World Economics Journal Archive

The contents of all previous issues of World Economics are listed below. Subscribers have access to the complete back issue archive: click on titles to view abstracts and full text of articles (PDF). If you are not a subscriber please visit our online store to order a subscription.


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The Growing US Fiscal Gap The Growing US Fiscal Gap
Daniel Shaviro, World Economics, December 2002
The United States has a huge long-term fiscal gap, perhaps with a present value as great as $74 trillion. The US may thus be unable to continue meeting its current spending commitments without eventually enacting huge tax increases. The tax cut enacted in 2001 may ha ... More


The Disappearing Masterpiece The Disappearing Masterpiece
David Galenson, World Economics, December 2002
A quantitative analysis of the illustrations in art history textbooks reveals that the most important modern American painters—including Pollock, de Kooning, and Warhol—failed to produce individual paintings as famous as the masterpieces of some major French modern a ... More


The UK’s Achievement of Economic Stability The UK’s Achievement of Economic Stability: How and why did it happen?
Tim Congdon, World Economics, December 2002
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 ... More


Ready to Join the EU? Ready to Join the EU?: On the status of reform in the candidate countries
Federico Foders, Daniel Piazolo & Rainer Schweickert, World Economics, December 2002
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 a ... More


Continuities and Discontinuities in Global Development Continuities and Discontinuities in Global Development: Lessons from new East/West comparisons
Kenneth Pomeranz , World Economics, December 2002
Much literature normalises a ‘North Atlantic’ pattern of development, and sees a regionally specific ‘East Asian’ path emerging relatively recently. However, development patterns in core regions of Europe and East Asia were surprisingly similar until almost 1800; Eur ... More


A Decade of Trade Reforms in India A Decade of Trade Reforms in India: How it compares with East Asia
Ramkishen S. Rajan & Rahul Sen, World Economics, December 2002
This paper summarises recent trade reforms in India and documents the extent to which the country has integrated with the global trading system. The paper argues that India has made important strides since the initiation of reforms in 1991. Although it lags significa ... More


Labour Standards and International Trade Labour Standards and International Trade
Krisztina Kis-Katos & Günther G. Schulze, World Economics, December 2002
Can a case be made for the imposition of international minimum labour standards? And if so, on what grounds? The authors systematically present the existing theoretical and empirical arguments for and against introducing minimum labour standards on the international ... More


More Aid—Making It Work for the Poor More Aid—Making It Work for the Poor
Peter S. Heller & Sanjeev Gupta, World Economics, December 2002
This paper highlights the economic challenges that would be associated with a successful effort by industrial countries to meet the goal of devoting 0.7 percent of their GNP to official development assistance (ODA) to help poor countries. To help achieve the Millenni ... More


Should We Be Globaphobic About Globalisation? Should We Be Globaphobic About Globalisation?: Dani Rodrik on the economic and political implications of increasing international economic integration
An interview with introduction by Brian Snowdon
World Economics, December 2002
Dani Rodrik is best known for his work on international economics, trade policy, the institutional foundations of economic development, and the political economy of economic policy reform. Much of his recent research has been concerned with the limits and consequence ... More


Slobodan Milosevic and the Fire of Nationalism Slobodan Milosevic and the Fire of Nationalism
Ronald Wintrobe, World Economics, September 2002
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 ... More


Regulating Tobacco in the United States Regulating Tobacco in the United States: The Government and the Courtroom
Jonathan Gruber, World Economics, September 2002
There has been a dramatic turn of events against the tobacco industry in the past few years, raising the question of the appropriate future path for smoking policy in the US. This paper discusses the theory and evidence on regulation of smoking. The author begins by ... More


The Quest for Stability The Quest for Stability
Alan Budd, World Economics, September 2002
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 p ... More


The Case for Congestion Charging The Case for Congestion Charging
David Begg & David Gray, World Economics, September 2002
Car use has grown significantly in the UK in recent years, raising concerns about pollution and congestion. Although existing fiscal measures have been effective in tackling the former, the UK now has the worst traffic congestion in Europe. The economic costs of congest ... More


Japan’s Monetary and Economic Policy Japan’s Monetary and Economic Policy
Allan Meltzer, World Economics, September 2002
Japan has gone from very successful policies that promoted growth without inflation to a long period of slow growth, recessions and deflation. The Bank of Japan’s policies are a major reason for deflation. Although the Bank has purchased foreign exchange, it counterac ... More


The Puzzle of the Harmonious Stock Prices The Puzzle of the Harmonious Stock Prices
Randall Morck & Bernard Yeung, World Economics, September 2002
A peculiar pattern is evident across the stock markets of different countries. In emerging markets, such as Peru and China, all the stocks in the country tend to rise and fall together in the course of ordinary trading. But in developed countries, such as Denmark and C ... More


James Tobin, 1918–2002 James Tobin, 1918–2002
An interview with introduction by Brian Snowdon & Howard Vane
World Economics, September 2002
Professor James Tobin, who died on 11 March 2002, was possibly the most eminent of the world’s ‘Keynesian’ economists. Described by Nobel Laureate Paul Samuelson as “the archetype of a late-twentieth century American scholar”, Tobin was without doubt one of the most ... More


The Life Cycles of Modern Artists The Life Cycles of Modern Artists
David Galenson, World Economics, September 2002
There have been two very different life cycles for great modern artists: some have made their major contributions early in their careers, while others have produced their best work later in their lives. These patterns have been associated with different artistic goal ... More


Cycles of Silver Cycles of Silver: Globalization as historical process
Dennis O. Flynn & Arturo Giráldez, World Economics, June 2002
Absent a workable definition of the term ‘globalization’, debates today lack intellectual rigor. Most consider globalization a 20th-century (even post-1945) phenomenon. In fact, globalization was born when Manila was founded as a Spanish entrepôt in 1571. Connections ... More


Can Africa Catch Up? Can Africa Catch Up?
Arne Bigsten, World Economics, June 2002
The trend towards globalization of the last few decades has been manifested in the sustained growth of world trade and flows of investment and technology. For most regions this growing integration has led to rapidly growing per capita incomes, while Africa has stagna ... More


Towards a Better Climate Treaty Towards a Better Climate Treaty
Scott Barrett, World Economics, June 2002
The Kyoto Protocol is an example of how not to construct a treaty. Negotiators began by focusing on the short term, agreeing that the industrialized countries should cut their emissions of greenhouse gases by about 5% relative to 1990 by 2008–2012. Then they agreed th ... More


Does the Eurozone Face 50 Years of Economic Stagnation? Does the Eurozone Face 50 Years of Economic Stagnation?
Tim Congdon, World Economics, June 2002
The newly-formed European currency will compete with the dollar to become the world’s leading currency in the 21st century. Its prospects in this competition will depend partly on the size of the European economy compared with the US economy. This article argues that u ... More


A Hard Look at the Costs of Peace A Hard Look at the Costs of Peace
Jacques Fontanel & Michael D. Ward , World Economics, June 2002
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 ... More


Transport, Access and Economic Growth Transport, Access and Economic Growth
Karl W. Steininger , World Economics, June 2002
Transport and gross domestic product have grown at roughly a one-to-one relationship in the past. Many decision-makers consider the supply of transport infrastructure an important ingredient in fostering productivity and economic growth; some even consider it a prere ... More


Some Facts about Hedge Funds Some Facts about Hedge Funds
Harry M. Kat , World Economics, June 2002
Hedge funds promise investors the best of both worlds: superior performance and high diversification potential combined into one. This article discusses a number of recent findings that show that the case for hedge funds is less straightforward than often portrayed. A ... More


The Ups and Downs of Capitalism The Ups and Downs of Capitalism: Ben Bernanke on the ‘Great Depression’ and the ‘Great Inflation’
An interview with introduction by Brian Snowdon
World Economics, June 2002
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 e ... More


The Promotion Test The Promotion Test
Stefan Szymanski , World Economics, June 2002
The collapse of broadcaster ITV Digital owing £178m to the English Football League will cause, according to the League’s Chairman, the financial failure of up to fifty of the seventy two clubs. If this were to happen a major restructuring of English football would have ... More


"There Will Be Growth in the Spring" "There Will Be Growth in the Spring": How credible are forecasts of recovery?
Prakash Loungani, World Economics, March 2002
Forecasters are currently echoing Chauncey Gardner’s words that “There will be growth in the spring”. Or certainly by the summer. Are such forecasts credible? Yes. This article presents evidence that private sector forecasters have done a reasonably good job of forec ... More


Mother Earth: Ally or Adversary? Mother Earth: Ally or Adversary?
Thorvaldur Gylfason , World Economics, March 2002
Economic growth requires capital. This article reviews the relationship between economic growth around the world and six different kinds of capital: real capital; human capital; financial capital; foreign capital; social capital; and natural capital. Economic theory an ... More


The Economics of Happiness The Economics of Happiness
Bruno S. Frey & Alois Stutzer, World Economics, March 2002
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 constitute ... More


Measuring Information Technology and Productivity in the New Economy Measuring Information Technology and Productivity in the New Economy
Kevin J. Stiroh , World Economics, March 2002
The growing importance of information technology raises significant challenges for statisticians and economists. The US national accounts now incorporate sophisticated measurement tools to capture the rapid rates of technological change and dramatic improvements in t ... More


In Praise of Historical Economics In Praise of Historical Economics: Bradford DeLong on growth, development and instability
An interview with introduction by Brian Snowdon
World Economics, March 2002
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 c ... More


Stock Markets and Central Bankers Stock Markets and Central Bankers: The economic consequences of Alan Greenspan
Stephen Wright, World Economics, March 2002
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) ... More


Capital Controls Capital Controls: The experience of Malaysia
Jomo K.S., World Economics, March 2002
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 the ... More


Where Do We Stand On Choosing Exchange Rate Regimes in Developing and Emerging Economies? Where Do We Stand On Choosing Exchange Rate Regimes in Developing and Emerging Economies?
Graham Bird, World Economics, March 2002
In the midst of a lively debate about international monetary reform at the beginning of the twenty-first century, there seemed to be a broad consensus about exchange rate policy in developing and emerging economies; that they should opt for one of the extremes in the ... More


The Economic Impact of the World Cup The Economic Impact of the World Cup
Stefan Szymanski, World Economics, March 2002
The World Cup will be the biggest sporting event of 2002, but the Japanese and Korean governments are also hoping that it will be one of the biggest economic events of the year. Impact studies by respected economic research institutes predict a dramatic boost to GDP ... More


Letter from Buenos Aires Letter from Buenos Aires
Pierre Wassenaar, World Economics, March 2002
“IMF criminals!” cry the antiglobalists in the wake of Argentina’s descent into chaos. But the real crime of Argentina’s last ten years was its own supineness in tying its fortunes for so long to the economy of an indifferent superpower, and allowing itself to become t ... More