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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End of the ‘American Century’ End of the ‘American Century’
Allan H. Meltzer, World Economics, December 2008
The postwar era has ended. The institutional structures that the United States sponsored are less relevant or less accepted now, and the US is unable to solve its major domestic problems. In 1944–46, the US led the world toward new international arrangements that pro ... More


Bringing Balance to the IMF Reform Debate Bringing Balance to the IMF Reform Debate
Domenico Lombardi, World Economics, December 2008
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 coun ... More


The Effectiveness of IMF Surveillance The Effectiveness of IMF Surveillance: A study on global financial governance
Biagio Bossone, World Economics, December 2008
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 pow ... More


Why do Governments Delay Devaluation? Why do Governments Delay Devaluation?: The political economy of exchange rate inertia
Graham Bird & Thomas D. Willett, World Economics, December 2008
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 e ... More


The West and the Rest in the World Economy: 1000–2030 The West and the Rest in the World Economy: 1000–2030: Maddisonian and Malthusian interpretations
Angus Maddison, World Economics, December 2008
This paper analyses the forces determining per capita income levels of nations over the past millennium and the prospects to 2030. In the year 1000 AD, Asian countries were in the lead. By 1820, per capita GDP in Western Europe and the US was twice the Asian average. ... More


Missing Out on Industrial Revolution Missing Out on Industrial Revolution
Eric Jones, World Economics, December 2008
Explanations of industrialisation stress England’s nineteenth-century abrupt departure from a common Eurasian pattern. This paper examines the preceding de-industrialisation of Southern England and limited development of Tokugawa Japan (the shogunate that ruled Japan ... More


How can Korea Raise its Future Potential Growth Rate? How can Korea Raise its Future Potential Growth Rate?
Elena Ianchovichina & Danny Leipziger, World Economics, December 2008
Korea has achieved tremendous economic progress over the last three and a half decades, but in recent years growth has slowed down, and looking forward, most forecasters expect potential growth to decline substantially. The authors’ analysis of the key factors determ ... More


Perspectives on Inclusive Development Perspectives on Inclusive Development: Concepts, approaches and current issues
Michael Chibba, World Economics, December 2008
The pursuit of inclusive development raises numerous questions and challenges for academics, practitioners and policymakers. To demystify the subject and move towards addressing the challenges, this paper first highlights the concept of inclusive development. Next, t ... More


The World is not Flat The World is not Flat: Implications for the construction of globalisation indicators
Philippe De Lombaerde & P. Lelio Iapadre, World Economics, December 2008
This paper reviews different proposals for the measurement of globalisation, arguing that available composite indicators, although going beyond a purely economic definition of international integration, fail to perform their task adequately for a variety of conceptua ... More


Are Economic Sanctions Useful in Discouraging the Proliferation of Weapons of Mass Destruction? Are Economic Sanctions Useful in Discouraging the Proliferation of Weapons of Mass Destruction?
Robert Carbaugh, World Economics, December 2008
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 discourag ... More


An Expanded Concept of Capital in Development Economics An Expanded Concept of Capital in Development Economics
Luc Noiset, World Economics, December 2008




Domenico Lombardi and Maria Fabiana Viola on Barry Eichengreen, Global Imbalances and the Lessons of Bretton Woods: the Cairoli Lectures Domenico Lombardi and Maria Fabiana Viola on Barry Eichengreen, Global Imbalances and the Lessons of Bretton Woods: the Cairoli Lectures

World Economics, December 2008




Endangering the War on Terror by the War on Drugs Endangering the War on Terror by the War on Drugs
Deepak Lal, World Economics, September 2008
The century-old US War on Drugs based on supply control measures is endangering its War on Terror in Afghanistan. With opium poppy cultivation the most profitable crop available to Afghan farmers, the Taliban has been able to use the illegal profits from the trade to bu ... More


Risk-Pricing and the Sub-Prime Crisis Risk-Pricing and the Sub-Prime Crisis
Andrew G. Haldane, World Economics, September 2008
As the sub-prime crisis celebrates its first birthday, what lessons have been learnt? The crisis was rooted in a misperception problem among end-investors, facilitated by financial engineers selling “tail risk” products. Contrary to the precrisis rhetoric, this tail ris ... More


Credit Crisis 101 Credit Crisis 101: (or what happened to “free and clear”?)
Edward Gottesman, World Economics, September 2008
Subprime mortgage loans were the catalyst, not the cause, of the crisis. Policy errors in both the public and private sectors stretch back nearly 40 years. Inflation, monetary policy and lax regulation all played a role in allowing individual greed and irrational risk-t ... More


The Sovereign Wealth Funds of Singapore The Sovereign Wealth Funds of Singapore
Anthony Elson, World Economics, September 2008
This paper examines the origin, evolution and recent operations of Singapore’s two sovereign wealth funds, Temasek Holdings (TSK) and the Government Investment Corporation (GIC). Singapore is a unique case in that it has two of the oldest and largest sovereign wealth fu ... More


Singapore’s Sovereign Wealth Funds Singapore’s Sovereign Wealth Funds: The political risk of overseas investments
Friedrich Wu, World Economics, September 2008
This paper examines Singapore’s two sovereign wealth funds (SWFs)-the Government Investment Corporation of Singapore (GIC) and Temasek Holdings (Temasek)—and the political risks which they are exposed to in their overseas investments. Wu argues that Temasek has hitherto ... More


The Wealth and Poverty of Nations The Wealth and Poverty of Nations: François Bourguignon on fifty years of economic development and the elusive quest for sustained growth
An interview with introduction by Brian Snowdon
World Economics, September 2008
François Bourguignon was Chief Economist and Senior Vice President, Development Economics, at the World Bank before taking up his current position as Director of the Paris School of Economics. He is one of the world’s leading economists in the field of economic growth a ... More


International Comparisons of GDP International Comparisons of GDP: Is there an alternative to PPPs to obtain real GDP estimates?
Elio Lancieri, World Economics, September 2008
The recent publication by the World Bank of PPP-GDP estimates for 2005, referred to 146 countries, seems a good occasion to reopen the long-standing debate on the use of Purchasing Power Parities. While theoretical speculations on the subject have continued, no estimate ... More


Unwinding Global Economic Imbalances Unwinding Global Economic Imbalances: What’s growth got to do with it?
Graham Bird, World Economics, September 2008




Climate Change Issues Climate Change Issues: An Australian contribution to the debate
David Henderson, World Economics, September 2008




Global Imbalances and the Lessons of Bretton Woods Global Imbalances and the Lessons of Bretton Woods
Graham Bird & Thomas D. Willett, World Economics, September 2008




Andrew Haldane on Tim Congdon, Keynes, the Keynesians and Monetarism Andrew Haldane on Tim Congdon, Keynes, the Keynesians and Monetarism

World Economics, September 2008




Economic Forecasts Economic Forecasts: Too smooth by far?
Prakash Loungani & Jair Rodriguez, World Economics, June 2008
Will the US and other economies slip into recessions this year? Which economies will decouple from a global slowdown? The authors suggest that the excessive caution shown by private sector forecasters limits the usefulness of their forecasts in answering these questions ... More


Measuring China’s Economic Performance Measuring China’s Economic Performance
Andreas (Andy) Jobst & Harry X. Wu, World Economics, June 2008
China is the world’s fastest growing economy and is also the second largest. However, the official estimates of the Chinese National Bureau of Statistics exaggerate GDP growth and need adjustment to conform to international norms as set out in the 1993 System of Nationa ... More


The Rise of China Investment Corporation The Rise of China Investment Corporation: A new member of the sovereign wealth club
Friedrich Wu & Arifin Seah, World Economics, June 2008
The sovereign wealth club acquired a new member with the official launch of the China Investment Corporation (CIC) on 29 September 2007. The arrival of CIC has further heated up the debate on sovereign wealth funds (SWFs) and their potential implications for global fina ... More


A Wave of Protectionism? A Wave of Protectionism?: An analysis of economic and political considerations
Philipp Maier, World Economics, June 2008
In light of the US current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some US policymakers for tariffs on imports from China have sparked fears of a world-wide surge in protectionism. This study evaluates the risk of ... More


Towards a Unified Theory of Economic Growth Towards a Unified Theory of Economic Growth: Oded Galor on the transition from Malthusian stagnation to modern economic growth
An interview with introduction by Brian Snowdon
World Economics, June 2008
Oded Galor, Professor of Economics at Brown University, is one of the world’s leading and most imaginative growth theorists. Throughout his career, his numerous publications have focussed on growth-related issues such as labour migration, international trade, income dis ... More


Globalization Globalization: From Heckscher–Ohlin to the New Economic Geography
F. Gerard Adams, World Economics, June 2008
The rapid globalization of the world economy is causing fundamental changes in patterns of trade and finance. Some economists have argued that globalization has arrived and that the world is “flat”. While the geographic scope of markets has increased, the author argues ... More


Trends and Challenges in Islamic Finance Trends and Challenges in Islamic Finance
Heiko Hesse, Andreas (Andy) Jobst & Juan Solé, World Economics, June 2008
The paper first discusses the current trends in Islamic finance, which has become mainstream with currently more than US$800 billion of assets worldwide and a buoyant market for sukuk bonds. However, this exorbitant growth raises many challenges, particularly in the are ... More


Over-Presumption and Myopia Over-Presumption and Myopia: The IMF on climate change issues
David Henderson, World Economics, June 2008




Miranda Xafa on Frederic S. Mishkin, The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich Miranda Xafa on Frederic S. Mishkin, The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich

World Economics, June 2008




Joe Perkins on Paul J. Zak (editor), Moral Markets: The Critical Role of Values in the Economy Joe Perkins on Paul J. Zak (editor), Moral Markets: The Critical Role of Values in the Economy

World Economics, June 2008




Brian Snowdon on John S. Lyons, Louis P. Cain & Samuel H. Williamson (eds), Reflections on the Cliometrics Revolution: Conversations with Economic Historians Brian Snowdon on John S. Lyons, Louis P. Cain & Samuel H. Williamson (eds), Reflections on the Cliometrics Revolution: Conversations with Economic Historians

World Economics, June 2008




Challenging Times for UK Monetary Policy Challenging Times for UK Monetary Policy
Andrew Sentance, World Economics, March 2008
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 ... More


The Future of Financial Regulation The Future of Financial Regulation
Howard Davies, World Economics, March 2008
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, ... More


Alternative Strategies for Fighting Unemployment Alternative Strategies for Fighting Unemployment: Lessons from the European experience
Gilles Saint-Paul, World Economics, March 2008
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 sh ... More


Growth Strategies and Dynamics Growth Strategies and Dynamics: Insights from country experiences
Mohamed A. El-Erian & A. Michael Spence, World Economics, March 2008
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 a ... More


Three Cheers for the Three Cheers for the 'Progressive State': Ben Friedman on the moral consequences of economic growth
An interview with introduction by Brian Snowdon
World Economics, March 2008
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 ... More


Two Concepts of the Output Gap Two Concepts of the Output Gap
Tim Congdon, World Economics, March 2008
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 ... More


Islamic Economics and Finance Islamic Economics and Finance
Rodney Wilson, World Economics, March 2008
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 a ... More


Poverty Reduction in Developing Countries Poverty Reduction in Developing Countries: No consensus but plenty of solutions
Michael Chibba, World Economics, March 2008