In contrast to domestic trade, international trade inherently requires more intensive use of skilled labor with expertise in areas such as international business, language skills, and maritime insurance, and the transoceanic transportation is more capital intensive than the local transportation. In the presence of such bias in factor demands, globalization caused by an improvement in the export...

We assess the cyclicality of fiscal policy in 19 Euro area countries, notably during recessions, for period 1995–2020. use a time-varying measure to describe developments. The results suggest that recessions discretionary becomes more pro-cyclical, but overall budget balance counter-cyclical. Hence, pursuing Ricardian regime by indebted countries leads higher counter-cyclicality policy. Governm...

The marginalist and subjectivist revolution led by Carl Menger during the second half of nineteenth century turned Economics into a science. However, classical value theory did not completely fade away it has been trying continiously to replace subjetivist theory. most serious exhaustive attempt recover in its Ricardian version was one developed italian economist Piero Sraffa. This article seek...

the twin deficits (budget deficit and current account deficit) have been argued in the economic literature since 1980s. this is a period in which the studies about budget deficit and the current account deficit were significantly increased in the united states. in the economic literature, there are two hypothesis: keynesian hypothesis and ricardian equivalence. the keynesian proposition confirm...