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 Wealthy are the Chinese? How Wealthy are the Chinese?
Scott MacDonald, World Economics, December 2014
This paper looks at the available data about the number of high and ultra-high net worth individuals in China in order to assess the potential for Family Offices in the country. It also considers the possible investment preferences of the Chinese outside China as extern ... More


Employment in India Employment in India: Emerging dynamics
Krishna Muniyoor, World Economics, December 2014
The growth of employment has become a matter of grave concern in India for the past two decades. This paper – based on the unit-level data of the 61st and 66th quinquennial rounds on employment and unemployment released by the National Sample Survey Organisation (NSSO) ... More


Measuring Natural Capital Measuring Natural Capital: The main issues
Dariana Tani, World Economics, December 2014
The purpose of this paper is to highlight the importance of establishing a system of natural capital accounting. Natural capital is integral to the economy and yet it is routinely taken for granted because the goods and services it provides are generally freely availabl ... More


Applying Reputation Data to Enhance Investment Performance Applying Reputation Data to Enhance Investment Performance
Simon Cole, Mike Brown & Brian Sturgess, World Economics, December 2014
The fact that corporate reputations deliver tangible shareholder value has been recognised by managers for some time. More recently, techniques have emerged that allow them to measure just how much value reputation delivers and identify the driving factors in order to s ... More


The Economic Future of Europe The Economic Future of Europe: Change of diet or premature death?
Jan Libich, World Economics, December 2014
What does the economic future hold for Europe? In the aftermath of the 2008 crisis, four macroeconomic threats have been subject to heated debates by economists and politicians. Some fear that Europe may face (1) secular stagnation, (2) sovereign defaults, (3) excessive ... More


Counting the Costs of Political Violence in Bahrain Counting the Costs of Political Violence in Bahrain
Mitchell Belfer, World Economics, December 2014
The relationship between economic and political stability remains under-researched. This paper looks at the sources and types of data necessary to measure the true economic cost of political instability and violence from the disturbances across the Arab world which occu ... More


The Endless Business of Reforming the IMF The Endless Business of Reforming the IMF: A review of Joseph P. Joyce’s The IMF and global financial crises: Phoenix rising? and some further thoughts
Biagio Bossone, World Economics, December 2014
In this article I review Joseph P. Joyce’s thought-provoking book The IMF and global financial crises: Phoenix rising?” (Cambridge University Press, 2012). The book is a comprehensive yet concise appraisal of the IMF’s history of successes and failures in preventing cri ... More


Measuring Employment in Developing Countries Measuring Employment in Developing Countries
Nomaan Majid, World Economics, September 2014
This paper is concerned with measuring categories of employment that have an economy-wide meaning in the developing world. Employment has always had two interconnected sides, output and income, and these two dimensions of employment operate under very different conditio ... More


Measuring the Asia-Pacific Region Measuring the Asia-Pacific Region
Brian Sturgess, World Economics, September 2014
The Asia-Pacific region covers the countries around the Pacific Rim, South East Asia, the Indian Sub-Continent and Oceania. It contains three of the world’s largest economies outside the US: China, India and Japan. The quality of economic statistics varies widely across ... More


Measuring Multidimensional Vulnerability in India Measuring Multidimensional Vulnerability in India
Swati Dutta & Lakshmi Kumar, World Economics, September 2014
This paper examines the relationship between multidimensional poverty and multidimensional vulnerability. Unlike poverty, which describes the status of a household at a point of time, vulnerability captures the likelihood of a household falling into poverty, given the c ... More


On the Role of MDBs in Developing Islamic Finance On the Role of MDBs in Developing Islamic Finance
Ahmed Rostom, World Economics, September 2014
This paper analyses the main determinants of the diffusion and growth of the Islamic finance services industry (IFSI) globally. The boom in oil prices, producing surpluses in resource-rich countries with Muslim majorities and a preference towards investing in Shari’ah-c ... More


The Global Financial and Economic Crisis, and the Creation of the Financial Stability Board The Global Financial and Economic Crisis, and the Creation of the Financial Stability Board
Stuart P.M. Mackintosh, World Economics, September 2014
The 2007-2008 global financial and economic crisis precipitated a significant shift in the financial regulatory worldview (or paradigm) of political and central bank leaders from leading advanced and emerging states. With a common consensus on the required financial ref ... More


Macroeconomic Policy in Open Economies Macroeconomic Policy in Open Economies: Why Do Economists Disagree?
Graham Bird & Graham Bird, World Economics, September 2014
The dilemma facing policymakers is how to combine the instruments they have available in the form of fiscal, monetary and exchange rate policy to achieve the targets of internal and external balance. Shortly before the global economic and financial crisis in 2008 most e ... More


The Greek Economic Crisis - is the Euro to Blame? The Greek Economic Crisis - is the Euro to Blame?
Andreas Hatzigeorgiou, World Economics, September 2014
The euro has been at the centre of reporting and discussion on Greece’s economic crisis. This article analyses the build-up, outbreak and development of the crisis in Greece, with the aim to answer whether the crisis can be traced to the country’s entrance into the Euro ... More


What Were the Causes of the Great Recession? What Were the Causes of the Great Recession?: The Mainstream Approach vs the Monetary Interpretation
Tim Congdon, World Economics, June 2014
Two ways of thinking about the causation of the Great Recession are contrasted: the ‘mainstream approach’ and the ‘monetary interpretation’. According to the mainstream approach, the Great Recession was due to the potential insolvency of the banking system and the corre ... More


The Link Between Money and Nominal Spending The Link Between Money and Nominal Spending: A Look at Historical UK Data Through the Lens of Quantity Theory
Ryland Thomas, World Economics, June 2014
The recent financial crisis has reignited interest in the role of money and credit in driving economic activity. This article takes a broad overview of the historical data available for assessing the link between money, credit and activity, using the quantity theory of ... More


Reserve Creation and Reserve Pooling in the International Monetary System Reserve Creation and Reserve Pooling in the International Monetary System
Dr Richhild Moessner & William A. Allen, World Economics, June 2014
The paper reviews the arrangements for meeting additional post-crisis demand for international liquidity. It distinguishes between reserve creation and reserve pooling as a basis for multilateral liquidity facilities; reserve pooling arrangements carry the risk that, in ... More


When Money Matters When Money Matters: Some Policy Lessons from the Business Cycle in Spain, 1998–2013
José Luis Cendejas Bueno, Félix-Fernando Muñoz & Juan Castañeda, World Economics, June 2014
The severe financial crisis that grips Spain has multiple causes. One has been the massive and continued expansion of the money supply since Spain’s accession to the Eurozone, and the non-negligible effects of this expansion on asset prices as well as on the structure o ... More


Data Manipulation of Inflation Statistics Artificially Raises Real GDP Data Manipulation of Inflation Statistics Artificially Raises Real GDP: The Case of China
Christopher Balding, World Economics, June 2014
Baseline Chinese economic data are unreliable. Taking published National Bureau of Statistics China data, three problems appear. First, base data on housing price inflation are manipulated. Second, the NBSC misclassifies most Chinese households as private housing occupa ... More


Measuring Argentina’s GDP Growth Measuring Argentina’s GDP Growth: Myths and facts
Ariel Coremberg, World Economics, March 2014
The main purpose of this paper is to report on the results of an exhaustive reworking of Argentina’s output growth by industry realized by the ARKLEMS+LAND Argentina Productivity and Competitiveness Project. The aim was to reproduce a GDP time series since 1993 using tr ... More


Measuring Latin America Measuring Latin America
Brian Sturgess, World Economics, March 2014
This paper reviews the quality of official national accounting data investigated for 17 Latin American countries. Chile, which became an OECD member in 2010, stands out as a producer of the most reliable economic data and can be compared favourably with the USA and many ... More


Flowing Together or Flowing Apart Flowing Together or Flowing Apart: The relation between FDI and ODA flows to Argentina and Brazil
José María Larrú Ramos & Martha Carro Fernández, World Economics, March 2014
At a time when international institutions and governments rethink the structure of development financing, the analysis of the relationship between different capital flows becomes significant. Given the relevance assigned by international institutions to the potential co ... More


How to Reduce Carbon Emissions Equitably How to Reduce Carbon Emissions Equitably
Masud Ally & Wilfred Beckerman, World Economics, March 2014
So far international negotiations designed to reduce carbon emissions have come up against the clash of views as to the equitable way of sharing out the ‘burden’ among countries. In this article we show that the main criteria that have been discussed, including ‘histori ... More


Singapore’s Temasek Holdings Singapore’s Temasek Holdings: Investment and risk management strategies since the 2008-2009 global financial crisis
Friedrich Wu, Ng Kuan Khai & Gerald Giam, World Economics, March 2014
This paper examines shifts in Temasek Holding’s (Singapore’s sovereign wealth fund) investment and risk management strategies since the 2008–09 global financial crisis (GFC), as well as the risks it has faced in recent years. Our findings reveal that the shift in Temase ... More


New Data on Global Differences in Family Offices New Data on Global Differences in Family Offices
Robert Eigenheer, World Economics, March 2014
A family office is not a specifically-defined institution per se. Rather, the family office is a broad concept to cover all financial needs of one or more wealthy families. While in the United States the first family offices were established in the nineteenth century, i ... More