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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How Demographic Change can Bolster Economic Performance in Developing Countries How Demographic Change can Bolster Economic Performance in Developing Countries
David E. Bloom & David Canning, World Economics, December 2003
Falling mortality rates spurred by medical, nutritional and lifestyle changes have spurred a ‘demographic transition’ in a majority of the world’s countries. As couples realize their children are more likely to survive, they need, and eventually have, fewer of them t ... More


Exchange Rate Regimes Exchange Rate Regimes: Is there a third way?
Vijay Joshi, World Economics, December 2003
This paper argues that (a) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (b) the policy stance and advice of the IMF should reflect this judgement. The paper uses ... More


China’s Capital Market China’s Capital Market: Better than a casino
Stephen Green, World Economics, December 2003
Throughout the 1990s, China’s stock market was developed as a tool of industrial policy. It was used to supply capital to state-owned enterprises (SOEs) that remained controlled by the state and whose performance usually declined after listing. Secondary market tradi ... More


Opening Up Trade in Higher Education Opening Up Trade in Higher Education: A role for GATS?
J. R. Shackleton, World Economics, December 2003
Internationalisation of higher education is too often treated as an issue for universities and national governments alone. The expansion of trade in HE services is part of a wider picture. The demand for liberalisation of world trade in all types of services has led ... More


The Costs of Violent Crime The Costs of Violent Crime
Giles Atkinson, Susana Mourato & Andrew Healey, World Economics, December 2003
This paper reviews a number of studies that have sought to estimate the economic costs of criminal offending and, more specifically, violent crime. Firstly, it discusses those approaches that have sought to describe the ‘big picture’ by calculating the aggregate burd ... More


Back to the Future Back to the Future: Jeffrey Williamson on globalisation in history
An interview with introduction by Brian Snowdon
World Economics, December 2003
Jeffrey Williamson is a leading authority on the economic history of the international economy. His interests cover a wide area within the field of economic history and include research on international economic development, the industrial revolution, industrialisati ... More


Information Technology and the G7 Economies Information Technology and the G7 Economies
Dale W. Jorgenson, World Economics, December 2003
A powerful surge in investment in information technology and equipment after 1995 characterizes all of the G7 economies. This accounts for a large portion of the resurgence in US economic growth, but contributes substantially to economic growth in the remaining G7 ec ... More


Blueprint for Public Company Reform Blueprint for Public Company Reform
Edward Gottesman, World Economics, December 2003
The crisis of confidence in corporate governance and the opacity of public company reporting are growing concerns. These flaws in the market system have been highlighted by the stock market bubble and pose a threat to orderly capital flows. Reform is needed, but legi ... More


The Undivided City The Undivided City
James D. Wolfensohn, World Economics, September 2003
Two billion people are set to flood into the already crowded cities of the developing world over the next twenty-five years, mainly to live in the squalid surroundings of a slum or a shanty town and to endure the consequent effects of social injustice and division. J ... More


Leadership and Progress Leadership and Progress
Allan Meltzer, World Economics, September 2003
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 ... More


The Outlook for World Trade The Outlook for World Trade
Peter Sutherland, World Economics, September 2003
The former GATT and World Trade Organization Director-General (1993–1995) defends the multilateral trade system—“If goods do not pass frontiers, armies will”—and describes the challenges facing the World Trade Organization particularly in meeting the Doha Development ... More


Is Economic Growth Good For Us? Is Economic Growth Good For Us?
Nicholas Crafts, World Economics, September 2003
This article reviews Britain’s experience of economic growth in the twentieth century. It argues that average living standards have risen much more rapidly than is generally appreciated. The main reasons for this include increased life expectancy which is highly valu ... More


In Search of the Holy Grail In Search of the Holy Grail: William Easterly on the Elusive Quest for Growth and Development
An interview with introduction by Brian Snowdon
World Economics, September 2003
Having conducted extensive research in the field of economic growth and development, William Easterly has broad knowledge and expertise on the problems facing developing countries. While working for the World Bank, he travelled extensively in Africa, Latin America an ... More


Five Centuries of Energy Prices Five Centuries of Energy Prices
Roger Fouquet & Peter Pearson, World Economics, September 2003
Concerns about rising energy prices tend to occur in times of economic expansion, to disappear in times of recession. A recurring fear is that, in the long run, real energy prices will trend upwards. This paper presents evidence from five hundred years of prices of e ... More


Hydropower in Bhutan and Nepal Hydropower in Bhutan and Nepal: Why the difference?
Jeremy Berkoff, World Economics, September 2003
Bhutan and Nepal have followed differing hydropower development strategies. Bhutan has co-operated with India and power export earnings have helped fund a broadly successful economic, environmental and social programme. In contrast, Nepal turned to the World Bank and ... More


The Economics of the Kyoto Protocol The Economics of the Kyoto Protocol
Michael Grubb, World Economics, September 2003
This paper surveys economic aspects of the Kyoto Protocol, the Treaty adopted to control emissions of the greenhouse gases that contribute to climate change. The first part focuses upon the structural aspects of the agreement, with particular attention to the long-te ... More


The Morality of Market Mechanisms to Control Pollution The Morality of Market Mechanisms to Control Pollution
Wilfred Beckerman & Joanna Pasek, World Economics, September 2003
The use of pollution charges or tradeable permits to reduce pollution has been condemned by many environmentalists and some philosophers on the grounds that (i) pollution is inherently immoral; (ii) environmental assets are not appropriately valued in monetary terms; ... More


Cartels Cartels: Where is the case for criminal sanctions?
Jennifer Skilbeck, World Economics, June 2003
Imprisonment of directors and employees for taking part in cartel activity is becoming an increasingly common penalty in western jurisdictions. Generally it is the only competition law offence that attracts a criminal sanction either as a matter of law or practice. T ... More


Congestion Charging Congestion Charging: Utopia vs. Reform
Edward Gottesman, World Economics, June 2003
The debate about road use charging continues. No simple and effective proposal to limit center-city congestion has attracted popular support. The economic case for reducing vehicle congestion in towns and cities is indisputable, as shown in the recent article by Begg ... More


Are Multinationals Really Bigger Than Nations? Are Multinationals Really Bigger Than Nations?
Paul De Grauwe & Filip Camerman, World Economics, June 2003
Multinational corporations are increasingly seen as excessively big and powerful, and as having dramatically increased in size and power. This perception has led to the view that the big corporations are threatening democratic institutions of the nation-states and th ... More


Weapons Exports Weapons Exports: The bogus moral dilemma
Samuel Brittan, World Economics, June 2003
The commonly held view that an ethical approach to arms sales is desirable but ‘unaffordable’ because jobs and exports are at stake is challenged by Samuel Brittan. He argues that it arises from a failure to understand the circular flow of income, the fallacy of a ‘l ... More


Does Britain Need More Immigrants? A Debate Does Britain Need More Immigrants? A Debate
Nigel Harris & David Coleman, World Economics, June 2003
In this debate, Nigel Harris and David Coleman discuss the pros and cons of migration. Taking the case of Britain, they address issues such as the desirability or otherwise of migration controls, gains and losses from migration, the ‘optimum’ size and composition of ... More


Monetary Policy Monetary Policy: A subtle paradigm shift?
Claudio Borio & Philip Lowe, World Economics, June 2003
A growing challenge for central banks is to secure monetary and financial stability simultaneously. Indeed, somewhat paradoxically, success in controlling inflation can sometimes contribute to the development of imbalances that ultimately lead to financial stresses, ... More


Valuing the Future Valuing the Future: Recent advances in social discounting
David Pearce, Ben Groom, Cameron Hepburn & Phoebe Koundouri, World Economics, June 2003
One of the most controversial areas of economics is the practice of discounting: attaching a lower weight to future costs and benefits than present costs and benefits. Discounting appears to offend notions of sustainable development and the interests of future genera ... More


The Impact of Globalization on Rural Poverty The Impact of Globalization on Rural Poverty
Alexander Sarris, World Economics, June 2003
The paper first reviews the meaning and causes of globalization. It indicates that globalization is not a new phenomenon in history, but the current phase seems to have new elements that did not exist previously. Regarding the consequences of the various aspects of g ... More


An Economic Analysis of the Mafia An Economic Analysis of the Mafia
David Maddison & Marilena Pollicino, World Economics, June 2003
This paper reviews the current economic thinking on the Mafia phenomenon. It distinguishes the Mafia from ordinary criminal gangs by the desire of the former for the exclusive right to commit criminal acts. The existence of the Mafia in particular locations at partic ... More


Pride and Prejudice Pride and Prejudice: What’s good and bad about economics
Diane Coyle, World Economics, March 2003
Economics is one of the most powerful of intellectual disciplines, applying enlightened scepticism to human society. Its analytical rigour often makes economists unpopular, but that ought to be a source of pride. Unfortunately, we are all too often our own worst enem ... More


Speaking in Tongues Speaking in Tongues: Our economic vernacular
Peter J. Dougherty, World Economics, March 2003
Over the past half century, a global economic language—a vernacular—has emerged. This vernacular, like any such language, has formed the foundation of much of contemporary economic culture across nations, and has facilitated communication on economics around the worl ... More


Capitalism and the End of History Capitalism and the End of History
Adair Turner, World Economics, March 2003
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 ... More


From Socialism to Capitalism and Democracy From Socialism to Capitalism and Democracy: János Kornai on the trials of socialism and transition
An interview with introduction by Brian Snowdon
World Economics, March 2003
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 ... More


Why The Five Economic Tests? Why The Five Economic Tests?: The decision about British membership of a single European currency in historical context
Ed Balls, World Economics, March 2003
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 ... More


Some Lessons from a Single Currency Some Lessons from a Single Currency
Alan J. Brown, World Economics, March 2003
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 l ... More


How to Reform Europe’s Fiscal Policy Framework How to Reform Europe’s Fiscal Policy Framework
Lars Calmfors & Giancarlo Corsetti, World Economics, March 2003
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 ... More


Demographics and Pension Reforms in the Major Central and Eastern European Countries Demographics and Pension Reforms in the Major Central and Eastern European Countries
Dieter Bräuninger, World Economics, March 2003
Today in the Central and Eastern European (CEE) countries there are barely 30 pensioners for every 100 persons of working age. By 2050, the number could rise to almost 80 pensioners. So far Poland has responded the most rigorously to the challenge, establishing a mod ... More


Global Challenges of Providing Water and Wastewater Services Global Challenges of Providing Water and Wastewater Services
Paul Seidenstat, World Economics, March 2003
A key problem of water is the provision of a safe water supply for domestic use. Given the characteristics of water as a commodity, the general misuse of the pricing mechanism, and the economics of developing and operating water and wastewater systems, governments ar ... More


Some Proposed Methodological Developments for the UK Retail Prices Index Some Proposed Methodological Developments for the UK Retail Prices Index
Mick Silver, World Economics, March 2003
The Retail Prices Index (RPI) is one of the UK’s most important macroeconomic indicators, as well as being used for indexation/adjustments for inflation to wages and benefits. This paper argues that the dynamic changes in product markets and consumers’ responses to p ... More


Measuring Consumer Inflation in the United Kingdom Measuring Consumer Inflation in the United Kingdom: Recent developments and the future outlook
David Fenwick, World Economics, March 2003
Responding to Mick Silver’s proposals regarding the RPI, David Fenwick of the ONS summarises some of the issues that confront compilers of price indices. ... More