In the presence of rising carbon concentrations more attention should be given to the role of the oceans as a sink for atmospheric carbon. We do so by setting up a simple dynamic global carbon cycle model with two reservoirs containing atmosphere and...

This paper introduces intra- and inter-sectoral technology diffusion via FDI and imports into a recursive-dynamic CGE model for climate policy analyses. It analyzes China’s accession to a Post Kyoto emission regime that keeps global emissions from...

We study the North-South diffusion of technologies embodied in internationally mobile capital in a framework of intertemporal global welfare maximization. Convergence of the growth rates of technical change in the North and South always occurs in...

In this paper we suggest a methodology to predict commodity-specific transportation flows that brings together data in value and in quantity terms in a consistent way. The approach is based on the modern gravity formulation. There are three driving...

Traditionally and for a long time, Japan has been both one of the world's largest external creditors (as measured by its current account surplus) and the world's largest debtor against its own citizens (as measured by the record-high gross government...

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses...

The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal financial disruption, using a combination of new legal techniques, exceptionally large cash...

Migration contributes to the circulation of goods, knowledge, and ideas. Using community and individual-level data from Moldova, we show that the emigration episode that started in the late 1990s strongly affected political preferences and electoral...