has made seminal contributions to the
analysis of the economic consequences of incomplete information and
uncertainty. This wo ... Read more
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Hardship and Happiness
Mobility and public perceptions during market reforms
Carol Graham & Stefano Pettinato
Volume 1, Number 4, 2000, pages 73 - 112
This paper focuses on an age-old puzzle: why some societies peacefully tolerate high levels of inequality and others do not. The authors posit that opportunity and mobility over time are as important as current distributions are to the explanation. Assessments of past mobility and future expectatio ... Read more
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The Political Economy of Sport
Stefan Szymanski
Volume 1, Number 2, 2000, pages 101 - 109
The political constitutions of both the US and Europe provide no guidance on the role of organised sport in society. Without a proper set of rules politicians are
finding sports issues increasingly hard to handle. In the US there is widespread concern at the commercial exploitation of major league ... Read more
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The US “Underclass” in a Booming Economy
Richard B. Freeman
Volume 1, Number 2, 2000, pages 89 - 100
The main failure in the US economy in the 1980s through the mid 1990s was its inability to distribute the gains of economic growth to the bulk of the population. The traditional “rising tide lifts all boats” link between economic growth and poverty seemed broken, creating a large seemingly permanent ... Read more
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Understanding Labour Market Institutions
Gilles Saint-Paul
Volume 1, Number 2, 2000, pages 73 - 87
Labour market rigidities are often considered to be responsible for high unemployment in Europe. This paper outlines a theory explaining why they may be supported by the political system, and where their support comes from.
Labour market rigidities are likely to arise as the outcome of microeconomi ... Read more
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The Thirty-five Hour Working Week
Flexibilité, compétitivité, productivité-a French Revolution
Alan Kirman
Volume 1, Number 2, 2000, pages 41 - 54
The introduction of a reduced working week (RWW) in France has been widely condemned as an arbitrary additional constraint in an already rigid labour market. This article explores the origins of the law, and the reasons for the negative appreciation by economists of this measure. However, it goes on ... Read more
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Welfare-to-work and the New Deal
Richard Layard
Volume 1, Number 2, 2000, pages 29 - 39
Welfare-to-work is on trial in many countries. In Britain it has become the
government’s most important policy for lowering unemployment and expanding
labour supply. But can it work? And what lessons does Britain’s experience
provide for other countries? This paper argues that whilst ... Read more
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An Economic Analysis of Campaign Finance
Andrea Prat
Volume 1, Number 2, 2000, pages 13 - 27
Electoral campaign finance is an important, and much debated, phenomenon in
democracies throughout the world. This article discusses a possible economic
model of campaign finance, which could be used for policy evaluation. At the
core of the model lies an asymmetry of information betw ... Read more
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Values Matter
Avner Ben-Ner & Louis Putterman
Volume 1, Number 1, 2000, pages 39 - 60
Human beings display a complex set of behavioural predispositions, including a strong inclination to pursue self-interest but also empathy, receptivity to norms of reciprocity, and an inclination to punish violators of such norms. Not only are workable economic arrangements constrained by the types ... Read more
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